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.