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Director of Public Relations
For Immediate Release
Santa Clara, CA – May 22, 2001 – NVIDIA® Corporation (Nasdaq: NVDA) today reported revenues and earnings for the first quarter of fiscal 2002 ended April 29, 2001.
For the first quarter of fiscal 2002, revenues increased to $240.9 million, compared to $148.5 million for the first quarter of fiscal 2001, an increase of 62 percent. Pro forma operating income for the first quarter of fiscal 2002 was $41.7 million, compared to pro forma operating income of $25.6 million in the first quarter of fiscal 2001. Pro forma net income, which excludes the effects of acquisition related charges and amortization of goodwill and purchased intangible assets, for the first quarter of fiscal 2002 was $33.0 million, or $0.40 per diluted share, compared to pro forma net income of $18.3 million, or $0.24 per diluted share for the first quarter of fiscal 2001.
Actual net income for the first quarter of fiscal 2002 was $25.9 million or $0.31 per diluted share, compared to net income of $18.3 million, or $0.24 per diluted share for the first quarter of fiscal 2001.
During the quarter, NVIDIA, through its wholly owned subsidiary, NVIDIA US Investment Company, closed its purchase of certain graphics assets of 3dfx Interactive, a pioneer and a recognized leader in graphics technology. This acquisition was accounted for under the purchase method of accounting.
"The first quarter of fiscal 2002 represents the beginning of our next growth phase," stated Jen-Hsun Huang, president and CEO of NVIDIA. "We have successfully extended our graphics franchise into the mobile and Apple markets, while strengthening our position in our core desktop PC and workstation markets. And with the strength of our broad product portfolio, deep product pipeline, and upcoming entry into consumer electronics, we remain excited and confident in the long-term prospects of our business."
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter 2002 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 visit the Investor Information section of the NVIDIA web site at Investor Relations. A live webcast (listen-only mode) of the conference call will be at the NVIDIA investor relations website; at http://www.streetevents.com; and at http://bestcalls.com. The webcast will be recorded and available for replay until May 29, 2001.
NVIDIA Corporation (Nasdaq: NVDA), based in Santa Clara, CA, is the global leader in advanced graphics and multimedia processing technology for the consumer and professional computing markets. It's 2D, 3D, video and multimedia capabilities make NVIDIA one of the premier semiconductor companies in the world. NVIDIA offers a wide range of products and services, delivering superior performance and crisp visual quality for PC-based applications such as manufacturing, science, e-business, entertainment, and education.
Certain statements in this press release, including the statements relating to the Company's performance expectations for NVIDIA's family of products and expectations of continued revenue 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, 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 and publishers. Investors are advised to read the Company's Annual Report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission, particularly those sections entitled "Factors Affecting Operating Results," for a fuller discussion of these and other risks and uncertainties.
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