NVIDIA Reports Record Revenues and Earnings for Fourth Quarter and Fiscal Year 2001.Business Editors SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Feb. 14, 2001 NVIDIA (NVIDIA Corporation, Santa Clara, CA, www.nvidia.com) A leading designer of graphics processors for personal computers. Founded in 1993 by Jen-Hsun Huang, Chris Malachowsky and Curtis Priem, NVIDIA launched its first multimedia processor, the NV1, in 1995. (R) Corporation (Nasdaq:NVDA NVDA NVIDIA Corp (stock symbol) NVDA Non-Violent Direct Action (direct resistance lobbying) NVDA NonVisual Desktop Access (open-source screen reader) ) today reported record revenues and earnings for the fourth quarter of fiscal 2001 and the year ended January January: see month. 28, 2001. For the fourth quarter of fiscal 2001, revenues increased to $218.2 million, compared to $128.5 million for the fourth quarter of fiscal 2000, an increase of 70 percent. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the fourth quarter of fiscal 2001 was $39.1 million, compared to $20.8 million in the fourth quarter of fiscal 2000. Net income for the fourth quarter of fiscal 2001 was $31.1 million, or $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $14.6 million, or $0.19 per diluted share for the fourth quarter of fiscal 2000, an increase of 113 percent. Diluted shares increased to 80.9 million in the fourth quarter of fiscal 2001 as compared to 75.1 million in the fourth quarter of fiscal 2000. Revenues for the year ended January 28, 2001, were $735.3 million, an increase of 96 percent compared to revenues of $374.5 million for the year ended January 30, 2000. Operating income for the year ended January 28, 2001, was $130.3 million compared to $54.4 million for the year ended January 30, 2000. Net income for the year ended January 28, 2001 was $99.9 million, an increase of 162 percent compared to net income of $38.1 million for the year ended January 30, 2000. Diluted net income per share for the year ended January 28, 2001 was $1.25, compared to a diluted net income per share of $0.53, for the year ended January 30, 2000. "2000 was characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by our terrific growth and the many important achievements of our people. Because of their dedication, passion for innovation, and intense focus on execution, we were able to achieve technology and market leadership in our core GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. business, as well as lay the foundation for strong growth in 2001 and beyond," stated Jen-Hsun Huang Jen-Hsun Huang (黃仁勳; pinyin: Huáng Rénxūn) (born February 17, 1963) is an American entrepreneur and businessman who co-founded NVIDIA Corporation in 1993 and is currently the CEO and President. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NVIDIA. "Our GeForce2 family of GPUs revolutionized the computing computing - computer experience and once again set new standards in 3D realism. Our entries into the Mac, mobile, and workstation markets were met with great enthusiasm. Microsoft chose NVIDIA to develop breakthrough 3D, multimedia, and networking technologies for the highly anticipated Xbox. The XGPU XGPU Xbox Graphics Processing Unit XGPU X-Box Graphics Processing Unit graphics processor and the MCPX MCPX Media Communications Processor for Xbox multimedia communications processor are both in fab and set for launch in what should be an exciting Christmas season. We will leverage the Xbox architecture to build a family of products for value PCs and Internet appliances Also called "information appliance," "smart appliance," and "Web appliance," it is a device specialized for accessing the Web and/or e-mail. Designed for ease of use, it plugs into a telephone jack or LAN connection for Internet hookup. . Our accomplishments and investments last year have positioned us to deliver innovative products that enable the digital lifestyle and will continue to fuel our growth. In summary, we are pleased with our results for this past year and excited about the future for NVIDIA." For more financial information, please access the investor relations' portion of NVIDIA's web site at http://www.nvidia.com. About NVIDIA NVIDIA Corporation (Nasdaq:NVDA), based in Santa Clara, CA., is the global leader in advanced graphics and multimedia processing technology for the consumer and professional computing markets. Its 2D, 3D, video and multimedia capabilities make NVIDIA one of the premier semiconductor companies in the world. NVIDIA offers a wide range of products and services, delivering superior performance and crisp visual quality for PC-based applications such as manufacturing, science, e-business, entertainment, and education. For more information, please visit the company's Web site at http://www.nvidia.com. Certain statements in this press release, including the statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's performance expectations for NVIDIA's family of products and expectations of continued revenue growth, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause results to be materially different than expectations. Such risks and uncertainties include, but are not limited to, manufacturing and other delays relating to new products, difficulties in the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. process and dependence of the Company on third-party manufacturers, general industry trends including cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. trends in the PC and semiconductor industries, the impact of competitive products and pricing alternatives, market acceptance of the Company's new products, and the Company's dependence on third-party developers  It has been suggested that First-party developer, Second-party developer be merged into this article or section. and publishers. Investors are advised to read the
Company's Annual Report on Form 10-K Form 10-KA report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission, particularly those sections entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Factors Affecting Operating Results," for a fuller discussion of these and other risks and uncertainties. Registered trademark NVIDIA(R) Corporation, 2000. All company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data; unaudited)
Three Months Ended Twelve Months Ended
Jan. 28, Jan. 30, Jan. 28, Jan. 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenue $218,219 $128,455 $735,264 $374,505
Cost of revenue 135,849 79,809 460,098 235,575
-------- -------- -------- --------
Gross profit 82,370 48,646 275,166 138,930
Operating expenses:
Research and development 26,446 15,421 86,438 47,439
Sales, general
and administrative 16,870 12,386 58,437 37,079
-------- -------- -------- --------
Total operating expenses 43,316 27,807 144,875 84,518
-------- -------- -------- --------
Operating income 39,054 20,839 130,291 54,412
Interest and other
income, net 6,617 613 16,673 1,754
-------- -------- -------- --------
Income before
income tax expense 45,671 21,452 146,964 56,166
Income tax expense 14,615 6,865 47,027 18,068
-------- -------- -------- --------
Net income $ 31,056 $ 14,587 $ 99,937 $ 38,098
======== ======== ======== ========
Basic net income
per share (1) $ 0.46 $ 0.24 $ 1.53 $ 0.64
======== ======== ======== ========
Diluted net income
per share (1) $ 0.38 $ 0.19 $ 1.25 $ 0.53
======== ======== ======== ========
Shares used in basic
per share computation 68,016 61,702 65,499 59,743
Shares used in diluted
per share computation 80,886 75,102 79,647 72,196
(1) reflects a two-for-one stock split effected in June 2000
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Jan. 28, Jan. 30,
2001 2000
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 698,775 $ 61,560
Accounts receivable, net 104,988 67,224
Inventory 89,905 37,631
Prepaids and other current assets 36,741 6,760
---------- ----------
Total current assets 930,409 173,175
Property and equipment, net 47,280 25,886
Deposits and other assets 38,738 3,189
---------- ----------
Total assets $1,016,427 $ 202,250
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 76,535 $ 64,910
Accrued liabilities 33,212 9,529
Current portion of
capital lease obligations 588 1,786
---------- ----------
Total current liabilities 110,335 76,225
Capital lease obligations,
less current portion 378 962
Deferred revenue 200,000 --
Long-term debt 300,000 500
Stockholders' equity 405,714 124,563
---------- ----------
Total liabilities
and stockholders' equity $1,016,427 $ 202,250
========== ==========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion