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Broadcom Reports Second Quarter 2011 Results

IRVINE, Calif. July 25, 2011

Q2 GAAP Results

  • Total Revenue: $1.8 billion
  • Product Gross Margin:
  • Diluted EPS: $0.31 $0.14
  • Cash Flow from Operations: $489 million

Q2 Non-GAAP Results

  • Product Gross Margin:
  • Diluted EPS: $0.72

June 30, 2011

Scott A. McGregor

$1.8 billion $1.6 billion $175 million $.31 $278 million $.52

June 30, 2011

$418 million $.72 $418 million $.74

Conference Call Information

1:30 p.m. Pacific Time 4:30 p.m. Eastern Time www.broadcom.com/investors 10:00 p.m. Pacific Time Monday, August 15, 2011

The financial results included in this release are unaudited.

About Broadcom

www.broadcom.com

Note Regarding Use of Non-GAAP Financial Measures

June 30, 2011

Broadcom believes that the presentation of these non-GAAP measures provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. Broadcom’s management believes that the use of these non-GAAP financial measures provides consistency and comparability among and between results from prior periods or forecasts and future prospects, and also facilitates comparisons with other companies in our industry, many of which use similar non-GAAP financial measures to supplement their GAAP results. Broadcom’s management has historically used these non-GAAP financial measures when evaluating operating performance, because we believe that the inclusion or exclusion of the items described above provides insight into our core operating results, our ability to generate cash and underlying business trends affecting our performance. Broadcom has chosen to provide this information to investors to enable them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For additional information on the items excluded by Broadcom from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

Cautions Regarding Forward-Looking Statements:

All statements included or incorporated by reference in this release and the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, guidance provided on future revenue, gross product margin and operating expense targets for the third quarter of 2011, and references to demand for our communications solutions. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

These risks and uncertainties include, but are not limited to the following:

  • We face intense competition.
  • We depend on a few significant customers for a substantial portion of our revenue.
  • Our quarterly operating results may fluctuate significantly.
  • We face risks associated with our acquisition strategy.
  • We may fail to adjust our operations in response to changes in demand.
  • Our operating results may be adversely impacted by worldwide economic uncertainties and specific conditions in the markets we address.
  • Our stock price is highly volatile.
  • We may be required to defend against alleged infringement of intellectual property rights of others and/or may be unable to adequately protect or enforce our own intellectual property rights.
  • Our business is subject to potential tax liabilities.
  • We are subject to order and shipment uncertainties.
  • We manufacture and sell complex products and may be unable to successfully develop and introduce new products.
  • We are exposed to risks associated with our international operations.
  • We depend on third parties to fabricate, assemble and test our products.
  • We may be unable to attract, retain or motivate key personnel.
  • Government regulation may adversely affect our business.
  • There can be no assurance that we will continue to declare cash dividends.
  • Our articles of incorporation and bylaws contain anti-takeover provisions.
  • Our co-founders and their affiliates may control the outcome of matters that require the approval of our shareholders.

December 31, 2010

the United States

BROADCOM CORPORATION

Unaudited GAAP Condensed Consolidated Statements of Income

(In millions, except per share amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2011

2010

2011

2010

Net revenue:

Product revenue

$    1,742

$  1,547

$  3,494

$  2,951

Income from Qualcomm Agreement

51

51

103

103

Licensing revenue

3

7

15

13

Total net revenue

1,796

1,605

3,612

3,067

Costs and expenses:

Cost of product revenue

877

762

1,772

1,457

Research and development

504

421

1,002

842

Selling, general and administrative

183

144

361

277

Amortization of purchased intangible assets

8

5

15

8

Impairments of long-lived assets

74

83

Settlement costs (gains), net

(45)

1

(50)

4

Charitable contribution

25

25

Total operating costs and expenses

1,626

1,333

3,208

2,588

Income from operations

170

272

404

479

Interest income, net

2

5

Other income, net

2

2

5

Income before income taxes

172

276

404

489

Provision (benefit) for income taxes

(3)

(2)

1

1

Net income

$       175

$  278

$       403

$  488

Net income per share (basic)

$  0.33

$  0.56

$  0.75

$  0.98

Net income per share (diluted)

$  0.31

$  0.52

$  0.71

$  0.92

Weighted average shares (basic)

535

501

537

498

Weighted average shares (diluted)

558

538

567

533

Dividends per share

$  0.09

$  0.08

$  0.18

$          0.16

included

Three Months Ended

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

Cost of product revenue

$  6

$  5

$  13

$  12

Research and development

97

84

199

173

Selling, general and administrative

33

30

69

61

BROADCOM CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)

Three Months Ended

June 30,

Six Months Ended

June 30,

2011

2010

2011

2010

Operating activities

Net income

$  175

$  278

$  403

$  488

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

28

18

51

38

Stock-based compensation expense:

Stock options and other awards

34

29

74

64

Restricted stock units

102

90

207

182

Acquisition-related items:

Amortization of purchased intangible assets

22

14

44

24

Impairment of long-lived assets

74

83

Non-cash settlement gain

(14)

(14)

Changes in operating assets and liabilities:

Accounts receivable

93

(81)

152

(175)

Inventory

34

(86)

82

(120)

Prepaid expenses and other assets

(4)

10

(32)

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