Ramtron International Corp. (RMTR), a leading developer of non-volatile ferroelectric random access memory (F-RAM) and microcontrollers for a wide range of markets, reported better than expected second quarter results this afternoon. Revenues increased 27% year-over-year to $15.5 million vs. analysts’ estimates of $15.3 million. Net income more than tripled to $779,000, or $0.03 per diluted share, compared to $248,000, or $0.01 per share a year ago. Excluding stock-based compensation expense and a one-time income tax provision, net income would have been $1.8 million, or $0.06 per share. Analysts surveyed expected non-GAAP net income of $0.05 per share.
“Solid execution of our strategy to introduce feature rich integrated F-RAM products and custom devices produced another quarter of profitable growth at Ramtron,” said Bill Staunton, Ramtron’s chief executive officer. “Second quarter revenue growth was driven by integrated product sales, which includes sales of our new custom devices. As a result of our initiatives to accelerate new product introductions, the classes of products introduced since 2006 contributed 23% to second-quarter revenue and grew by 52% from the first quarter of 2008. Products introduced since the beginning of 2008, which have ramped very quickly, contributed 16% of our second quarter revenue.”
Based on the strength of integrated product revenue growth of 173% year-over-year to $4.3 million, and on clear forward visibility through year-end, Ramtron forecasts full-year revenue growth of 26% to 29% over 2007 revenues of $51.1 million. Prior guidance called for an increase in sales of 24% to 28% over last year. Consensus estimates for full-year revenues are $63.7 million, below the lower end of Ramtron’s range of $64.4 million.
Shares of RMTR closed 4 cents higher today at $3.50. With 26.3 million shares outstanding, RMTR has a market cap of $92 million. Shares have traded in a 52-week range of $2.75 – $5.09.
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