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U.S. semiconductor maker Ramtron International Corporation (Nasdaq: RMTR), a leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, today reported total revenue of $17.0 million for the fourth quarter of 2011, compared to total revenue of $16.1 million for the same quarter last year. Net income for the fourth quarter of 2011 was $130,000, or $0.00 per share, compared with net income of $471,000, or $0.02 per share, for the fourth quarter of 2010. Fourth-quarter 2011 results included a non-cash stock-based compensation expense of $550,000, and an income tax provision of $77,000.
2011 Fourth-Quarter Financial Highlights
Total revenue was $17.0 million, compared to $22.0 million for the third quarter of 2011
The sequential decline in fourth-quarter revenue reflects the fulfillment of the remaining backlog that resulted from the company’s recent supply constraints and the transition to more typical product shipment patterns
Net income was $130,000, or $0.00 per share, compared to net income of $1.2 million, or $0.04 per share, for the third quarter of 2011
Product gross margin increased to 53%, compared to a margin of 51% in the third quarter of 2011
Product gross margin expanded due to a combination of a favorable mix of products, continuing yield improvements, and lower test costs
Depreciation expense increased by $419,000, compared to the third quarter of 2011, as the company began to depreciate equipment on its IBM manufacturing line
2011 Fourth-Quarter Corporate and Product Highlights
Announced the appointment of Scott Emley as vice president of marketing. Mr. Emley joined Ramtron from Texas Instruments, where he was director of marketing for ARM® microprocessor, DSP, and Multi-core products.
Announced the election of Jim Doran to the Ramtron Board of Directors. Mr. Doran brings more than four decades of experience in worldwide semiconductor operations and technology development to Ramtron.
Announced sampling of a new family of 4- to 64-Kilobit (Kb) serial nonvolatile ferroelectric RAM (F-RAM) products. Produced at Ramtron’s new U.S. wafer source, the new products feature one-trillion read/write cycles, low power consumption, and NoDelay™ writes.
For full-year 2011, Ramtron reported total revenue of $66.4 million, compared to total revenue of $70.2 million for full-year 2010. Full-year 2011 net loss was $1.8 million, or ($0.06) per share, compared to net income of $1.6 million, or $0.06 per share, for full-year 2010. Full-year 2011 results included non-cash, stock-based compensation expense of $1.9 million and income tax benefit of $1.0 million.