NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
Oct. 27, Oct. 28, Oct. 27, Oct. 28,
2002 2001 2002 2001
(As Restated) (As Restated)
Revenue $430,304 $364,976 $1,440,494 $865,783
Cost of revenue 322,106 231,508 1,025,829 535,856
Gross profit 108,198 133,468 414,665 329,927
Operating expenses:
Research and
development 57,779 44,308 167,500 110,795
Sales, general and
administrative 38,693 24,897 112,083 64,297
Stock option
exchange 61,832 -- 61,832 --
Amortization of
goodwill (A) -- 3,237 -- 6,848
Acquisition
related charges -- -- -- 10,030
Discontinued use
of property -- 3,687 -- 3,687
Total operating
expenses 158,304 76,129 341,415 195,657
Operating income
(loss) (50,106) 57,339 73,250 134,270
Interest and other
income, net 1,470 1,682 4,541 9,860
Income (loss)
before income
tax expense (48,636) 59,021 77,791 144,130
Income tax
expense (B) -- 17,706 37,928 43,239
Net income (loss) $(48,636) $41,315 $39,863 $100,891
Basic net
income (loss)
per share $(0.32) $0.29 $0.26 $0.71
Diluted net
income (loss)
per share (C) $(0.32) $0.24 $0.24 $0.60
Shares used in
basic per share
computation 153,408 144,017 152,129 141,512
Shares used in
diluted per share
computation (C) 153,408 170,159 168,308 168,854
(A) Effective FY2003 NVIDIA adopted the provisions of Statement of
Financial Accounting Standards No. 142 "Goodwill and Other Intangible
Assets" (SFAS No.142). Under SFAS No. 142, goodwill is no longer
amortized, beginning January 28, 2002. If the non-amortization
provisions of SFAS No. 142 had been effective in FY2002, the net
income and the basic and diluted net income per share for the three
months ended October 28, 2001 would have been $43,033, $0.30 and
$0.25, respectively, and the net income and the basic and diluted net
income per share for the nine months ended October 28, 2001 would
have been $104,397, $0.74 and $0.62, respectively.
(B) There was no tax for the three months ended October 27, 2002. The
effective rate for the three and nine months ended October 28, 2001
was 30%.
(C) Diluted net loss per share is equivalent to basic net loss per share
for the three months ended October 27, 2002 as a result of the net
loss position during the quarter.
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Oct. 27, Jan. 27,
2002 2002
ASSETS
Current assets:
Cash, cash equivalents and
marketable securities $911,577 $791,377
Restricted cash -- 7,000
Accounts receivable, net 149,861 147,348
Inventories, net 205,043 213,877
Prepaid and other current assets 13,386 8,078
Prepaid and deferred taxes 66,429 66,429
Total current assets 1,346,296 1,234,109
Property and equipment, net 138,778 120,128
Deposits and other assets 10,424 11,897
Prepaid and deferred taxes 56,041 55,921
Goodwill and intangible assets, net 78,158 81,119
Total assets $1,629,697 $1,503,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $170,589 $214,019
Accrued liabilities 203,832 141,210
Current portion of note and
capital lease obligations 5,580 3,896
Interest payable 584 4,176
Deferred revenue 63,495 70,193
Total current liabilities 444,080 433,494
Capital lease obligations,
less current portion 6,340 5,861
Long-term convertible debenture 300,000 300,000
Stockholders' equity 879,277 763,819
Total liabilities and
stockholders' equity $1,629,697 $1,503,174
NOTE: All company and/or product names are trademarks and/or registered
trademarks of their respective manufacturers.
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SOURCE NVIDIA Corporation
-0- 11/07/2002
/CONTACT: Mohamed Siddeek, Investor Relations, +1-408-486-7371, or
msiddeek@nvidia.com, or Derek Perez, Public Relations, +1-408-486-2512, or
dperez@nvidia.com, both of NVIDIA Corporation/
/Photo: NewsCom: newscom.com
AP Archive: photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840/
/Web site: nvidia.com /
(NVDA)
CO: NVIDIA Corporation
ST: California
IN: CPR HRD MLM
SU: ERN CCA
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