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RIM Reports Q2 Results with 7.4 Million BlackBerry Smartphones Shipped
      #43426 - 09/28/12 09:00 AM

Research In Motion (RIM) today reported second quarter results for the three months ended September 1, 2012 with net loss and revenue up slightly. Here's more info from the fiscal 2013 report:

Highlights:

* BlackBerry subscriber base increased to approximately 80 million global subscribers
* Cash, cash equivalents, short-term and long-term investments increased by approximately $100 million to $2.3 billion at the end of the second quarter
* Cash flow from operations was approximately $432 million in the second quarter
* Revenue of $2.9 billion in Q2, up 2% from $2.8 billion in Q1
* GAAP net loss in Q2 of $235 million, or $0.45 per share diluted, including $136 million in pre-tax restructuring costs; adjusted net loss of $142 million, or $0.27 per share diluted
* Shipments of BlackBerry smartphones were 7.4 million and shipments of BlackBerry PlayBook tablets were approximately 130,000

More detailed Q2 Results

Revenue for the second quarter of fiscal 2013 was $2.9 billion, up 2% from $2.8 billion in the previous quarter and down 31% from $4.2 billion in the same quarter of fiscal 2012. The revenue breakdown for the quarter was approximately 60% for hardware, 35% for service and 5% for software and other revenue. During the quarter, RIM shipped approximately 7.4 million BlackBerry smartphones and shipped approximately 130,000 BlackBerry PlayBook tablets.

GAAP net loss for the quarter was $235 million, or $0.45 per share diluted, compared with the GAAP net loss of $518 million, or $0.99 per share diluted, in the prior quarter and GAAP net income of $329 million, or $0.63 per share diluted, in the same quarter last year.

Adjusted net loss for the second quarter was $142 million, or $0.27 per share diluted. Adjusted net loss and adjusted diluted loss per share exclude the impact of pre-tax charges of $136 million ($93 million on an after-tax basis) related to the Cost Optimization and Resource Efficiency ("CORE") program. This charge and its related impact on GAAP net loss and diluted loss per share are summarized in the table below.

The total of cash, cash equivalents, short-term and long-term investments was $2.3 billion as of September 1, 2012, compared to $2.2 billion at the end of the previous quarter, an increase of approximately $100
million from the prior quarter. Cash flow from operations in Q2 was approximately $432 million. Uses of cash included intangible asset additions of approximately $253 million and capital expenditures of approximately $87 million.

Outlook

The Company expects that there will be continued pressure on operating results for the remainder of the fiscal year based on the increasing competitive environment, lower handset volumes, increased marketing expense associated with the launch of BlackBerry 10, and some impact from pressure by customers to reduce RIM's monthly infrastructure access fees. Also, the Company plans to continue to invest in targeted marketing and sales programs to aggressively drive sales of BlackBerry 7 handheld devices before the anticipated launch of the BlackBerry 10 smartphones. The Company expects to report an operating loss in the third quarter of fiscal 2013 as RIM continues to work through the transition to BlackBerry 10 and completes its CORE program. This outlook excludes any benefits or future impact of charges related to the CORE program.

Check out our BlackBerry device reviews at:
http://www.mobiletechreview.com/BlackBerry-Reviews.htm









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