COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--U.S. semiconductor maker Ramtron International Corporation (Nasdaq: RMTR), a leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, today reported total revenue of $14.3 million for the fourth quarter of 2007, 51% higher than total revenue of $9.5 million for the same quarter last year. Net income for the fourth quarter of 2007 was $8.7 million, or $0.34 per share, compared with a loss of $180,000, or $(0.01) per share, for the same quarter a year earlier.
Fourth-quarter 2007 results include a non-cash, stock-based compensation expense of $615,000, and an income tax benefit of $7.6 million. At the end of 2007, given Ramtron’s demonstrated profitability over the past two years, the company recorded a deferred tax asset on its balance sheet that represents the estimated amount of tax loss carry forward the company currently expects to offset with future taxable income. This resulted in a non-cash income tax benefit of $7.6 million, which was recorded on Ramtron’s income statement for the fourth quarter of 2007. Without these items, fourth-quarter net income would have been $1.7 million, or $0.07 per share.
Fourth-Quarter Product Revenue Highlights:
* Product revenue was $13.7 million for the fourth quarter of 2007, 50% higher than product revenue of $9.2 million reported for the same quarter last year.
* Product gross margin for the quarter was 53%, consistent with the same period in 2006.
* Integrated product revenue grew 116% to $1.8 million, or 13% of F-RAM product revenue.
“In the fourth quarter Ramtron delivered another period of profitable growth, completing a year of solid progress toward long-term financial goals, record product sales and bottom line performance, and strong execution of our operational plan,” said Ramtron chief executive officer Bill Staunton. “Sales into automotive applications were particularly strong, followed by growth in office equipment and printer consumables, which reflected continued robust demand for Ramtron’s reliable data collection products. We adhered to our policy of disciplined spending relative to our revenue opportunities, which resulted in net income before stock-based compensation expense and income tax benefit of 12% of total revenue for the quarter.”
For full-year 2007, Ramtron reported total revenue of $51.1 million, 26% higher than total revenue of $40.5 million for full-year 2006. Full-year net income was $9.9 million, or $0.39 per share, compared with net income of $457,000, or $0.02 per share, for full-year 2006. Full-year 2007 results included a non-cash, stock-based compensation expense of $2.3 million and an income tax benefit of $7.6 million. Without these items, full-year net income would have been $4.6 million, or $0.18 per share.
Full-Year 2007 Product Revenue Highlights
* Total product revenue for 2007 was up 26%, to $49.4 million, compared with $39.1 million for 2006.
* Integrated product revenue grew 92%, to $7.4 million, from 2006 to 2007.
* Product gross margin for full-year 2007 was 53%, consistent with the same period in 2006.
“In 2007 we introduced 17 new products, which beat our goal of 13 new introductions and brought the total number of products in our portfolio to more than sixty. In addition, we continued to move up the value chain with the introduction of 11 integrated products,” Staunton added. “In 2008, we will focus on adding higher levels of functionality and value to a variety of our current products as well as on introducing new integrated, custom and stand-alone memory products. We have already announced the first wave of upgrades to our Processor Companion line and have at least 14 new products on track for introduction in 2008.”
About Ramtron
Ramtron International Corporation, headquartered in Colorado Springs, Colorado, is a fabless semiconductor company that designs, develops and markets specialized semiconductor memory and integrated semiconductor solutions used in a wide range of product applications and markets
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