SANTA CLARA, Calif. --Nvidia Corp. today announced it expects revenues to sequentially increase 14-to-16% to a record $570-to-$580 million in the company's fiscal first quarter, ended April 28 (Saturday), compared to $499.9 million in the prior quarter.
The high-flying graphics and multimedia chip supplier said its net income in the just-ended quarter is now estimated at $79-to-$84 million in the quarter vs. $73 million in the prior three-month period. The earnings would also be a record high for Nvidia.
Separately, the company today announced that its chief financial officer was taking a leave of absence, and it named its corporate controller as the interim CFO. The move comes a little more than two months after Nvidia disclosed it was under a review by the U.S. Securities and Exchange Commission (SEC) for certain accounting practices in recent fiscal years (see Feb. 14 story).
Nvidia did not mention the SEC review while naming Mary Dotz as its interim chief financial officer.
However, the company said it is restating its previously reported results for the first three quarters of fiscal 2002 and for fiscal years 2001 and 2000. As a result, said Nvidia, the total net income for the three-year period will increase by approximately $1.3 million. Its net income for fiscal 2002 will be up $2.1 million, while the net income will decline $3.7 million in the fiscal 2001 period and increase $2.9 million in fiscal 2000. The restatement is the result of an extensive review directed by the company's independent audit committee, with assistance from the law firm of Cooley Godward LLP and forensic accountants from KPMG LLP, said Nvidia.
The SEC review and efforts to restate results caused Nvidia's stock to dip as some investors worried about accounting problems following the collapse of energy giant Enron Corp., which hid millions of dollars in losses. Nvidia has been hit with a class action lawsuit by some investors, but the company has insisted that the errors were not serious and it has been cooperating with the SEC.
"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," said Jen-Hsun Huang, president and CEO of Nvidia. "In addition, we have the necessary systems and staff today to ensure the integrity of our financial reporting."
Meanwhile, Nvidia indicated that its strong growth continued in the just-ended fiscal first quarter. The company is estimating an earnings per share of $0.45-to-$0.48 million vs. $0.41 in the prior fiscal quarter. The consensus on Wall Street has been earnings of $0.42 per share, according to First Call/Thomson Financial. Analysts also had been expecting $534 million in revenues.
Nvidia's results for the fiscal first quarter will be posted on May 22.
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