raised its first-quarter guidance and said it will restate its results for the last three years. The company also said its chief financial officer is taking a leave of absence.
The maker of computer graphics chips expects to post first-quarter net income of $79 million to $84 million, or 45 cents to 48 cents a share, up from 43 cents in the year-ago quarter. Revenue for the quarter is expected to be between $570 million and $580 million.
Analysts polled by Thomson Financial/First Call were expecting the company to earn 42 cents a share on revenue of $533.70 million in the first quarter.
Nvidia said that its record results were due to the momentum of its GeForce 4 series of graphics processor units and the momentum of mobile and workstation business.
The company also announced plans to restate its financial results for the first three quarters of 2002 and for 2000-2001 as a result of an extensive review by the company's audit committee at the request of the
Securities and Exchange Commission
. Nvidia said its total net income for the three-year period will increase by about $1.3 million. Net income for 2002 will increase by about $2.1 million, or 1 cent a share; net income for 2001 will decrease about $3.7 million, or 3 cents a share; and net income for 2000 will increase by about $2.9 million, or 2 cents a share.
The company said in a press release that it believes that the restating is appropriate and it has put in place "the necessary systems and staff to ensure the integrity" of its financial reporting.
Nvidia also said Chief Financial Officer Christine Hoberg is taking a leave of absence and is being replaced by controller Mary Dotz.
Shares of Nvidia were recently up more than 15% to $35.07 on the news after closing at $30.37 Friday.