Avago Technologies Limited Announces Third Quarter Fiscal Year 2009 Financial Results

SAN JOSE, Calif.& SINGAPORE — (BUSINESS WIRE) — September 3, 2009 — Avago Technologies Limited. (Nasdaq: AVGO), a leading designer, developer and global supplier of analog semiconductor devices, today reported financial results for its third quarter of fiscal year 2009, ended August 2, 2009.

  • Quarterly revenue of $363 million, up 12 percent from the previous quarter
  • GAAP gross margin of 38.8 percent; non-GAAP gross margin of 43.5 percent
  • GAAP net income of $0.01 per diluted share
  • Non-GAAP net income of $0.18 per diluted share
  • Cash and cash equivalents of $254 million

Fourth Quarter Outlook

  • Projected revenue growth of 7 percent to 10 percent above the third quarter of fiscal year 2009

Third Quarter Fiscal 2009 GAAP Results

Revenue was $363 million, an increase of 12 percent when compared with the previous quarter, and down 17 percent from the same quarter last year.

Gross margin was $141 million, or 38.8 percent of sales. Third quarter gross margin compares with gross margin of $98 million, or 30.2 percent last quarter, and gross margin of $171 million, or 39.0 percent in the same quarter last year.

Third quarter net income was $2 million, or $0.01 per diluted share. This compares with a net loss of $31 million, or ($0.14) per diluted share last quarter, and net income of $44 million, or $0.20 per diluted share in the same quarter last year.

Cash balances at the end of the quarter increased by $13 million to $254 million from the last quarter. The changes in cash included a semi-annual interest payment of $36 million.

Third Quarter Fiscal 2009 Non-GAAP Results

Gross margin was $158 million, or 43.5 percent of sales. This compares with gross margin of $115 million, or 35.4 percent last quarter, and gross margin of $188 million, or 42.8 percent in the same quarter last year. Included in the second quarter fiscal 2009 gross margin were charges of approximately $24 million, primarily related to inventory write-downs.

Net income was $40 million, or $0.18 per diluted share. This compares with a net loss of $2 million, or ($0.01) per diluted share last quarter, and net income of $48 million, or net income of $0.22 per diluted share in the same quarter last year.

Adjusted EBITDA, as defined in the indentures governing our outstanding debt securities, was $87 million, compared with $40 million in the last quarter and $94 million in the same quarter last year.

Third Quarter Non-GAAP 2009 Results         Change
(In millions, except EPS) Q3 09 Q2 09 Q3 08 Q/Q   Y/Y
Revenue $363 $325 $439 +12% -17%
Gross Margin 43.5% 35.4% 42.8% +810bps +70bps
Operating Expenses $96 $97 $115 -$1 -$19
Net(Loss)/Income $40 ($2) $48 +$42 -$8
Earnings Per Share $0.18 ($0.01) $0.22 +$0.19 -$0.04

1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

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
Principal Circuit Design Engineer for Rambus at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Upcoming Events
2016 IEEE International Electron Devices Meeting at Hilton San Francisco Union Square 333 O’Farrell Street San Francisco CA - Dec 3 - 7, 2016
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