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Company Achieves Record Revenue; Net Income Increases 202 Percent Year-Over-Year
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FOR IMMEDIATE RELEASE
SANTA CLARA, CA – May 12, 2005 – NVIDIA Corporation (Nasdaq: NVDA) today reported financial results for the first quarter of fiscal 2006 ended May 1, 2005.
For the first quarter of fiscal 2006, revenue increased to a record $583.8 million, compared to $471.9 million for the first quarter of fiscal 2005, an increase of 24 percent. Net income for the first quarter of fiscal 2006 was $64.4 million, or $0.36 per diluted share, compared to net income of $21.3 million, or $0.12 per diluted share, for the first quarter of fiscal 2005.
“We have solidly returned our company to growth,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “We now have four exciting growth businesses – GPU, MCP, wireless media processor, and consumer electronics. In addition, our gross margin initiatives continue to deliver results ahead of schedule. Our efforts over the past two years have put us back in growth mode and have positioned us squarely at the center of the digital media revolution.”
First Quarter Fiscal 2006 Highlights
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2006 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 dial (706) 679-0543. A live Web cast (listen-only mode) of the conference call will be held at the NVIDIA investor relations Web site http://nvidia.com/ir and at http://www.streetevents.com. The Web cast will be recorded and available for replay until the Company’s conference call to discuss its financial results for its second quarter fiscal 2006.
NVIDIA Corporation is a worldwide leader in graphics and digital media processors. The Company’s products enhance the end-user experience on consumer and professional computing devices. NVIDIA graphics processing units (GPUs), media and communications processors (MCPs), and wireless media processors (WMPs) have broad market reach and are incorporated into a variety of platforms, including consumer and enterprise PCs, notebooks, workstations, PDAs, mobile phones, and video game consoles. NVIDIA is headquartered in Santa Clara, California and employs more than 2,100 people worldwide. For more information, visit the Company’s Web site at www.nvidia.com.
Certain statements in this press release including, but not limited to, the success of our strategies and initiatives, share of market segments, our collaboration with Sony, and overall 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, market acceptance of our new products, difficulties in the development of new and enhanced products, successful implementation of our products and technologies, manufacturing and other delays, the impact of technological development and competition, our dependence on third-party manufacturers, general industry trends including cyclical trends in the PC, handheld, consumer electronics and semiconductor industries, manufacturing costs and the pricing of components, the impact of competitive products and pricing alternatives, changes in industry standards and interfaces, and other proceedings and other risks detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission including its Form 10-K for the fiscal year ended January 30, 2005. These forward-looking statements speak only as of the date of this release. NVIDIA disclaims any obligation to update these forward-looking statements.
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