NVIDIA Reports Operating Results for the Fourth Quarter and Fiscal Year 2004
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FOR IMMEDIATE RELEASE
SANTA CLARA, CA – February 12, 2004 – NVIDIA® Corporation (Nasdaq: NVDA) today reported financial results for the fourth quarter of fiscal 2004 and the fiscal year ended January 25, 2004.
For the fourth quarter of fiscal 2004, revenue increased to $472.1 million, compared to $469.0 million for the fourth quarter of fiscal 2003. Net income for the fourth quarter of fiscal 2004 was $24.2 million, or $0.14 per diluted share, compared to net income of $50.9 million, or $0.30 per diluted share, for the fourth quarter of fiscal 2003.
Revenue for the fiscal year ended January 25, 2004 was $1.82 billion, compared to revenue of $1.91 billion for the fiscal year ended January 26, 2003. Net income for the fiscal year ended January 25, 2004 was $74.4 million, or $0.43 per diluted share, compared to net income of $90.8 million, or $0.54 per diluted share, for the fiscal year ended January 26, 2003.
“Our goals this year are to extend our GPU and MCP leadership, drive gross margin improvements, and bring innovative products and strategies that make a significant impact within each of the segments we serve,” stated Jen-Hsun Huang, president and CEO of NVIDIA.
Huang added, “The products we now build span the computing, consumer electronics and handheld segments. All of these segments are being transformed by digital media and networking. We believe the GPU and MCP are the engines that will power computing and consumer electronics in the ‘networked digital entertainment’ era.”
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal year 2004 financial results and current financial prospects today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). To listen to the call, please dial (706) 679-0543. A live web cast (listen-only mode) of the conference call will be held at the NVIDIA investor relations web site http://nvidia.com/ir and at http://www.streetevents.com. The web cast will be recorded and available for replay until the Company’s conference call to discuss its financial results for its first quarter fiscal 2005.
NVIDIA Corporation is a market leader in visual computing technology dedicated to creating products that enhance the interactive experience on consumer and professional computing platforms. Its graphics and communications processors have broad market reach and are incorporated into a wide variety of computing platforms, including consumer digital-media PCs, enterprise PCs, professional workstations, digital content creation systems, notebook PCs, military navigation systems and video game consoles. NVIDIA is headquartered in Santa Clara, California and employs more than 1,800 people worldwide. For more information, visit the Company’s Web site at www.nvidia.com.
Certain statements in this press release regarding earnings in the fourth quarter of fiscal 2004, including the statements relating to the Company's expectations for NVIDIA's family of products and expectations of market position and growth, are forward-looking statements 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 process and dependence of the Company on third-party manufacturers, general industry trends including cyclical trends in the PC and semiconductor industries, manufacturing costs and the pricing of components such as memory, the impact of competitive products and pricing alternatives, changes in industry standards and interfaces, market acceptance of the Company's new products, the Company's dependence on third-party developers and publishers and the impact of litigation and other proceedings. Investors are advised to read the Company's Annual Report on Form 10-K filed on April 25, 2003, particularly those sections entitled "Business Risks," for a more complete discussion of these and other risks and uncertainties.
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