SAN JOSE, Calif.& SINGAPORE — (BUSINESS WIRE) — September 3, 2009 — Avago Technologies Limited. (Nasdaq: AVGO), a leading designer, developer and global supplier of analog semiconductor devices, today reported financial results for its third quarter of fiscal year 2009, ended August 2, 2009.
Fourth Quarter Outlook
Third Quarter Fiscal 2009 GAAP Results
Revenue was $363 million, an increase of 12 percent when compared with the previous quarter, and down 17 percent from the same quarter last year.
Gross margin was $141 million, or 38.8 percent of sales. Third quarter gross margin compares with gross margin of $98 million, or 30.2 percent last quarter, and gross margin of $171 million, or 39.0 percent in the same quarter last year.
Third quarter net income was $2 million, or $0.01 per diluted share. This compares with a net loss of $31 million, or ($0.14) per diluted share last quarter, and net income of $44 million, or $0.20 per diluted share in the same quarter last year.
Cash balances at the end of the quarter increased by $13 million to $254 million from the last quarter. The changes in cash included a semi-annual interest payment of $36 million.
Third Quarter Fiscal 2009 Non-GAAP Results
Gross margin was $158 million, or 43.5 percent of sales. This compares with gross margin of $115 million, or 35.4 percent last quarter, and gross margin of $188 million, or 42.8 percent in the same quarter last year. Included in the second quarter fiscal 2009 gross margin were charges of approximately $24 million, primarily related to inventory write-downs.
Net income was $40 million, or $0.18 per diluted share. This compares with a net loss of $2 million, or ($0.01) per diluted share last quarter, and net income of $48 million, or net income of $0.22 per diluted share in the same quarter last year.
Adjusted EBITDA, as defined in the indentures governing our outstanding debt securities, was $87 million, compared with $40 million in the last quarter and $94 million in the same quarter last year.
|Third Quarter Non-GAAP 2009 Results||Change|
|(In millions, except EPS)||Q3 09||Q2 09||Q3 08||Q/Q||Y/Y|
|Earnings Per Share||$0.18||($0.01)||$0.22||+$0.19||-$0.04|