Broadcom Reports Second Quarter 2014 Results

(PRNewswire) —

Second Quarter 2014 Results


GAAP


Non-GAAP

Total net revenue


$2.04 billion



Net income (loss) per share


$(.00)


$.65



(including $.40 of

impairment and other

charges, primarily related

to our cellular baseband

business)


($.04 better than First Call

consensus)

Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its second quarter ended June 30, 2014.

"Broadcom performed well in the June quarter," said Scott McGregor, Broadcom's President and Chief Executive Officer. "We recently made the difficult, but prudent decision to wind down our cellular baseband business and focus on the Broadband, Connectivity and Infrastructure markets. As a result, we will be a stronger company, as gross margins, profitability and cash flows will noticeably improve, providing an opportunity to return more capital to our shareholders."

Net revenue for the second quarter of 2014 was $2.04 billion. This represents an increase of 2.9% compared with the $1.98 billion reported for the first quarter of 2014 and a decrease of 2.3% compared with the $2.09 billion reported for the second quarter of 2013. Net loss computed in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of 2014 was $1 million, or $0.00 per share (basic and diluted), compared with GAAP net income of $165 million, or $0.28 per share (diluted), for the first quarter of 2014 and GAAP net loss of $251 million, or $0.43 per share (basic and diluted), for the second quarter of 2013.

GAAP net loss for the second quarter of 2014 included charges for the impairment of long-lived assets, restructuring costs and an inventory write-down related to our decision to exit the cellular baseband business totaling $187 million, or $0.32 per share, and additional charges for the impairment of other purchased intangible assets, settlement costs and other gains of $48 million, or $.08 per share. GAAP net income for the first quarter of 2014 included a net gain on sale of certain assets of $52 million and purchased intangible impairment charges of $25 million, for a total positive impact to GAAP net income per share of $0.05. GAAP net loss for the second quarter of 2013 included a purchased intangible impairment charge of $501 million, or $.87 per share, which was primarily related to Broadcom's acquisition of NetLogic Microsystems, Inc.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as "non-GAAP net income" and "non-GAAP diluted net income per share." A discussion of Broadcom's use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended June 30, 2014, March 31, 2014 and June 30, 2013, and the six months ended June 30, 2014 and 2013 appear in the financial statements portion of this release under the heading "Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments."

Non-GAAP net income for the second quarter of 2014 was $406 million, or $0.65 per share (diluted), compared with non-GAAP net income of $318 million, or $0.51 per share (diluted), for the first quarter of 2014 and non-GAAP net income of $436 million, or $0.70 per share (diluted), for the second quarter of 2013.

Conference Call Information

As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its second quarter 2014 financial results and current financial prospects today at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial and other statistical information required by Securities and Exchange Commission (SEC) Regulation G, please visit the Investors section of the Broadcom website at www.broadcom.com/investors. The webcast will be recorded and available for replay until 11:59 p.m. Pacific Time on Saturday, August 23, 2014.

The financial results included in this release are unaudited. The audited financial statements of the company for the year ended December 31, 2013 are included in Broadcom's Annual Report on Form 10-K, filed with the SEC on January 30, 2014 .

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
CST Webinar Series

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy