Rambus Inc. (RMBS) Thursday reported a second quarter loss that widened from the prior year, hurt by higher provision for tax and lower revenues.
Second quarter net loss for Los Altos, California-based Rambus widened to $144.66 million or $1.38 per share from $2.72 million or $0.03 per share in the same quarter a year-ago.
Revenues for the quarter were $35.72 million, down 24.9% to $47.54 million over the second quarter of 2007. Operating loss widened to $16.92 million from $10.17 million in the year-earlier quarter.
During the second quarter of 2008, the company recorded a valuation allowance of $130.5 million against its net deferred tax assets to fully reserve previously recorded tax benefits generated from its pre-tax losses.
Total costs and expenses were $52.6 million, which included $9.0 million of stock-based compensation expenses and $2.3 million for the previous stock-based compensation restatement and related legal expenses.
For the six months period, net loss widened to $157.30 million or $1.50 per share from $6.61 million or $0.06 per share in the same period of 2007. Revenues were $75.45 million, down 22.8% from 97.69 million over the same period of last year.
RMBS closed Thursday's regular trading at $14.70, down $1.27or 7.95%, on a volume of 3.64 million shares.
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