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Research In Motion Q3 Earnings Call Transcript
Author: 123jump.com Staff
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Last Update: 9:23 AM ET December 22 2009
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Third quarter revenues rose 41% to $3.92 billion and net income rose 58.5% to $628.4 million or $1.10 a share. International growth is driving strong profitability to business as these markets typically have gross margins at least as good as their North American counterparts despite different product mix and go to market strategies. The goal is to deliver deep rich integration of wireless to provide a transformative user experience. Tax rate for the quarter was approximately 29.4% in line with our forecast. Inventories continued to be primarily raw materials and semi finished goods to support demand for BlackBerry products.


 
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Research In Motion Limited (RIMM)
Q3 2010 Earnings Call Transcript
December 17, 2009 5:00 p.m. ET

Executives

Edel Ebbs – Vice President of Investor Relations
Jim Balsillie - Co-Chief Executive Officer
Brian Bidulka – Chief Financial Officer

Analysts

Gus Papageorgiou - Scotia Capital
Jeffrey Kvaal - Barclays Capital
Maynard Um - UBS
Jim Suva - Citi Investment Research
Deepak Chopra - Genuity Capital Markets
Mike Abramsky - RBC Capital Markets
Chris Umiastowski - TD Newcrest

Presentation

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Research In Motion Third Quarter Fiscal 2010 Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we’ll conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions.

Any one has any one difficulty during the conference, please press star followed by zero for operator assistance at any time. Like to remind everyone, this conference call is being recorded today, Thursday, December 17, 2009 at 5 p.m. Eastern Time. I will now turn the conference over to Edel Ebbs, VP of Investor Relations. Please go ahead.

Edel Ebbs

Thank you. Welcome to RIM’s fiscal 2010 third quarter results conference call. With me on the call today is Jim Balsillie and Brian Bidulka. After I read the required forward-looking statements disclaimer, Jim will provide a business and strategic update. Brian will then review third quarter results and I will discuss our outlook for the fourth quarter of fiscal 2010. We will then open the call up for questions.

I would like to note that this call is available to the general public via call-in number and webcast. A replay of the webcast will also be available on the RIM.com website. We plan to wrap up the call before 6 p.m. eastern this evening.

Some of the statements we’ll be making today constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These include statements about our expectations and estimates with respect to product shipments, revenue, gross margins, operating expenses, CapEx, depreciation and amortization, investment income, earnings, seasonality, ASPs and foreign exchange related matters for Q4 and beyond.

Our expectations regarding RIM’s near and long-term tax rates as well as the effective changes to Canadian tax laws, our estimates of the number of net subscriber account additions and other non-financial metrics, our product development initiatives and timing, developments relating to our carrier partners and other statements regarding our plans and objectives.

We will indicate forward-looking statements by using words such as expect, plan, anticipate, estimate, may, will, should, forecast, intend, believe, continue and similar expressions. All forward-looking statements reflect our current views with respect to future events and are subject to risks and uncertainties and assumptions we’ve made.

Many factors could cause our actual results, performance or achievements to be materially different from those expressed or implied by our forward-looking statements including risks relating to our intellectual property rights; risks relating to the uncertainty of general economic conditions; our ability to enhance our current and develop new products and services; our reliance on carrier partners, third party manufacturers, third party network developers and suppliers; the efficient and uninterrupted operation of RIM’s network operation centers; risks associated with our international operations; foreign exchange risks; risks relating to competition and other factors set forth in the risk factors and MD&A sections in RIM’s filings with the SEC and Canadian securities regulators.

We base our forward looking statements on information currently available to us and we do not assume any obligation to update them except as required by law.

I will now turn the call over to Jim.

Jim Balsillie

Thank you, Edel. We’re pleased with the results for the third quarter with record shipments of BlackBerry smartphones and revenue, diluted earnings per share and net subscriber account additions that exceeded the ranges we forecasted in September.
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