Blackberry 2004 Annual Report Download - page 18

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16
Research In Motion Limited • Incorporated Under the Laws of Ontario (In thousands of United States dollars, except per share data, and except as otherwise indicated)
million or 8.6% to $199.0 million in fiscal 2004
from $183.2 million in the preceding year. The
8.6% increase in fiscal 2004 was substantially
below the increases in revenue and gross margin of
93.9% and 127.1%, respectively.
Restructuring and Litigation charges
Restructuring (nil in fiscal 2004) and litigation
expenses totalled $35.2 million, a reduction of
$29.6 million from $64.8 million in fiscal 2003.
Income tax (recovery)/provision
The Company recorded an income tax recovery of
$4.2 million in fiscal 2004 versus an income tax
provision of $31.8 million in fiscal 2003, resulting
in an increase of $36.0 million in fiscal 2004 net
income.
Selected Quarterly Financial Data – Unaudited
The following table sets forth RIM’s unaudited
quarterly consolidated results of operations data for
each of the eight most recent quarters ended
February 28, 2004. The information has been
derived from RIM’s unaudited consolidated financial
statements that, in management’s opinion, have
been prepared on a basis consistent with the
Consolidated Financial Statements and include all
adjustments, consisting of only normal recurring
adjustments, necessary for a fair presentation of
information when read in conjunction with the
Consolidated Financial Statements. RIM’s quarterly
operating results have varied substantially in the
past and may vary substantially in the future.
Accordingly, the information below is not necessarily
indicative of results for any future quarter.
Fiscal 2004 Year
Fourth Quarter Third Quarter Second Quarter First Quarter
(in thousands, except per share data)
Revenue $210,585 $153,891 $125,679 $104,461
Gross margin(1) 103,476 72,398 52,968 42,409
Research and development, Selling,
marketing and administration(1),
and Amortization(1) 56,889 49,132 47,388 45,632
Litigation(2) 12,874 9,201 5,653 7,459
Investment income (3,624) (2,264) (2,222) (2,496)
Income (loss) before income taxes 37,337 16,329 2,149 (8,186)
Recovery of income taxes(4) (4,200) – – –
Net income (loss) $ 41,537 $ 16,329 $ 2,149 $ (8,186)
Earnings (loss) per share
Basic $0.49 $0.21 $0.03 $(0.11)
Diluted $ 0.46 $ 0.20 $ 0.03 $ (0.11)
Research and development $ 17,877 $ 15,673 $ 14,701 $ 14,387
Selling, marketing and administration(1) 32,310 26,233 25,423 24,526
Amortization(1) 6,702 7,226 7,264 6,719
$ 56,889 $ 49,132 $ 47,388 $ 45,632