Conexant Reports Financial Results for the Second Quarter of Fiscal 2009

To listen via the Internet, visit the Investor Relations section of Conexant's Web site at www.conexant.com/ir. Playback of the conference call will be available shortly after the call concludes and will be accessible on Conexant's Web site at www.conexant.com/ir or by calling 800-642-1687 (in the U.S. and Canada) or 706-645-9291 (from other international locations); Conference ID number: 95325725.

About Conexant

Conexant’s comprehensive portfolio of innovative semiconductor solutions includes products for imaging, video, audio, and Internet connectivity applications. Conexant is a fabless semiconductor company headquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Conexant or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

These risks and uncertainties include, but are not limited to: the ability of Ikanos Communications, Inc. to receive any necessary shareholder approval in connection with its acquisition of our Broadband Access product lines; our ability to successfully execute asset acquisitions, dispositions, mergers and restructurings; our ability to identify and execute acquisitions, divestitures, mergers or restructurings, as deemed appropriate by management; the availability of manufacturing capacity; changes in our product mix; pricing pressures and other competitive factors; our ability to timely develop and implement new technologies and to obtain protection for the related intellectual property; the cyclical nature of the semiconductor industry, which is subject to significant downturns that may negatively impact our business, financial condition, cash flow and results of operations; the cyclical nature of the markets addressed by our products and our customers’ products; volatility in the technology sector and the semiconductor industry; the risk that capital needed for our business and to repay our indebtedness will not be available when needed; our successful development of new products; the timing of our new product introductions and our product quality; demand for and market acceptance of our new and existing products; our ability to anticipate trends and develop products for which there will be market demand; product obsolescence; the ability of our customers to manage inventory; the financial risks of default by tenants and subtenants in the space we own or lease; the risk that the value of our common stock may be adversely affected by market volatility or failure to meet all applicable listing requirements of the NASDAQ Global Market; the substantial losses we have incurred; the uncertainties of litigation, including claims of infringement of third-party intellectual property rights or demands that we license third-party technology, and the demands it may place on the time and attention of our management and the expense it may place on our company; general economic and political conditions and conditions in the markets we address; and possible disruptions in commerce related to terrorist activity or armed conflict, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings.

Conexant is a registered trademark of Conexant Systems, Inc. Other brands and names contained in this release are the property of their respective owners.

CONEXANT SYSTEMS, INC.

GAAP Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)

 
Fiscal Quarter Ended Six Fiscal Months Ended
April 3,

2009

  January 2,

2009

  March 28,

2008

April 3,

2009

  March 28,

2008

 
Net revenues (Note 1) $ 74,479 $ 86,498 $ 118,518

$

160,977

$ 264,451
Cost of goods sold   35,373     40,348     56,481   75,721     120,293  
Gross margin 39,106 46,150 62,037 85,256 144,158
Operating expenses:
Research and development 24,468 26,313 30,650 50,781 68,473
Selling, general and administrative 18,678 19,483 20,424 38,161 40,438
Amortization of intangible assets 2,885 3,371 2,859 6,256 7,430
Gain on sale of intellectual property - (12,858 ) - (12,858 ) -
Special charges (Note 2)   2,385     10,209     2,594   12,594     6,943  
Total operating expenses   48,416     46,518     56,527   94,934     123,284  
Operating (loss) income (9,310 ) (368 ) 5,510 (9,678 ) 20,874
Interest expense 5,930 6,054 8,628 11,984 18,077
Other (income) expense, net   (1,577 )   2,295     4,148   718     9,493  
Loss from continuing operations before income taxes and (loss) gain on equity method investments (13,663 ) (8,717 ) (7,266 ) (22,380 ) (6,696 )
Provision for income taxes   341     912     717   1,253     1,579  
Loss from continuing operations before (loss) gain on equity method investments (14,004 ) (9,629 ) (7,983 ) (23,633 ) (8,275 )
(Loss) gain on equity method investments   (835 )   (846 )   (214 ) (1,681 )   3,559  
Loss from continuing operations (14,839 ) (10,475 ) (8,197 ) (25,314 ) (4,716 )
Income (loss) from discontinued operations, net of tax   1,083     (7,214 )   (133,807 ) (6,131 )   (146,506 )
Net loss $ (13,756 ) $ (17,689 ) $ (142,004 )

$

(31,445

) $ (151,222 )
Loss per share from continuing operations — basic and diluted $

(0.30

) $ (0.21 ) $ (0.17 )

$

(0.51

) $ (0.10 )
Income (loss) per share from discontinued operations — basic and diluted $ 0.02   $ (0.15 ) $ (2.71 )

$

(0.12

) $ (2.97 )
Net loss per share — basic and diluted $ (0.28 ) $ (0.36 ) $ (2.88 )

$

(0.63

) $ (3.07 )
Shares used in computing basic and diluted per-share computations   49,755     49,657     49,312   49,706     49,274  
 

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