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NVIDIA
Corporation (Nasdaq: NVDA) has reported financial results for the
third quarter of fiscal 2007 ended October 29, 2006.
For
the third quarter of fiscal 2007, revenue increased to a record
$820.6 million, compared to $583.4 million for the third quarter
of fiscal 2006, an increase of 41 percent. Net income computed in
accordance with U.S. generally accepted accounting principles (GAAP)
for the third quarter of fiscal 2007 was $106.5 million, or $0.27
per diluted share. GAAP net income for the third quarter of fiscal
2007 includes expenses of $42.6 million, net of tax, which is comprised
primarily of stock-based compensation expense plus a one-time charge
associated with licensing certain patents.
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As
previously announced, in June 2006 the Audit Committee of the Board
of Directors of NVIDIA began a review of the Company's stock option
practices based on results of an internal review voluntarily undertaken
by management. The Audit Committee's review covered the time from
the Company's initial public offering in 1999 to the current fiscal
year and as previously disclosed, found instances of the use of
incorrect measurement dates for certain option grants.
The
Audit Committee is being assisted by independent legal counsel and
outside accounting experts. At this time, the Audit Committee has
completed its forensic review of the option grants and is now working
with the Company's management to finalize the financial impact of
using incorrect measurement dates.
Non-GAAP
net income for the third quarter of fiscal 2007, which excludes
SFAS 123R and other stock-based compensation charges and the related
tax impact, was $149.2 million, or $0.39 per diluted share.
For
the second quarter of fiscal 2007 ended July 30, 2006, previously
reported revenue was $687.5 million. GAAP net income for the second
quarter of fiscal 2007 was $86.8 million, or $0.22 per diluted share.
GAAP net income for the second quarter of fiscal 2007 includes stock-based
compensation expense net of tax of $25.3 million.
Non-GAAP
net income for the second quarter of fiscal 2007, which excludes
SFAS 123R and other stock-based compensation charges and the related
tax impact, was $112.0 million, or $0.29 per diluted share.
"The
third quarter was one of the best in NVIDIA's history," said
Jen-Hsun Huang, president and CEO of NVIDIA. "For the third
consecutive quarter, we delivered record revenue as we continued
to gain share in each of our core businesses."
Revenue
for the nine months ended October 29, 2006 was a record $2.19 billion,
compared to revenue of $1.74 billion for the nine months ended October
30, 2005, an increase of 26 percent.
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