Avago Technologies Limited Announces Third Quarter Fiscal Year 2009 Financial Results

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.

  • Quarterly revenue of $363 million, up 12 percent from the previous quarter
  • GAAP gross margin of 38.8 percent; non-GAAP gross margin of 43.5 percent
  • GAAP net income of $0.01 per diluted share
  • Non-GAAP net income of $0.18 per diluted share
  • Cash and cash equivalents of $254 million

Fourth Quarter Outlook

  • Projected revenue growth of 7 percent to 10 percent above the third quarter of fiscal year 2009

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
Revenue $363 $325 $439 +12% -17%
Gross Margin 43.5% 35.4% 42.8% +810bps +70bps
Operating Expenses $96 $97 $115 -$1 -$19
Net(Loss)/Income $40 ($2) $48 +$42 -$8
Earnings Per Share $0.18 ($0.01) $0.22 +$0.19 -$0.04

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