Broadcom Limited Announces First Quarter Fiscal Year 2016 Financial Results

Avago Technologies Limited’s, Broadcom Corporation’s and our filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

BROADCOM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
       
       
     Fiscal Quarter Ended  
   January 31,  November 1,  February 1,
    2016    2015    2015 
       
Net revenue $  1,771  $  1,840  $  1,635 
Cost of products sold:      
Cost of products sold    699     712     690 
Purchase accounting effect on inventory    -     -     4 
Amortization of intangible assets    130     129     113 
Restructuring charges    1     2     2 
Total cost of products sold    830     843     809 
Gross margin    941     997     826 
       
Research and development    267     287     235 
Selling, general and administrative    114     118     117 
Amortization of intangible assets    54     63         59  
Restructuring and disposal charges       31         15         14  
Total operating expenses       466         483         425  
             
Operating income       475         514         401  
Interest expense       (84 )       (41 )       (54 )
Other income, net       3         12         4  
Income from continuing operations before income taxes        394         485         351  
Provision for income taxes       17         15         13  
Income from continuing operations       377         470         338  
Income (loss) from discontinued operations, net of income taxes       -         (41 )       13  
Net income   $   377     $   429     $   351  
             
Basic income per share:            
Income per share from continuing operations   $   1.36     $   1.70     $   1.33  
Income (loss) per share from discontinued operations, net of income taxes   $   -      $   (0.15 )   $   0.05  
Net income per share   $   1.36     $   1.55     $   1.38  
             
Diluted income per share:            
Income per share from continuing operations   $   1.30     $   1.64     $   1.22  
Income (loss) per share from discontinued operations, net of income taxes   $   -      $   (0.15 )   $   0.04  
Net income per share   $   1.30     $   1.49     $   1.26  
             
Shares used in per share calculations:            
Basic       277         276         255  
Diluted       289         287         278  
             
Share-based compensation expense included in continuing operations:            
Cost of products sold   $   6     $   7     $   6  
Research and development       28         30         19  
Selling, general and administrative       23         26         24  
Total share-based compensation expense   $   57     $   63     $   49  
             

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