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Graphics Processor Leader Reports 142 Percent Year Over Year Revenue Growth and More Than 15 Percent Quarterly Sequential Revenue Growth
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SANTA CLARA, CA. – MAY 22, 2002 – NVIDIA® Corporation (Nasdaq: NVDA) today reported record revenues and earnings for the first quarter of fiscal 2003 ended April 28, 2002.
For the first quarter of fiscal 2003, revenues increased to $582.9 million, compared to $240.9 million for the first quarter of fiscal 2002, an increase of 142 percent. Actual net income for the first quarter of fiscal 2003 was $83.2 million, or $0.47 per diluted share, compared to actual net income of $26.7 million, or $0.16 per diluted share, for the first quarter of fiscal 2002.
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.
Separately, NVIDIA announced the filing of audited restated financial results for the first three quarters of fiscal 2002 and for fiscal years 2001 and 2000. These results are reflected in the Company’s fiscal 2002 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on May 14, 2002.
“We are extremely pleased with our results for the first quarter of fiscal 2003. During the quarter we entered a new product cycle, and delivered a number of groundbreaking products in each of our core markets. Our nForce platform processors continue to gain momentum and are now the standard core logic for Athlon-based OEM systems worldwide,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “As a result of our strong, comprehensive portfolio of products, we continue to gain market share. With our strong product families, deep product roadmaps, world-class engineering teams and our proven execution record, we are confident that we can continue our progress in each product area we serve going forward.”
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2003 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 website at http://www.nvidia.com/ir. A live web cast (listen-only mode) of the conference call will be available at the NVIDIA investor relations website and at http://www.streetevents.com. The web cast will be recorded and available for replay until May 29, 2002.
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 website at http://www.nvidia.com.
Certain statements in this press release regarding earnings in the first quarter of fiscal 2003, 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 May 14, 2002, particularly those sections entitled "Business Risks," for a fuller discussion of these and other risks and uncertainties.
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