Research In Motion Reports Year-End and Fourth Quarter Results for Fiscal 2011
WATERLOO, ONTARIO–(Marketwire – March 24, 2011) – Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM), a world leader in the mobile communications market, today reported fourth quarter results for the three months and fiscal year ended February 26, 2011 (all figures in U.S. dollars and U.S. GAAP).
- Record BlackBerry® smartphone shipments of 52.3 million grew 43% over fiscal 2010
- Fiscal 2011 revenue grew 33% over fiscal 2010 to $19.9 billion and earnings per share grew 47% over the prior fiscal year to $6.34 per share diluted
- Ongoing investment in PlayBook and QNX-based platform development in Q1 with PlayBook launch date of April 19th
- BlackBerry was the number one selling smartphone brand in the United States1, Canada1, Latin America1 and the UK2 for calendar 2010
You can find the rest of the PR after the break!
Q4 and Fiscal 2011 Results: Revenue for the fiscal year ended February 26, 2011 was $19.9 billion, up 33% from $15 billion last year. Revenue for the fourth quarter of fiscal 2011 was $5.6 billion, up 1% from $5.5 billion in the previous quarter and up 36% from $4.1 billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 81% for devices, 16% for service, and 3% for software and other revenue. During the quarter, RIM shipped approximately 14.9 million BlackBerry smartphones for a total of 52.3 million smartphones in fiscal 2011.
“We are pleased to report record shipments and financial performance in fiscal 2011,” said Jim Balsillie, Co-CEO at Research In Motion. “As we enter fiscal 2012, RIM is in an excellent position to benefit from the continuing convergence of the mobile communications and mobile computing markets. We are laying a strong foundation for RIM’s expanding market opportunity through focused investments and we are extremely excited about our smartphone, tablet and platform roadmaps.”
Net income for fiscal 2011 was $3.4 billion, or $6.34 per share diluted, up 47% over fiscal 2010. The Company’s net income for the quarter was $934 million, or $1.78 per share diluted, compared with net income of $911 million, or $1.74 per share diluted, in the prior quarter and net income of $710 million, or $1.27 per share diluted, in the same quarter last year.
The total of cash, cash equivalents, short-term and long-term investments was $2.7 billion as of February 26, 2011, compared to $2.5 billion at the end of the previous quarter, an increase of $227 million from the prior quarter. Cash flow from operations in Q4 was approximately $1.0 billion. Uses of cash included intangible asset additions of approximately $365 million, capital expenditures of approximately $304 million and business acquisitions of approximately $161 million.
FY2012 and Q1 Outlook: For the full year fiscal 2012, RIM expects earnings per share to be in excess of $7.50 fully diluted. Revenue for the first quarter of fiscal 2012 ending May 28, 2011 is expected to be in the range of $5.2-$5.6 billion. Gross margin percentage for the first quarter is expected to be approximately 41.5%. Earnings per share for the first quarter are expected to be in the range of $1.47 -$1.55 per share diluted. This guidance range reflects a mix shift in handset towards lower ASP products in the first quarter and an increased level of investment in Research and Development and Sales and Marketing related to our tablet and platform initiatives. The guidance range is slightly wider than normal to reflect the risk of potential disruption in RIM’s supply chain as a result of the recent earthquake in Japan.
Conference Call and Webcast: A conference call and live webcast will be held beginning at 5 pm ET, March 24, 2011, which can be accessed by dialing 1-800-814-4859 (North America), 416-644-3414 (outside North America). The replay of the company’s Q4 conference call can be accessed after 7 pm ET, March 24, 2011 until midnight ET, April 7, 2011. It can be accessed by dialing 416-640-1917 and entering passcode 4310316#. The conference call will also appear on the RIM website live at 5 pm ET and will be archived athttp://www.rim.com/investors/events/index.shtml.
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