BlackBerry reported financial results for the three months and fiscal year ended March 2, 2013.
The company posted a second quarter of profits, and sold 6 million smartphones, including a million BlackBerry 10 devices. In another development, BlackBerry co-founder Mike Lazaridis is retiring as vice chair and director of the company.
Thorsten Heins (President and CEO, BlackBerry): We have implemented numerous changes at BlackBerry over the past year and those changes have resulted in the Company returning to profitability in the fourth quarter.
BlackBerry Q4 Highlights
- Revenue of $2.7 billion
- Income from continuing operations of $94 million, or 18 cents per share diluted
- Adjusted income from continuing operations of $114 million, or 22 cents per share diluted
- Gross margin of 40% driven by higher average selling prices and hardware margins
- Shipments of 6 million smartphones, including approximately 1 million BlackBerry 10 units
- Subscriber base of approximately 76 million
- Cash flow from operations of $219 million, cash and investments balance of $2.9 billion
Revenue for the fourth quarter of fiscal 2013 was approximately $2.7 billion, down $49 million or 2% from approximately $2.7 billion in the previous quarter and down 36% from $4.2 billion in the same quarter of fiscal 2012.
The revenue breakdown for the quarter was approximately 61% for hardware, 36% for service and 3% for software and other revenue.
During the quarter, BlackBerry shipped approximately 6 million BlackBerry smartphones and approximately 370,000 BlackBerry PlayBook tablets.
Income for the quarter from continuing operations was $94 million, or 18 cents per share diluted, compared with income from continuing operations of $14 million, or 3 cents per share diluted, in the prior quarter and a loss from continuing operations of $118 million, or 23 cents per share diluted, in the same quarter of fiscal 2012.
Income for the quarter, including income from discontinued operations, was $98 million, or 19 cents per share diluted, compared with income including loss from discontinued operations of $9 million, or 2 cents per share diluted, in the prior quarter and a loss, including loss from discontinued operations of $125 million, or 24 cents per share diluted, in the same quarter of fiscal 2012.
Adjusted income from continuing operations for the fourth quarter was $114 million, or 22 cents per share diluted.
The total of cash, cash equivalents, short-term and long-term investments was approximately $2.9 billion as of March 2, 2013 and at the end of the previous quarter. Cash flow from operations in the fourth quarter was approximately $219 million. Uses of cash included intangible asset additions of approximately $235 million and capital expenditures of approximately $88 million.
BlackBerry Fiscal 2013 Results
Revenue from continuing operations for the fiscal year ended March 2, 2013 was $11.1 billion, down 40% from $18.4 billion in fiscal 2012. The company’s net loss from continuing operations for fiscal 2013 was $628 million, or $1.20 per share diluted, compared with net income from continuing operations of $1.2 billion, or $2.23 per share diluted in fiscal 2012.
Adjusted net loss from continuing operations for fiscal 2013 was $317 million, or 60 cents per share diluted.
BlackBerry will be increasing its marketing investment in the first quarter of fiscal 2014 in support of the global launch of BlackBerry 10, says the company.
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