Chip interface technology developer Rambus, Inc. (RMBS) reported Thursday a loss for the first quarter that sharply widened from last year, primarily reflecting higher costs and expenses as well as flat revenues. Excluding special items, the company reported a profit.
The Sunnyvale, California-based company reported a net loss of $27.89 million or $0.25 per share for the first quarter, sharply wider than $4.23 million or $0.04 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter dropped to $3.56 million or $0.03 per share from $10.23 million or $0.09 per share in the year-ago quarter.
Total revenues for the quarter edged up to $62.86 million from $62.53 million in the same quarter last year.
The slight revenue growth was attributable to the revenue recognized from agreements signed since the year-ago quarter. These primarily included Samsung's quarterly license payment and various new patent license agreements signed in the past year.
Revenues from royalties was $62.04 million for the quarter, while contract revenues were $0.82 million.
Operating loss for the quarter was $17.56 million, compared to income of $8.37 million recorded in the same quarter last year. Total operating costs and expenses increased to $80.42 million from the prior year's $54.16 million.
RMBS closed Thursday's regular trading session at $5.60, down $0.01 or 0.18% on a volume of 0.94 million shares. The stock lost a further $0.21 or 3.75% in after-hours trading.
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