NVIDIA Reports Operating Results for Third Quarter Fiscal Year 2004
Notebook and Platform Momentum Help Drive Revenue Growth
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SANTA CLARA, CA – November 6, 2003 – NVIDIA Corporation (Nasdaq: NVDA) today reported financial results for the third quarter of fiscal 2004 ended October 26, 2003.
For the third quarter of fiscal 2004, revenue increased to $486.1 million, compared to $430.3 million for the third quarter of fiscal 2003, an increase of 13 percent. Net income for the third quarter of fiscal 2004 was $6.4 million, or $0.04 per diluted share, compared to a net loss of $48.6 million, or $0.32 per diluted share, for the third quarter of fiscal 2003. The financial results for the third quarter of fiscal 2004 included a charge to operating expense of $3.5 million for the write-off of in-process research and development that resulted from NVIDIA’s acquisition of MediaQ, Inc. in August 2003, and a charge of $13.1 million to other expense related to the full redemption of NVIDIA’s $300 million of 4 ¾% Convertible Subordinated Notes in October 2003.
Revenue for the nine months ended October 26, 2003 was $1.35 billion, compared to revenue of $1.44 billion for the nine months ended October 27, 2002. Net income for the nine months ended October 26, 2003 was $50.3 million, or $0.29 per diluted share, compared to net income of $39.9 million, or $0.24 per diluted share, for the nine months ended October 27, 2002. The financial results for the nine months ended October 27, 2002 included a charge of $61.8 million that resulted from the exchange of certain out-of-the-money employee stock options.
“NVIDIA had a solid quarter and our business fundamentals have turned the corner,” stated Jen-Hsun Huang, president and CEO of NVIDIA. “The full potential of our GeForce™ FX architecture is just being realized and is propelling our momentum and leadership across all of our products.” Mr. Huang added, “Driven by exciting market dynamics such as Microsoft® DirectX® 9, Microsoft Media Center, 64-bit computing and ultra-low power, each of our businesses are set for strong growth.”
Third Quarter Fiscal 2004 Highlights
NVIDIA will conduct a conference call with analysts and investors to discuss its third quarter fiscal 2004 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://www.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 fourth quarter fiscal 2004.
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