Broadcom Reports First Quarter 2013 Results

(PRNewswire) —

— Net Revenue: $2.01 billion

— Cash Flow from Operations: $388 million







First Quarter 2013 Results


GAAP


Non-GAAP

Total net revenue


$2.01 billion



Diluted EPS


$.33


$.65



($.11 better than First Call consensus)


($.09 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 first quarter ended March 31, 2013.

"Broadcom delivered nearly 10% year-over-year revenue growth in the March quarter, and earnings well above First Call consensus. This better-than-expected result was driven by wireless baseband and connectivity chips," said Scott McGregor, Broadcom's President and Chief Executive Officer. "Looking forward, we see broad-based sequential growth driven by our industry-leading portfolio of wired and wireless communications platforms."

Net revenue for the first quarter of 2013 was $2.01 billion. This represents a decrease of 3.6% compared with the $2.08 billion reported for the fourth quarter of 2012 and an increase of 9.7% compared with the $1.83 billion reported for the first quarter of 2012. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2013 was $191 million, or $.33 per share (diluted), compared with GAAP net income of $251 million, or $.43 per share (diluted), for the fourth quarter of 2012 and GAAP net income of $88 million, or $.15 per share (diluted), for the first quarter of 2012.

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 March 31, 2013, December 31, 2012 and March 31, 2012 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 first quarter of 2013 was $400 million, or $.65 per share (diluted), compared with non-GAAP net income of $462 million, or $.76 per share (diluted), for the fourth quarter of 2012 and non-GAAP net income of $387 million, or $.65 per share diluted, for the first quarter of 2012.

Conference Call Information

As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its first quarter 2013 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 Thursday, May 23, 2013.

The financial results included in this release are unaudited. The audited financial statements of the company for the year ended December 31, 2012 are included in Broadcom's Annual Report on Form 10-K, filed with the SEC.

About Broadcom

Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500® company, is a global leader and innovator in semiconductor solutions for wired and wireless communications. Broadcom® products seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments. With the industry's broadest portfolio of state-of-the-art system-on-a-chip and embedded software solutions, Broadcom is changing the world by Connecting everything <

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