NVIDIA Reports Record Revenues and Earnings for Third Quarter Fiscal 2001.Business Editors/High-Tech Writers 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)--Nov. 9, 2000 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 third quarter of fiscal 2001 and the nine months ended October 29, 2000. For the third quarter of fiscal 2001, revenues increased to $198.2 million, compared to $97.0 million for the third quarter of fiscal 2000, an increase of 104 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 third quarter of fiscal 2001 was $36.6 million, compared to $15.1 million in the third quarter of fiscal 2000. Net income for the third quarter of fiscal 2001 was $28.1 million, or $0.35 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 $10.6 million, or $0.15 per diluted share for the third quarter of fiscal 2000. Diluted shares increased to 80.4 million in the third quarter of fiscal 2001 as compared to 71.9 million in the third quarter of fiscal 2000. Revenues for the nine months ended October 29, 2000 were $517.0 million, an increase of 110 percent compared to revenues of $246.1 million for the nine months ended October 31, 1999. Operating income for the nine months ended October 29, 2000 was $91.2 million compared to $33.6 million for the nine months ended October 31, 1999. Net income for the nine months ended October 29, 2000 was $68.9 million, compared to net income of $23.5 million for the nine months ended October 31, 1999. Diluted net income per share for the first nine months of fiscal 2001 was $0.87, compared to a diluted net income per share of $0.33, in the same period last year. "Our third quarter highlights the continued execution of our core strategy," 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. "We extended our technology leadership position with our newest 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. , the GeForce2 Ultra. The rapid adoption of our top-to-bottom family of GPUs by the world's leading OEMs and system builders  This article's grammar usage needs improvement. Please edit this article in accordance with Wikipedia's . is driving
our market share gains. And, we have innovative product development
programs that will drive our franchise beyond our core desktop market in
the coming months. We are in a terrific position for continued
growth."
For more financial information, please access the investor relations' portion of NVIDIA's web site at http://www.nvidia.com. About NVIDIA The computing computing - computer industry recognizes NVIDIA as a global leader in advanced graphics processing See graphics pipeline and DeBabelizer. technology for mainstream platforms, honoring the company with the most awards in the history of the PC graphics industry. NVIDIA is the first PC graphics company in history to have successfully developed the first architecturally compatible family of 3D processors that are used in commercial workstations to consumer PCs. As the graphics partner of choice for PC OEMs worldwide, NVIDIA 3D processors have become the core component of their visual computing The use of computers for 3D modeling and animation. See visualization. solutions. NVIDIA's award-winning 3D processors deliver superior performance and rich visual quality for interactive applications such as industrial design, science, 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. Note to Editors: GeForce 256, GeForce2 MX, GeForce2 GTS GTS abbr. gas turbine ship and GeForce2 Ultra should be written with an uppercase G and F, all other letters lowercase, and a space between GeForce and 256 as well as a space between GeForce2 and MX, GTS and Ultra. MX and GTS are ALL CAPITALS. The recommended format for Vanta and Quadro is title case. The recommended format for NVIDIA, RIVA 128, RIVA 128ZX, RIVA TNT The RIVA TNT, codenamed NV4, is a 2D, video, and 3D graphics accelerator chip for PCs that was manufactured by NVIDIA. It was released in late 1998 and cemented NVIDIA's reputation as a worthy rival within the developing consumer 3D graphics adapter industry. and RIVA TNT2 is ALL CAPITALS. NVIDIA, the NVIDIA logo, RIVA TNT, RIVA TNT2, Vanta, Quadro, Quadro2, GeForce 256, GeForce2 MX, GeForce2 GTS and GeForce2 Ultra are trademarks of NVIDIA Corporation. Other company and product names may be trademarks of the respective companies with which they are associated.
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data; unaudited)
Three Months Ended Nine Months Ended
October 29 October 31 October 29 October 31
2000 1999 2000 1999
---- ---- ---- ----
Revenue $ 198,165 $ 97,015 $ 517,046 $ 246,050
Cost of revenue 124,643 60,195 324,249 155,766
-------- ------- -------- -------
Gross profit 73,522 36,820 192,797 90,284
Operating expenses:
Research and
development 22,023 12,420 59,994 32,018
Sales, general
and administrative 14,852 9,293 41,569 24,693
------- ------ ------- ------
Total operating
expenses 36,875 21,713 101,563 56,711
------- ------- -------- ------
Operating income 36,647 15,107 91,234 33,573
Interest and other
income, net 4,630 430 10,056 1,141
------ ---- ------- -----
Income before income
tax expense 41,277 15,537 101,290 34,714
Income tax expense 13,209 4,973 32,413 11,203
------- ------ ------- ------
Net income $ 28,068 $ 10,564 $ 68,877 $ 23,511
======== ======== ======== ========
Basic net income
per share $ 0.43 $ 0.18 $ 1.07 $ 0.40
======= ======= ======= ======
Diluted net income
per share $ 0.35 $ 0.15 $ 0.87 $ 0.33
======= ======= ======= ======
Shares used in basic
per share computation 66,003 60,030 64,660 59,090
Shares used in diluted
per share computation 80,435 71,863 79,234 71,226
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
October 29, January 30,
2000 2000
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 694,883 $ 61,560
Accounts receivable, net 104,352 67,224
Inventory 93,192 37,631
Prepaids and other current assets 33,313 6,760
------- -----
Total current assets 925,740 173,175
Property and equipment, net 37,425 25,886
Deposits and other assets 20,181 3,189
------- -----
Total assets $ 983,346 $ 202,250
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 86,716 $ 64,910
Accrued liabilities 33,828 9,529
Current portion of capital
lease obligations 685 1,786
---- -----
Total current liabilities 121,229 76,225
Capital lease obligations,
less current portion 644 962
Deferred revenue 200,000 --
Long-term debt 300,000 500
Stockholders' equity 361,473 124,563
-------- -------
Total liabilities and
stockholders' equity $ 983,346 $ 202,250
========= =========
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