NVIDIA Anticipates Record Revenues and Earnings for First Quarter FY03
For further information, contact:
Media Contact :
For Immediate Release
Company Revises Previous Results Following Internal Review
“Our success is the direct result of our employees’ focus and hard work and the strength of our business model,” said Jen-Hsun Huang, president and CEO of NVIDIA. “We are executing on the deepest and richest product transition in the Company’s history, and we are making terrific progress in each of our markets.”
In the last quarter NVIDIA transitioned its desktop product family to the new GeForce 4 series of graphics processor units (GPUs). These new GPUs have been embraced by all the major desktop OEMs worldwide. In addition to the momentum of its GeForce line, the Company's nForce platform processors have been adopted by top PC providers, including Compaq, Fujitsu-Siemens, HP and NEC, and more than 100 system builders worldwide. In addition, mobile and workstation business momentum has increased dramatically with several new design wins.
The Company also announced that it is restating its previously reported results for the first three quarters of fiscal 2002 and for fiscal years 2001 and 2000. As a result, total net income for the three year period will increase by approximately $1.3 million. Net income for fiscal 2002 will increase by approximately $2.1 million or $0.01 per diluted share; net income for fiscal 2001 will decrease by approximately $3.7 million or $0.03 per diluted share; and net income for fiscal 2000 will increase by approximately $2.9 million or $0.02 per diluted share, as more fully described in the attached summary.
The restatement is the result of an extensive review directed by the Company’s independent Audit Committee, with assistance from the law firm of Cooley Godward LLP and forensic accountants from KPMG LLP. The Audit Committee initiated its review at the request of, and in full cooperation with, the staff of the Securities & Exchange Commission (SEC). The Audit Committee and its team have conducted a thorough review of the Company’s records from the past three fiscal years with respect to all issues raised by the SEC staff. The Audit Committee is working in close cooperation with the SEC and has provided it with extensive information and conclusions of the review.
“The Audit Committee conducted a complete and thorough review of all matters raised over the last three fiscal years. We believe the resulting restatement is appropriate,” said Huang. “In addition, we have the necessary systems and staff today to ensure the integrity of our financial reporting. ”
The Company is in the process of preparing its Form 10-K for fiscal 2002, and is scheduled to file its Form 10-K, with the restated financial information for fiscal 2001 and 2000, on or before May 14, 2002. Therefore, annual and quarterly reports previously filed with the SEC for these periods, including the report of KPMG LLP for the financial statements for fiscal 2001 and 2000, should not be relied upon.
The Company’s Audit Committee is composed of outside Board members William J. Miller, A. Brooke Seawell and Mark A. Stevens.
Forward – Looking Language
NOTE: All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers. Features, pricing, availability, and specifications are subject to change without notice.
* * * *