Record revenues and earnings are expected for NVidia’s first quarter of fiscal 2003, ending April 28.
The graphics card marker’s GeForce 2 graphics card is installed in Apple’s iMacs, while the GeForce 4 is run under the hood of Power Macs.
The company anticipates total revenues for the three months ending April 28, 2002 to be between $570 and $580 million. Net income of between $79 and $84 million or $0.45 to $0.48 per diluted share should be reported. Final results for the quarter will be announced on May 22, 2002.
Hsun Huang, president and CEO of Nvidia, said: “Our success is the direct result of our employees’ focus and hard work and the strength of our business model. We are executing on the deepest and richest product transition in the company’s history, and we’re making terrific progress in each of our markets.”
Revisions NVidia has also revised previous results for the first three quarters of fiscal 2002, and for fiscal years 2001 and 2000. Subsequently, total net income for the three-year period increased by approximately $1.3 million.
Net income for fiscal 2002 will increase by approximately $2.1 million; net income for fiscal 2001 will decrease by approximately $3.7 million; and net income for fiscal 2000 will increase by about $2.9 million.
The Securities and Exchange Commission asked the company to review its results for the past three fiscal years. NVidia’s independent Audit Committee conducted the review.
Huang said: “The Audit Committee conducted a complete and thorough review of all matters raised over the last three fiscal years. We believe the resulting restatement is appropriate. In addition, we have the necessary systems and staff to ensure the integrity of our financial reporting.”
NVidia is preparing its annual Form 10-K report for fiscal 2002, and is scheduled to file its Form 10-K (with the restated financial information) for fiscal 2001 and 2000, on or before May 14, 2002.