10/24/2003 - U.S. semiconductor maker Ramtron International Corporation (Nasdaq:RMTR) reported results for the third quarter ended September 30, 2003. Revenue for the third quarter was $7.9 million, compared with $13.8 million for the same quarter a year ago. Net loss applicable to common shares was $2.3 million, or a loss of $0.10 per share (basic and diluted), compared with net income of $139,000, or income of $0.01 per share (basic and diluted), for the same quarter of 2002.
Ferroelectric random access memory (FRAM) product revenue for the third quarter was $4.6 million, compared with $6.7 million for the third quarter of 2002. Revenue from the company's Mushkin subsidiary totaled $2.6 million, compared with $4.1 million for the same period last year. The company reported $117,000 in license fees during third-quarter 2003, compared with $2.0 million for the third quarter of 2002.
"As we anticipated, shipments to Enel, our principal FRAM customer, declined during the quarter due to its strong order activity during the second quarter of 2003," said Ramtron CEO Bill Staunton. "We currently anticipate that Enel will return to its average quarterly shipment rate of over two million units during the fourth quarter.
"Non-Enel product revenue increased 10% sequentially during the third quarter," according to Staunton. "With the third-quarter increase, our non-Enel revenue remains on a 45% annual growth trend. We are excited and encouraged by the growing customer demand for our FRAM products in the marketplace."
As previously announced, the company completed negotiations with its debenture holders for an EBITDA covenant waiver during the third quarter. The waiver included provisions for periodic principal payments, an extension of the exercise period of the warrants associated with the debentures, and a lower warrant strike price. In return, the debenture holders have waived all EBITDA covenant requirements for the remainder of the year.
"We're also pleased with the results of our recent cost-cutting measures, which have reduced operating expenses by approximately $500,000 per quarter," Staunton continued. "Combined with prior expense reductions, we have effectively cut our breakeven point in half over the last 24 months," he said.
Q3 2003 Highlights:
The following statements are based on Ramtron's current expectations. These statements are forward-looking and actual results may differ materially from those set forth in these statements. Ramtron intends to continue its policy of not updating forward-looking statements other than in publicly available documents, even if experience or future changes show that anticipated results or events will not be realized.
Ramtron management's teleconference will be held on October 23, 2003, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) and will be webcast live. A replay of the conference will be available for seven days on Ramtron's website, at www.ramtron.com.
How to Participate
Ramtron Third-Quarter Financial Results Teleconference
October 23, 2003 at 2:00 p.m. PT / 5:00 p.m. ET
Go to the Investors page of the Ramtron site at www.ramtron.com and click on the teleconference link. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. A telephonic replay will also be available for seven days after the live call at (719) 457-0820, code #150873.
Except for historical information, the preceding statements contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "anticipate," "should," "planned," "estimated," and "potential," among others. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, expectations of the business environment in which Ramtron operates; projections of future performance including predictions of future profitability; demand for our products and the products of our principal FRAM customer; anticipated increased demand for our products; the level and timing of orders that we receive and that we can ship in a quarter; levels of inventories at our distributors and other customers; inventory mix and timing of customer orders; the success of our ongoing cost-reduction efforts; our timely introduction of new technologies and products; market acceptance of our new products and those of our customers; maintaining or improving our level of product shipments; our ability to obtain any required financing in a timely manner; the outcome of the ongoing patent litigation with National Semiconductor; and factors not directly related to Ramtron, such as competitive pressures on pricing, market conditions in general, competition, technological progression, product obsolescence, and the changing needs of potential customers and the semiconductor industry in general; and current political conditions and negative trends in the global economy. Ramtron intends to continue its policy of not updating forward-looking statements other than in publicly available documents, even if experience or future changes show that anticipated results or events will not be realized.
For a detailed discussion of these and other risk factors, please refer to Ramtron's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and Ramtron's subsequent filings. You can obtain copies of Ramtron's Forms 10-K, 10-Q, 8-K, and any other documents at no charge at the SEC's website (www.sec.gov) or from commercial document retrieval services.
The financial information in this press release and the attached financials are unaudited and have been prepared from the books and records of the company with the omission of certain information and disclosures normally included in financial statements. Please refer to Ramtron's filings on Forms 10-K and 10-Q and other filings with the SEC for complete information.
Ramtron is the world leader in ferroelectric random access memory (FRAM) products -- high-performance nonvolatile memories that merge the benefits of many mainstream memory technologies into a single device. Due to the products' unique advantages, FRAM memory products are expected to revolutionize a variety of electronic consumer and industrial products. Current applications for Ramtron's FRAM memory devices include electronic power meters, automotive systems, smart cards, test instrumentation, factory automation, laser printers, security systems, and other systems that require reliable storage of data without an external power source.
For more information about Ramtron and its products, contact: Communications Department, Ramtron International Corporation, 1850 Ramtron Drive, Colorado Springs, Colorado, USA, 80921. Telephone is 800-545-FRAM (3726); FAX is 719-481-9294; E-mail address is email@example.com. Homepage is http://www.ramtron.com.
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