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RIM: Financial AnalysisSep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07Sep-07Dec-07Mar-08Jun-08Sep-08FY 2006FY 2007FY 2008EFY 2009ECY 2006CY 2007CY 2008ECY 2009E

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Analysis By:

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Silicon Alley Insider

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*Fiscal quarters end on 2nd of Month

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Q2-06Q3-06Q4-06Q1-07Q2-07Q3-07Q4-07Q1-08Q2-08Q3-08Q4-08Q1-09Q2-09

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SUMMARY P&LSep-05Dec-05Mar-06Jun-06Sep-06Dec-06Mar-07Jun-07Sep-07Dec-07Mar-08Jun-08Sep-08FY 2006FY 2007FY 2008EFY 2009ECY 2006CY 2007CY 2008ECY 2009E

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Revenue$490,082$590,596$561,219$613,116$658,541$835,053$930,393$1,081,911$1,372,250$1,672,529$1,882,705$2,242,565$2,785,942$2,065,845$3,037,103$2,667,929$5,057,083

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Y/Y Change34%41%66%76%108%100%102%199%

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Cost of Sales$221,067$247,851$252,566$275,388$288,456$382,295$433,035$521,841$667,833$824,657$914,483$1,105,208$1,337,252$925,215$1,379,174$1,198,705$2,447,366

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Margin45%42%45%45%44%46%47%48%49%49%49%49%48%

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Gross Profit$269,015$342,745$308,653$337,728$370,085$452,758$497,358$560,070$704,417$847,872$968,222$1,137,357$1,448,690$1,140,630$1,657,929$1,469,224$2,609,717

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Margin55%58%55%55%56%54%53%52%51%51%51%51%52%

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Op Income $140,886$148,240-$5,341$161,877$179,503$225,688$240,904$283,858$392,953$489,894$564,454$646,437$807,923$419,839$807,972$561,727$1,407,609

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Margin29%25%-1%26%27%27%26%26%29%29%30%29%29%

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Net Income$111,055$120,149$18,354$128,844$140,152$176,017$187,384$223,220$287,685$370,461$412,501$482,515$612,907$382,078$632,397$463,367$1,068,750

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Margin23%20%3%21%21%21%20%21%21%22%22%22%22%

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GAAP EPS$0.56$0.61$0.10$0.67$0.25$0.93$0.98$1.17$0.50$0.65$0.72$0.84$1.07$1.96$2.83$1.94$3.31

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Y/Y Change

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Shares Out (Diluted)198,417196,339191,509192,026570,678189,821190,253190,354572,165573,700573,851574,650574,000194,942190,603286,009572,933

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Dilution (Y/Y)188%

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REVENUE BY PRODUCT

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Devices$343,057$413,417$392,853$435,312$474,150$626,290$679,187$822,252$1,070,355$1,338,023$1,524,991$1,838,903$2,311,967$2,214,939

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Year-Year Change38%51%73%89%126%114%125%124%116%

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% Rev Devices70%70%70%71%72%75%73%76%78%80%81%82%80%73%

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Service$88,215$112,213$117,856$116,492$125,123$141,959$176,775$173,106$205,838$234,154$263,579$291,533$323,165$560,349

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Year-Year Change42%27%50%49%65%65%49%68%57%

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% Rev Service18%19%21%19%19%17%19%16%15%14%14%13%14%18%

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Software$39,207$41,342$28,061$42,918$39,512$41,753$46,520$54,096$54,890$66,901$56,481$67,277$86,177$170,703

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Year-Year Change1%1%66%26%39%60%21%24%57%

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% Rev Software8%7%5%7%6%5%5%5%4%4%3%3%4%6%

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Other$19,603$23,624$22,449$18,393$19,756$25,052$27,912$32,457$41,168$33,451$37,654$44,851$64,633$91,113

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Year-Year Change1%6%24%76%108%34%35%38%57%

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% Rev Others4%4%4%3%3%3%3%3%3%2%2%2%2%3%

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Total Revenue$490,082$590,596$561,219$613,116$658,541$835,053$930,393$1,081,911$1,372,250$1,672,529$1,882,705$2,242,565$2,785,942$3,037,103

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Devices Shipped1,200,0001,400,0001,815,0001,985,0002,400,0003,000,0003,900,0004,400,0005,400,000

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Y/Y Change100%114%115%122%125%

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ASP$363$339$345$342$343$357$343$347$341

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Y/Y Change

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Accounts Added680,000705,000875,0001,020,0001,200,0001,450,0001,650,0002,180,0002,300,000

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Y/Y Change76%106%89%114%92%

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Total Subscription Base5,500,0006,200,0007,000,0008,000,0009,000,00010,500,00012,000,00014,000,00016,000,000

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Y/Y Change64%69%71%75%78%

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BALANCE SHEET

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Cash, Equivalents + Marketable Secs.$610,354$459,540$556,874$612,817$677,144$712,244$847,903

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Debt (Current + Long-Term)$6,504$6,851$6,971$6,591$6,342$6,895$6,891

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VALUATION

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Price$61.16

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Shares Outstanding (Diluted)572,165

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MARKET CAPITALIZATION$34,993,611

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Market Capitalization

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+ Debt$6,891

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- Cash$847,903

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ENTERPRISE VALUE$34,152,599

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VALUATION RATIOS

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P/E:EPSP/E

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CY 2007E

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CY 2008E

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CY 2009E

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Analysis By:

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Silicon Alley Insider
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