RIM reports stellar results for fiscal 2009; forecasts profitable growth

Research In Motion (RIM) reported results for the three months and fiscal year ended February 28, 2009, showing revenue for the fourth quarter of fiscal 2009 was US$3.46 billion, up 24.5 per cent from the previous quarter and up 84 per cent year-on-year.

The revenue breakdown for the quarter was approximately 83 per cent for devices, 12 per cent for service, 2 per cent for software and 3 per cent for other revenue. Revenue for the fiscal year ended February 28, 2009 was US$11.07 billion, up 84 per cent year-on-year. RIM shipped approximately 7.8 million devices in the fourth quarter and approximately 26 million devices during fiscal 2009.

Looking ahead into fiscal 2010, Balsillie sees exceptional opportunities for RIM and its partners to leverage the investments and success of the past year to continue growing market share and profitability

Approximately 3.9 million net new BlackBerry subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base was approximately 25 million.

“RIM experienced an extraordinary year in fiscal 2009, shipping our 50 millionth BlackBerry smartphone and generating US$11 billion in revenue. Looking ahead into fiscal 2010, we see exceptional opportunities for RIM and its partners to leverage the investments and success of the past year to continue growing market share and profitability,” said Jim Balsillie, Co-CEO at RIM.

Net income for the quarter was US$518.3 million, compared with net income of US$396.3 million in the prior quarter and net income of US$412.5 million in the same quarter last year. For the fiscal year 2009, net income was US$1.89 billion, up 46.3 per cent over fiscal 2008.

Revenue for the first quarter of fiscal 2010 ending May 30, 2009 is expected to be in the range of US$3.3-US$3.5 billion. Gross margin for Q1 is expected to be approximately 43-44 per cent. Net subscriber account additions in the first quarter are expected to be between 3.7 – 3.9 million.