Wednesday, March 28, 2012

RIM's Sales Fall 25% YoY, New CEO Appointed

Research in Motion (RIM) posted quarterly revenue of $4.2 billion, down 19% from $5.2 billion in the previous
quarter and down 25% from $5.6 billion in the same quarter of fiscal 2011. There was a net loss for the quarter of $125 million, or $0.24 per share diluted, compared with GAAP net income of $265 million, or $0.51 per share diluted, in the prior quarter and GAAP net income of $934 million, or $1.78 per share diluted, in the same quarter of fiscal 2011.

The company named Thorsten Heins as President and Chief Executive Officer. Mr. Heins was also appointed to RIM’s Board. Jim Balsillie, former Co-CEO of the Company, has resigned as a Director on the company’s Board. Mike Lazaridis, former Co-Chair and Co-CEO, has become Vice Chair of RIM’s Board and Chair of the Board’s new Innovation Committee.

“I have assessed many aspects of RIM’s business during my first 10 weeks as CEO. I have confirmed that the
Company has substantial strengths that can be further leveraged to improve our financial performance,
including RIM’s global network infrastructure, a strong enterprise offering and a large and growing base of
more than 77 million subscribers. I’m very excited about the prospects for the BlackBerry 10 platform, which
is on track for the latter part of calendar 2012. Notwithstanding these strengths and opportunities, the business
challenges we face over the next several quarters are significant and I am taking the necessary steps to address
them,�? said Thorsten Heins, President & CEO of Research In Motion

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