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For Immediate Release
SANTA CLARA, CA – NOVEMBER 18, 1999 – NVIDIA™ Corporation (NASDAQ: NVDA) today announced record revenues and earnings for the third quarter of fiscal 2000 and the nine months ended October 31, 1999.
For the third quarter, revenue increased to $97.0 million, compared to $52.3 million for the third quarter of fiscal 1999, an increase of 85 percent. Net income for the third quarter was $10.6 million, or $0.29 per diluted share, compared to $7.1 million or $0.26 per diluted share in the third quarter of fiscal 1999. Fully diluted shares increased to 35.9 million in the third quarter of fiscal 2000 as compared to 27.8 million in the third quarter of fiscal 1999, due primarily to the Company's initial public offering in January 1999.
For the nine months ended October 31, 1999, revenue increased 165% to $246.1 million, compared to $92.7 million for the nine months ended October 25, 1998. Net income for the nine month period ended October 31, 1999 was $23.5 million, or $0.66 per diluted share, compared to a net loss of $(3.5) million, or $(0.25) per diluted share, in the same period last year.
"The third quarter included several significant milestones for the Company and the graphics industry," stated Jen-Hsun Huang, president and CEO of NVIDIA. "We delivered on our commitment of technology leadership and expanded from our core performance business by introducing a broad family of products that span the workstation to the value PC market. We now offer a 'top-to-bottom' product line with a winning product in every segment."
During the quarter, the Company launched the NVIDIA GeForce 256™ and NVIDIA Quadro™, the industry's first graphics processor units (GPUs), and the first product to incorporate transform and lighting into a single chip. The GeForce 256 and Quadro GPUs are graphics processors capable of building a new generation of e-commerce, e-business, education and entertainment applications. In addition to the new GPUs, in a joint collaboration with Acer Laboratories, Inc., the Company launched the Aladdin TNT2, the Company's first integrated graphics chipset. The Aladdin TNT2 is the first integrated graphics chipset to provide fourth generation graphics capability targeted at the low cost market.
NVIDIA and its products also continue to receive industry acclaim. In October 1999, PC Magazine ranked NVIDIA as the industry's most influential PC graphics company. Since the introduction of the RIVA 128 in August 1997, NVIDIA's products have helped its customers win over 400 awards, including PC Magazine's Editors' Choice three years in a row. NVIDIA was also named as one of the three finalists in the 1999 Component category for PC Magazine's 16th Annual Technical Excellence awards, which is awarded each November at Fall Comdex.
"We are pleased with our third quarter financial results given the challenges the industry faced during the quarter. And I am particularly pleased with our strategic position in the market. Our market momentum, deep pipeline of new products, and intense focus on execution have positioned us for strong growth," stated Huang.
For more financial information, please access the investor relations' portion of the Company's web site at http://www.nvidia.com.
NVIDIA Corporation (NASDAQ: NVDA), the world's leading supplier of performance 3D graphics processors, is the only independent top-to-bottom supplier of 3D graphics solutions for mainstream PCs. NVIDIA designs, markets and sells an award-winning family of 3D processors, delivering industry-leading performance and visual quality for a broad range of PC-based applications, including enterprise visualization, e-commerce, e-business, education and entertainment. Used by the top PC OEMs in the world, NVIDIA's products are distributed through a worldwide channel that includes PC OEM, add-in card and motherboard partners in Europe, Asia and North America. 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 "Factors Affecting Operating Results," for a fuller discussion of these and other risks and uncertainties.
Notes to Editors: Please note that the recommended way of writing NVIDIA, RIVA 128, RIVA 128ZX, RIVA TNT and RIVA TNT2 is all CAPITALS.
NVIDIA, the NVIDIA logo, RIVA TNT, RIVA TNT2 and NVIDIA Vanta are trademarks of NVIDIA Corporation. RIVA, RIVA 128 and RIVA 128ZX are trademarks of NVIDIA Corporation and STMicroelectronics. Other company and product names may be trademarks or registered trademarks of the respective companies with which they are associated.
Full-text copy of this announcement may be obtained by calling the Company's fax retrieval line at 800-925-4305 or by printing this web page.