NVIDIA Reports Record Revenues and Earnings for Third Quarter Fiscal 2002
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Mary Ann Allencourt
SANTA CLARA, CA. – NOVEMBER 8, 2001 – NVIDIA® Corporation (Nasdaq: NVDA) today reported record revenues and earnings for the third quarter of fiscal 2002 ended October 28, 2001.
For the third quarter of fiscal 2002, revenues increased to $370.2 million, compared to $198.2 million for the third quarter of fiscal 2001, an increase of 87 percent. Pro forma operating income for the third quarter of fiscal 2002 was $66.1 million, compared to pro forma operating income of $36.6 million in the third 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 third quarter of fiscal 2002 was $47.5 million, or $0.28 per diluted share, compared to pro forma net income of $28.1 million, or $0.17 per diluted share, for the third quarter of fiscal 2001.
Actual net income for the third quarter of fiscal 2002 was $44.7 million, or $0.26 per diluted share, compared to actual net income of $28.1 million, or $0.17 per diluted share, for the third quarter of fiscal 2001.
Revenue for the nine months ended October 28, 2001 was $871.4 million, an increase of 69 percent compared to revenue of $517.0 million for the nine months ended October 29, 2000. Pro forma operating income for the nine months ended October 28, 2001 was $157.9 million compared to $91.2 million for the nine months ended October 29, 2000. Pro forma net income for the nine months ended October 28, 2001 was $117.4 million, or $0.70 per diluted share, compared to pro forma net income of $68.9 million, or $0.43 per diluted share, for the nine months ended October 29, 2000.
Actual net income for the nine months ended October 28, 2001 was $104.1 million, or $0.62 per diluted share, compared to actual net income of $68.9 million, or $0.43 per diluted share, for the nine months ended October 29, 2000.
The pro forma net income per share and the actual net income per share and number of shares used in the per-share calculation for all periods presented reflect the two-for-one stock split that was effective September 17, 2001.
“Our third quarter results exemplify our continued technology leadership and the intense focus and relentless execution of our employees,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “With the excellent success of leveraging the GeForce architecture into winning products for desktop PCs, laptops, workstations, Mac and Xbox, we now have multiple growth drivers that will accelerate our already strong momentum.”
NVIDIA will conduct a conference call with analysts and investors to discuss its third 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 http://www.nvidia.com/ir. 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 November 15, 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. Its 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. For more information, please visit the company's Web site at http://www.nvidia.com.
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 "Certain Business Risks," for a fuller discussion of these and other risks and uncertainties.
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