Ramtron International Corp. (RMTR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Ramtron International Corp. has a market cap of $110.1 million; its shares were traded at around $3.93 with a P/E ratio of 57.4 and P/S ratio of 2.3. RMTR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Research and development expense was $4.9 million, which was an increase of $1.9 million from the same period in 2009. This increase was due primarily to increased engineering processing support expenses of $900,000 in connection with our IBM foundry project. Salary related expenses also increased by approximately $500,000 due to increased headcount and the use of outside contractors for new product development efforts, combined with a reinstatement of salaries that were reduced as a result of the March 2009 restructuring. Management and employee variable compensation accruals were made during the quarter ended September 30, 2010. We did not accrue variable compensation during 2009. We also incurred $300,000 in additional photomask and engineering expenses related to new product development during the quarter ended September 30, 2010.
Research and development expense for the nine months ended September 30, 2010 was $12.7 million, which was an increase of $4.6 million over the nine months ended September 30, 2009. This increase was due to a $2 million increase in process support expenses in connection with our IBM foundry project. Salary related expenses, including outside services, and processing fees associated with new product design efforts increased $2.3 million. These expenses were offset by approximately $700,000 of reduced expenses related to our Montreal design center, which we closed as part of our restructuring effort during the first quarter of 2009.
Sales and marketing expense was $6.8 million for the nine months ended September 30, 2010, which was a $1.3 million increase compared to nine months ended September 30, 2009. This increase was due to approximately $850,000 of additional expenses relating to salaries, internal commissions and management and employee variable compensation accrual and $350,000 for outside sales rep commissions.
General and administrative expense was $1.9 million, which was an increase of $728,000 from the same period in 2009. This increase was due primarily to a $415,000 increase in management and employee variable compensation accruals as well as the reinstatement of salaries that were reduced as a result of the March 2009 restructuring. Also contributing to this increase was increased outside services of $225,000, compared to the quarter ended September 30, 2009.
Other expense was $406,000 for the nine months ended September 30, 2010 compared to $237,000 other income for the nine months ended September 30, 2009. The $643,000 difference was due to interest income and a gain on disposition of fixed assets of $200,000 in 2009 compared to interest income of $25,000 in the first nine months of 2010 and a loss on the write-down of wafer photomasks of $397,000. The decrease in interest income was a result of lower interest rates coupled with lower average balances in our money market fund.
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Ramtron International Corp. has a market cap of $110.1 million; its shares were traded at around $3.93 with a P/E ratio of 57.4 and P/S ratio of 2.3. RMTR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Cost of product sales was $26.2 million, which was an increase of $9.8 million from 2009. This increase was due to a $21.6 million increase in product sales. Product gross margin increased by 2% to 51%, compared with 49% for the same period last year. The product gross margin increase was primarily due to favorable fixed overhead variances compared to the prior nine-month period based upon increased production volumes.Research and development expense was $4.9 million, which was an increase of $1.9 million from the same period in 2009. This increase was due primarily to increased engineering processing support expenses of $900,000 in connection with our IBM foundry project. Salary related expenses also increased by approximately $500,000 due to increased headcount and the use of outside contractors for new product development efforts, combined with a reinstatement of salaries that were reduced as a result of the March 2009 restructuring. Management and employee variable compensation accruals were made during the quarter ended September 30, 2010. We did not accrue variable compensation during 2009. We also incurred $300,000 in additional photomask and engineering expenses related to new product development during the quarter ended September 30, 2010.
Research and development expense for the nine months ended September 30, 2010 was $12.7 million, which was an increase of $4.6 million over the nine months ended September 30, 2009. This increase was due to a $2 million increase in process support expenses in connection with our IBM foundry project. Salary related expenses, including outside services, and processing fees associated with new product design efforts increased $2.3 million. These expenses were offset by approximately $700,000 of reduced expenses related to our Montreal design center, which we closed as part of our restructuring effort during the first quarter of 2009.
Sales and marketing expense was $6.8 million for the nine months ended September 30, 2010, which was a $1.3 million increase compared to nine months ended September 30, 2009. This increase was due to approximately $850,000 of additional expenses relating to salaries, internal commissions and management and employee variable compensation accrual and $350,000 for outside sales rep commissions.
General and administrative expense was $1.9 million, which was an increase of $728,000 from the same period in 2009. This increase was due primarily to a $415,000 increase in management and employee variable compensation accruals as well as the reinstatement of salaries that were reduced as a result of the March 2009 restructuring. Also contributing to this increase was increased outside services of $225,000, compared to the quarter ended September 30, 2009.
Other expense was $406,000 for the nine months ended September 30, 2010 compared to $237,000 other income for the nine months ended September 30, 2009. The $643,000 difference was due to interest income and a gain on disposition of fixed assets of $200,000 in 2009 compared to interest income of $25,000 in the first nine months of 2010 and a loss on the write-down of wafer photomasks of $397,000. The decrease in interest income was a result of lower interest rates coupled with lower average balances in our money market fund.
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