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March 31, 2010

RIM Q4 revenue up 18% to $4.08bn

10.5 million devices shipped in the quarter

By CBR Staff Writer

Research In Motion has reported revenue of $4.08bn for the fourth quarter of fiscal 2010, up 18% from $3.46bn for the same period last year. Revenue was up 4% sequentially.

The company received approximately 80% of its revenue by selling devices, 16% from service, 2% from software and 2% from others. It shipped about 10.5 million devices in the quarter and now has a subscriber base of approximately 41 million. It added approximately 4.9 million net new BlackBerry subscriber accounts during the quarter.

The Waterloo, Ontario-based company posted an operating income of $1.01bn, compared to an operating income of $732.9m. Gross margin was $1.9bn compared to $1.4bn for the same period last year. Net income was $710.1m, or $1.27 per share diluted, compared to $518.3m, or $0.9 per share diluted for the fourth quarter of 2008.

For three months ended February 27, 2010, the total cash, cash equivalents, short-term and long-term investments were $2.87bn, compared to $2.41bn at the end of the previous quarter, an increase of $461m over the prior quarter.

For the full year 2010, the company reported revenue of $14.95bn, up 35% from $11.07bn last year. Operating income was up to $3.2bn from $2.7bn last year, while net income was $2.46bn, or $4.31 per share diluted, up 29.8% over 2009.

Jim Balsillie, co-CEO at Research In Motion, said: “We managed to significantly expand our international market share while also maintaining our longstanding leadership in North America where BlackBerry continues to be the top selling smartphone brand.

“We are off to a great start in fiscal 2011 and expect strong shipments, revenue, subscriber and earnings growth in Q1. We are also very excited about our portfolio of products and services for the coming year and we continue to see exceptional opportunity for sustained growth.”

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Looking ahead, the company expects revenue for the first quarter of fiscal 2011 ending May 9, 2010, to be in the range of $4.25bn to $4.45bn and earnings per share to be in the range of $1.31-$1.38 per share diluted. Gross margin for Q1 is expected to be around 44.5% and net subscriber account additions to be in the range of 4.9-5.2 million.

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