Memory chip mastermind


(RMBS) - Get Report

reported December quarter results after the bell, skimping on the revenues but cutting legal and operating costs to achieve a penny more profit than the Street was expecting.

In the first quarter of its fiscal 2002, ended Dec. 31, the intellectual property holder punched up $24.9 million in sales and a posted a 6-cents-a-share profit. Consensus estimates had called for 5 cents a share profit on $26.6 million. Rambus' revenues fell slightly from the previous quarter's $28 million finish, but the company managed to keep its earnings flat.

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Year-over-year comparisons aren't as flattering: In a first quarter 2001 that featured a much better market for memory chips, Rambus rang up $35 million in revenue and reaped a 12-cents-a-share profit.

Royalty payments in the first quarter of fiscal 2002 reversed course, slipping 13% sequentially, after jumping 27% in the fourth quarter. Rambus had additional courtroom troubles during the quarter, including a late-November injunction by the United States District Court for the Eastern District of Virginia that would keep Rambus from enforcing several patents concerning European chipmaker