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April 7, 2004

RIM delivers profits, ups guidance

Research in Motion yesterday raised its guidance for the current quarter, as it unveiled surging sales and profits for its fourth quarter and full year.

By CBR Staff Writer

The wireless email supplier turned in revenue of $210.6m for the quarter ending February 28, up 140% on the year. It delivered operating income of $33.7m, compared to last year’s $33.6m loss. Net income was $41.5m, compared to a $31.1m loss a year ago.

This delivered earnings per share of $0.46, or $0.56 after adjustments. Wall Street had expected $0.50 per share.

Two thirds of revenue came from handhelds, while 23% came from services, 8% from software licenses and 3% from other sources.

For the year, revenue was $594.6m, up 93.6% on the year. Full year net income was $51.8m, compared to a $148.9m loss a year earlier.

Chairman and CEO Jim Balsillie said the company had shown dramatic progress over the year. He also said the BlackBerry’s popularity was evident in our fourth quarter results and outlook.

The company raised its guidance yesterday, predicting first quarter revenue of $250m to $265m, with earnings per share of $0.21 to $0.26, or $0.28 to $0.33 adjusted. The earnings figures reflect a 2 for 1 share split also announced yesterday. The company also set second quarter guidance of $270m to $290m revenue, with earnings per share of $0.24 to $0.29, or $0.32 to $0.37 adjusted.

This article is based on material originally published by ComputerWire

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