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Press Release:
Research In Motion (RIM) Reports Third Quarter Fiscal 2013 Results.
Research
In Motion Limited (RIM), a world leader in
the mobile communications market, today reported third quarter results
for the three months ended December 1, 2012 (all figures in U.S. dollars
and U.S. GAAP, except where otherwise indicated).
Highlights:
-- Cash increase of approximately $600 million to $2.9 billion
-- Cash flow from operations was approximately $950 million
-- Revenue of $2.7 billion
-- GAAP net income from continuing operations of $14 million, or $0.03 per
share diluted, including a $166 million favorable tax settlement
-- Adjusted net loss of $114 million, or $0.22 per share diluted
-- BlackBerry subscriber base of approximately 79 million users
-- Shipments of 6.9 million smartphones and 255,000 PlayBooks
-- RIM's Chief Information Officer, Robin Bienfait, announces retirement
Q3 Results
Revenue for the third quarter of fiscal 2013 was $2.7 billion, down
5% from $2.9 billion in the previous quarter and down 47% from $5.2
billion in the same quarter of fiscal 2012. The revenue breakdown for
the quarter was approximately 60% for hardware, 36% for service and 4%
for software and other revenue. During the quarter, RIM shipped
approximately 6.9 million BlackBerry smartphones and approximately
255,000 BlackBerry PlayBook tablets.
GAAP net income for the
quarter from continuing operations was $14 million, or $0.03 per share
diluted. GAAP net income for the quarter, including loss from
discontinued operations, was $9 million, or $0.02 per share diluted,
compared with the GAAP net loss of $235 million, or $0.45 per share
diluted, in the prior quarter and a GAAP net income of $265 million, or
$0.51 per share diluted, in the same quarter last year.
Adjusted net loss for the third quarter was $114 million, or $0.22 per
share diluted. Adjusted net loss and adjusted diluted loss per share
exclude the impact of pre-tax charges of $55 million ($38 million on an
after-tax basis) related to the Cost Optimization and Resource
Efficiency ("CORE") program and excludes the impact of an income tax
benefit of $166 million. These impacts on GAAP net income from
continuing operations and diluted earnings per share are summarized in
the table below.
"RIM continued to execute on its product
roadmap plans and to deliver on key financial metrics as it gets set for
the global launch of BlackBerry 10," said Thorsten Heins, President and
CEO. "During the third quarter, we continued to demonstrate our strong
financial position, generating $950 million in cash flow from
operations, and increasing our cash position significantly to more than
$2.9 billion. More than 150 carriers are currently completing technical
acceptance programs for the first BlackBerry 10 products, and beta
trials of BlackBerry Enterprise Service 10 are underway at more than 120
enterprises including 64 Fortune 500 companies. This is an exciting
time and our carrier partners, application developers and employees are
all looking forward to unveiling the innovation and excitement of
BlackBerry 10 to our customers on January 30, 2013."
RIM also
announced today that Robin Bienfait, Chief Information Officer for RIM
has made the decision to retire at the end of this year following 6
years of service to the Company. Robin has committed to continue
supporting RIM in an advisory capacity to enable a smooth launch and
seamless transition.
Under Robin's watch, the BlackBerry
service infrastructure has grown from 47 petabytes per year to more than
33 petabytes per month at the same time as the internal corporate
infrastructure for RIM has grown at a remarkable pace. Robin joined RIM
in the beginning of 2007 with the mandate to take RIM's BlackBerry data
services infrastructure from a single presence in Canada to a
distributed model connecting to over 650 carrier partners worldwide. In
addition, over this past year, Robin has led RIM's Enterprise business
unit focused on enabling services for Enterprise customers and preparing
for the launch of the BlackBerry 10 platform. Robin has led a
distinguished career. Before joining RIM, Robin held a number of senior
leadership positions at AT&T and Bell Labs for over 22 years.
"Robin has been an outstanding CIO and has built a world class
organization. Her team has diligently prepared us for the launch of
BlackBerry 10 and beyond, and I will remain deeply grateful for her
leadership and commitment," said Thorsten Heins, President and CEO of
Research In Motion.
Outlook
The Company expects
that there will be continued pressure on operating results as it gets
set to launch its BlackBerry 10 platform in the fourth quarter. The
Company intends to continue to consider using pricing initiatives on
BlackBerry 7 devices and service fees in some markets as a way to
maintain our subscriber base and drive more BlackBerry users. The timing
of the BlackBerry 10 launch event for January 30, 2013 could also
impact sales of current BlackBerry 7 products as some customers may
defer purchasing decisions and wait for BlackBerry 10 devices.
All these
factors are expected to impact unit volumes, subscribers, margins and
service fees. In addition, the company will be significantly increasing
its marketing spending this quarter as expected, to support the global
launch of BlackBerry 10, and the Company expects to report an operating
loss for the fourth quarter. Further details about the Company's outlook
will be discussed on the conference call and live webcast to be held
beginning at 5 pm ET today, information for which is set forth below.
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