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Rambus Reports Second Quarter Financial Results

Rambus Inc. (NASDAQ:RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the second quarter ended June 30, 2013.

GAAP Financial Results:

Revenue for the second quarter of 2013 was $57.9 million, down 13% on a sequential basis from the first quarter of 2013 primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation. This was, however, partially offset by royalty revenue received from STMicroelectronics, subsequent to the settlement, in the second quarter of 2013. As compared to the second quarter of 2012, revenue was up 3% primarily due to the royalty revenue received in the second quarter of 2013 from STMicroelectronics.

Revenue for the six months ended June 30, 2013 was $124.8 million, which was up 5% over the prior year period, primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation.

Total operating costs and expenses for the second quarter of 2013 were $52.2 million, 20% lower than the previous quarter, mostly due to the one-time reversal of accrued SK Hynix related litigation costs and the absence of restructuring charges. Second quarter operating costs and expenses of $52.2 million included negative $6.2 million of general litigation expenses (primarily due to the reversal of the accrued litigation costs referred to above), $3.6 million of stock-based compensation expenses, $7.0 million of amortization expenses and $3.4 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the first quarter of 2013 of $65.4 million, which included $2.0 million of general litigation expenses, $4.9 million of stock-based compensation expenses, $2.2 million of restructuring charges, $7.0 million of amortization expenses and $4.0 million of retention bonuses from past business acquisitions. As compared to a year ago, total operating costs and expenses for the second quarter of 2012 were $78.0 million, which included $4.5 million of general litigation expenses, $6.2 million of stock-based compensation expenses, $7.9 million of amortization expenses and $7.7 million of acquisition-related transaction costs and retention bonuses from past business acquisitions.

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