Conexant Reports Financial Results for the Second Quarter of Fiscal 2009

Note 1 - Net revenues for the six fiscal months ended March 28, 2008 includes $14.7 million for the buyout of a future royalty stream.

Note 2 - Special charges consist primarily of restructuring charges. Special charges in the fiscal quarter ended January 2, 2009 and six months ended April 3, 2009 also include a $3.7 million charge related to a legal settlement.

CONEXANT SYSTEMS, INC.

Reconciliation of GAAP Financial Measures to Non-GAAP Core Financial Measures

(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

 
GAAP net revenues $ 74,479 $ 86,498 $ 118,518 $ 160,977 $ 264,451
Royalty buyout (k)   -     -   -     -     (14,700 )
Non-GAAP Core net revenues less impact of royalty buyout $ 74,479   $ 86,498   $ 118,518   $ 160,977   $ 249,751  
 
GAAP cost of goods sold $ 35,373 $ 40,348 $ 56,481 $ 75,721 $ 120,293
Cost of goods sold adjustments (a,e)   (120 )   (628 ) 716     (748 )   602  
Non-GAAP Core cost of goods sold $ 35,253   $ 39,720   $ 57,197   $ 74,973   $ 120,895  
 
GAAP gross margin $ 39,106 $ 46,150 $ 62,037 $ 85,256 $ 144,158
Gross margin adjustments (a,e)   120     628   (716 )   748     (602 )
Non-GAAP Core gross margin 39,226 46,778 61,321 86,004 143,556
Royalty buyout (k)   -     -   -     -     (14,700 )
Non-GAAP Core gross margin less impact of royalty buyout $ 39,226   $ 46,778   $ 61,321   $ 86,004   $ 128,856  
 
GAAP operating expenses $ 48,416 $ 46,518 $ 56,527 $ 94,934 $ 123,284
Stock-based compensation (a) (2,138 ) (2,330 ) (3,122 ) (4,468 ) (5,692 )
Amortization of intangible assets (b) (2,885 ) (3,371 ) (2,859 ) (6,256 ) (7,430 )
Gain on sale of intellectual property (c) - 12,858 - 12,858 -
Special charges (d)   (2,385 )   (10,209 ) (2,594 )   (12,594 )   (6,943 )
Non-GAAP Core operating expenses $ 41,008   $ 43,466   $ 47,952   $ 84,474   $ 103,219  
 
GAAP operating (loss) income $ (9,310 ) $ (368 ) $ 5,510 $ (9,678 ) $ 20,874
Gross margin adjustment (a, e) 120 628 (716 ) 748 (602 )
Operating expense adjustments (a-d)   7,408     3,052   8,575     10,460     20,065  
Non-GAAP Core operating (loss) income (1,782 ) 3,312 13,369 1,530 40,337
Royalty buyout (k)   -     -   -     -     (14,700 )
Non-GAAP Core operating (loss) income less impact of royalty buyout $ (1,782 ) $ 3,312   $ 13,369   $ 1,530   $ 25,637  
 
GAAP other (income) expense, net $ (1,577 ) $ 2,295 $ 4,148 $ 718 $ 9,493
Unrealized gains (losses) on Mindspeed warrant (f) 1,078 (482 ) (6,179 ) 596 (14,543 )
Gains on sales of equity securities (g) 2 51 729 53 729
Loss on impairment of investments (h) (135 ) (2,635 ) - (2,770 ) -

Charge for deferred debt issuance costs (i)

  -     -   (1,355 )   -     (1,355 )
Non-GAAP Core other income $ (632 ) $ (771 ) $ (2,657 ) $ (1,403 ) $ (5,676 )
 
GAAP loss from continuing operations $ (14,839 ) $ (10,475 ) $ (8,197 ) $ (25,314 ) $ (4,716 )
Gross margin adjustments (a,e) 120 628 (716 ) 748 (602 )
Operating expense adjustments (a-d) 7,408 3,052 8,575 10,460 20,065
Losses (gains) on equity method investments (j) 835 846 214 1,681 (3,559 )
Other (income) expense adjustments (f-i)   (945 )   3,066   6,805     2,121     15,169  
Non-GAAP Core (loss) income from continuing operations $ (7,421 ) $ (2,883 ) $ 6,681   $ (10,304 ) $ 26,357  
 
Basic and Diluted (loss) income per share from continuing operations:
GAAP Basic and Diluted $ (0.30 ) $ (0.21 ) $ (0.17 ) $ (0.51 ) $ (0.10 )
Non-GAAP Basic and Diluted $ (0.15 ) $ (0.06 ) $ 0.14   $ (0.21 ) $ 0.53  
Shares used in basic and diluted per-share computations:
Basic and Diluted   49,755     49,657   49,312     49,706     49,274  
 

See “GAAP to Non-GAAP Core Adjustments” below

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