Broadcom Reports Third Quarter 2008 Results (Revenue up 37%)

 

Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Broadcom(R), the pulse logo, Connecting everything(R) and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

 

     Broadcom Trade Press Contact             Broadcom Investor Relations
     Bill Blanning                            T. Peter Andrew
     Vice President,                          Vice President,
     Global Media Relations                   Corporate Communications
     949-926-5555                             949-926-5663
     blanning@broadcom.com                    andrewtp@broadcom.com



                             BROADCOM CORPORATION
            Unaudited Condensed Consolidated Statements of Income
                   (In thousands, except per share amounts)

                                Three Months Ended       Nine Months Ended
                                   September 30,           September 30,
                                 2008(a)    2007         2008(a)      2007
    Net revenue               $1,298,475  $ 949,959   $3,531,616   $2,749,360
    Cost of revenue              619,459    465,970    1,655,218    1,343,956
    Gross profit                 679,016    483,989    1,876,398    1,405,404
    Operating expense:
      Research and development   379,279    352,283    1,115,002      985,223
      Selling, general and
       administrative            141,941    124,907      395,904      373,413
      Amortization of purchased
       intangible assets             183        314          550          843
      In-process research and
       development                     -      4,970       10,900       15,470
      Impairment of other
       intangible assets             250          -        2,150        1,500
      Settlement costs                 -          -       15,810            -
      Restructuring costs
       (reversal)                      -          -       (1,000)           -
    Income from operations       157,363      1,515      337,082       28,955
    Interest income, net          12,451     31,443       44,983      101,355
    Other expense, net            (3,720)    (1,670)      (2,987)      (2,437)
    Income before income taxes   166,094     31,288      379,078      127,873
    Provision for income taxes     1,188      3,528        5,069        4,866
    Net income                $  164,906  $  27,760   $  374,009   $  123,007
    Net income per share
     (basic)                  $      .32  $     .05   $      .72   $      .23
    Net income per share
     (diluted)                $      .31  $     .05   $      .70   $      .21
    Weighted average shares
     (basic)                     509,041    539,931      517,418      542,881
    Weighted average shares
     (diluted)                   523,759    577,583      531,187      579,479

     (a)  Includes royalties in the amount of $38.0 million and $109.2 million
          in the three and nine months ended September 30, 2008, respectively,
          received pursuant to a patent license agreement entered into in July
          2007.

 

The following table presents details of total stock-based compensation expense included in each functional line item in the unaudited condensed consolidated statements of income above:

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