Rambus has reported its results for the quarter ended September 30, 2002. Revenue for the quarter was $24.5 million, down 12% over the same period last year and up 3% from the previous quarter. Net income was $5.9 million.
In this economy, we think modest sequential revenue growth while maintaining profitability is a very good outcome, said Geoff Tate, CEO of Rambus Inc.
September quarter results include $23.2 million in royalties, down 7% over the same period last year and up 5% from the previous quarter. Royalties were up sequentially for SDRAM and DDR memories and memory controllers and royalties were up sequentially for RDRAM memory and memory controllers.
Operating expenses in the September quarter increased $0.9 million from last quarter as a result of an increase in litigation, sales and marketing costs. Costs associated with litigation were $2.8 million in the September quarter versus $2.4 million in the prior quarter. Litigation costs were down $4 million when compared to the same quarter last year. Overall, operating expenses were $17 million versus $16 million last quarter and $19.6 million in the comparable period last year.