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TheStreet Open House

Rambus Reports Fourth Quarter And Full Year Financial Results

Stocks in this article: RMBS

Rambus Inc. (NASDAQ:RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the fourth quarter and year ended December 31, 2012.

GAAP Financial Results:

Revenue for the fourth quarter of 2012 was $57.4 million, nearly flat on a sequential basis from the third quarter of 2012 primarily due to recognition of one-time royalty revenue during the third quarter of 2012 from a patent license agreement with Fujitsu, offset by higher royalties reported by other customers. As compared to the fourth quarter of 2011, revenue was down 31% primarily due to recognition of one-time royalty revenue during the fourth quarter of 2011 from a patent license agreement with Broadcom and lower royalties reported by other customers.

Revenue for the year ended December 31, 2012 was $234.1 million, down 25% over the same period of last year, primarily due to recognition of one-time royalty revenue from licensing agreements with Broadcom, Freescale and a major smartphone manufacturer in 2011 and lower royalties reported by customers, offset by new patent license agreements signed with MediaTek and Fujitsu during 2012.

Total operating costs and expenses for the fourth quarter of 2012 were $61.5 million, which included $2.1 million of general litigation expenses, $4.5 million of stock-based compensation expenses, $0.7 million of restructuring charges, $6.8 million of amortization expenses and $4.2 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the third quarter of 2012 of $104.6 million, which included $2.6 million of general litigation expenses, $5.1 million of stock-based compensation expenses, $35.5 million of impairment of goodwill and long-lived assets, $6.6 million of restructuring charges, $8.0 million of amortization expenses and $4.4 million of retention bonuses from past business acquisitions. The change in total operating costs and expenses in the fourth quarter of 2012 was primarily attributable to the impairment of goodwill and long-lived assets and a restructuring charge in the third quarter of 2012. Total operating costs and expenses for the fourth quarter of 2011 were $101.5 million, which included $16.8 million of general litigation expenses, $6.5 million of stock-based compensation expenses, $7.3 million of amortization expenses, $7.9 million of retention bonuses from past business acquisitions and $13.5 million for previous stock-based compensation restatement and related legal expenses.

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