BlackBerry Reports Fourth Quarter and Year-end Fiscal 2014 Results- BlackBerry Press Release

BlackBerry issued a press release today listing fourth quarter and fiscal year-end results. Please see the excerpt for more details:

NEWS RELEASE
March 28, 2014

FOR IMMEDIATE RELEASE
BLACKBERRY REPORTS FOURTH QUARTER AND YEAR-END RESULTS FOR FISCAL 2014

BlackBerry Reports Fiscal Fourth Quarter Adjusted Loss Per Share of $0.08 vs. $0.67 in Previous Quarter

Waterloo, ON  – BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader in mobile communications, today reported financial results for the three months and fiscal year ended March 1, 2014 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

Q4 Highlights:

•     Cash and investments balance of $2.7B at the end of the fiscal fourth quarter
•     Adjusted Q4 gross margin of 43%, up from 34% in the prior quarter
•     Channel inventory down 30% from the prior quarter
•     Reduced adjusted operating expenses by approximately 51% from Q1FY14
•     Revenue for the fourth quarter of approximately $976 million

Q4 Results

Revenue for the fourth quarter of fiscal 2014 was approximately $976 million, down $217 million or 18% from approximately $1.2 billion in the previous quarter and down 64% from $2.7 billion in the same quarter of fiscal 2013.  The revenue breakdown for the quarter was approximately 37% for hardware, 56% for services and 7% for software  and  other  revenue.  During  the  fourth  quarter,  the  Company  recognized  hardware  revenue  on approximately   1.3 million   BlackBerry   smartphones   compared   to   approximately   1.9   million   BlackBerry smartphones in the previous quarter. During the fourth quarter, approximately 3.4 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the fourth quarter and which reduced the Company’s inventory in channel.  Of the BlackBerry smartphones sold through to end customers in the fourth quarter, approximately 2.3 million were BlackBerry 7 devices.

Also in the press release was the following statement from John Chen, as well as the company’s outlook going forward:

“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule,” said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”

Outlook

The Company anticipates maintaining its strong cash position and continuing to look for opportunities to streamline operations. The Company is targeting break even cash flow results by the end of fiscal 2015.

The full press release, including detailed figures can be found here.

Brad

Founder & Owner of UTB Blogs. Former BlackBerry Elite. When I'm not talking or writing about BlackBerry, you'll find me using my BlackBerry.

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