Avago Technologies Limited Announces First Quarter Fiscal Year 2012 Financial Results

AVAGO TECHNOLOGIES LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
       
Quarter ended

January 29,
2012

October 30,
2011

January 30,
2011

 
Net revenue $ 563 $ 623 $ 550
Cost of products sold:
Cost of products sold 279 305 265
Amortization of intangible assets   14     14   14  
Total cost of products sold   293     319   279  
Gross margin 270 304 271
Research and development 82 83 73
Selling, general and administrative 50 55 50
Amortization of intangible assets 5 6 6
Restructuring charges   1     1   -  
Total operating expenses   138     145   129  
Income from operations 132 159 142
Interest expense (1 ) - (3 )
Loss on extinguishment of debt - - (19 )
Other expense, net   (1 )   -   -  
Income before income taxes 130 159 120
Provision for income taxes   5     5   1  
Net income $ 125   $ 154 $ 119  
 
Net income per share:
Basic $ 0.51 $ 0.63 $ 0.49
Diluted $ 0.50 $ 0.61 $ 0.48
 
Shares used in per share calculations:
Basic 245 246 242
Diluted 250 252 250
 
Share-based compensation included in:
Cost of products sold $ 1 $ 1 $ 1
Research and development 4 4 3
Selling, general and administrative   6     6   3  
Total share-based compensation $ 11   $ 11 $ 7  
 
AVAGO TECHNOLOGIES LIMITED
NON-GAAP FINANCIAL SUMMARY - UNAUDITED(1)
(IN MILLIONS, EXCEPT PERCENTAGES AND PER SHARE DATA)
     
Quarter ended

January 29,
2012

October 30,
2011

January 30,
2011

 
Net revenue $ 563 $ 623 $ 550
Gross margin $ 285 $ 319 $ 286
% of net revenue 51 % 51 % 52 %
Research and development $ 78 $ 79 $ 70
Selling, general and administrative $ 44 $ 49 $ 47
Total operating expenses $ 122 $ 128 $ 117
% of net revenue 22 % 21 % 21 %
Income from operations $ 163 $ 191 $ 169
Interest expense $ (1 ) $ - $ (3 )
Net income $ 156 $ 186 $ 165
Net income per share - diluted $ 0.62 $ 0.73 $ 0.65
Shares used in per share calculation - diluted 253 255 254
 

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