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Press Release: Research in Motion Reports Third Quarter Financial Results

By Kevin Michaluk on 17 Dec 2009 04:12 pm EST
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3rd Quarter Results

Research In Motion Reports Third Quarter Results

WATERLOO, ONTARIO--(Marketwire - Dec. 17, 2009) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM), a world leader in the mobile communications market, today reported third quarter results for the three months ended November 28, 2009 (all figures in U.S. dollars and U.S. GAAP, except where indicated).

Revenue for the third quarter of fiscal 2010 was $3.92 billion, up 11% from $3.53 billion in the previous quarter and up 41% from $2.78 billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 82% for devices, 14% for service, 2% for software and 2% for other revenue. During the quarter, RIM shipped approximately 10.1 million devices, including its 75 millionth BlackBerry smartphone.

Approximately 4.4 million net new BlackBerry(R) subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base was approximately 36 million.

"We are pleased to report record shipments of more than 10 million BlackBerry smartphones during the third quarter with higher than expected revenue, earnings and subscriber growth," said Jim Balsillie, Co-CEO at Research In Motion. "RIM is experiencing a great start to the holiday buying season and the strong Q3 results and Q4 outlook clearly reflect the strength of our diversified product portfolio as well as the success of our efforts to expand into broader customer segments and new geographies while maintaining our strong position in North America."

Net income for the quarter was $628.4 million, or $1.10 per share diluted, compared with net income of $475.6 million, or $0.83 per share diluted, in the prior quarter and net income of $396.3 million, or $0.69 per share diluted, in the same quarter last year. The earnings per share in the quarter was not impacted by repurchases under RIM's Common Share Repurchase program.

Revenue for the fourth quarter of fiscal 2010 ending February 27, 2010 is expected to be in the range of $4.2-$4.4 billion. Gross margin for Q4 is expected to be approximately 43.5%. Net subscriber account additions in the fourth quarter are expected to be in the range of 4.4-4.7 million. Earnings per share for the fourth quarter are expected to be in the range of $1.23-$1.31 per share diluted. This reflects a positive impact of approximately $0.03 per share related to the cancellation of 12.3 million shares repurchased under RIM's share repurchase program during the third quarter.

The total of cash, cash equivalents, short-term and long-term investments was $2.41 billion as at November 28, 2009, compared to $2.50 billion at the end of the previous quarter, a decrease of $90 million over the prior quarter. Cash flow from operations in Q3 was approximately $1.07 billion. Uses of cash in the quarter included capital expenditures of approximately $196 million, intangible asset purchases of approximately $143 million and a common share repurchase pursuant to the share repurchase program of $775 million.

A conference call and live webcast will be held beginning at 5 pm ET, December 17, 2009, which can be accessed by dialing 800-733-7571 (North America), 416-915-5761 (outside North America). The replay of the company's Q3 conference call can be accessed after 7 pm ET, December 17, 2009 until midnight ET, December 31, 2009. It can be accessed by dialing 416-640-1917 and entering passcode 4189541#. The conference call will also be available on the RIM website live at 5 pm ET and will be archived at http://www.rim.com/investors/events/index.shtml.

Reader comments

Press Release: Research in Motion Reports Third Quarter Financial Results

16 Comments

I was reading this article and then thought that the stock price didn't seem to match. Then I looked at after hours and things were back to normal... finally my RIM stock is going back up...

They would not address this during their conference call.
Network outages, increased competition, and lower margins are factors they really need to focus on. I have been studying the Canadian telecomunications industry for over ten years, and all I can say is that Research In Motion is being threated with increased competition which will hurt their profits in the future. They have to address this threat immiediately or else their margins will be squeezed drastically hence lowering their profits.

Upcoming products which should address these issues: Essex, Stratus, Dakota, Mr.T and more...

I was losing so much faith in their stock. There was a point where i was down about 15%. I decided to wait for today (because of the third quarter end) and BAM! After a couple weeks of slowly climbing back up to a 6% loss, i'm now at a net gain of about 5%. By far one of my happiest stock market experiences ever.

P.S. I'm 15.

they cant improve on their OS!

can we please have a decent calendar function that looks good and works better!

part from that im happy :)

With RIM doing its thing, that is so awesome! Now make sure the people remain well pleased about the product and the stock will blow the roof! Continue to make improvements on the OS, hardware, and watch out for the outages. When you have a BlackBerry, you expect the best because it is a top of the line device. I am very happy with my 9700, keep up the good work!

That your a fucking idiot? That's about the only thing I got from your post.

RIM has been doing quite well and with their expansion into new regions expect this number to grow. Also while the Tour and Storm have been major blemishes on RIMs portfolio (especially the storm) RIM knows they need to rid themselves of the trackball and is precisely why they are phasing them out now on their qwerty models, because the trackballs are notorious with being problem prone.

Now go back to riding Steve Jobs and gtfo

So with all that money mabe they can hire someone smart enough to build something right. Rim sucs. BB server sucs. Useless toys. And incompetent designers.

due to the fact that their new "sucky" server will start supporting Microsoft Exchange- Along with Open GL and flash (just like everyone else except the iphone)

Personally I've been loving themebuilder 5.0.

The only thing that they can do better is offer touch devices to other carriers everywhere other than just Verizon (domestically).