Broadcom Reports Third Quarter 2013 Results

Record Revenue

(PRNewswire) —  







Third Quarter 2013 Results


GAAP


Non-GAAP

Total net revenue


$2.15 billion



Net income per share


$0.55


$0.76



($0.15 better than First Call consensus)


($0.07 better than First Call consensus)

Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today reported unaudited financial results for its third quarter ended September 30, 2013.

"Broadcom delivered better-than-expected results across the board in the September quarter," said Scott McGregor, Broadcom's President and Chief Executive Officer. "With the Renesas transaction closed, the combined team is working diligently to deliver LTE revenue in early 2014. Looking forward, we are taking the necessary steps to tightly manage the business while focusing on strategic initiatives, including LTE, data center innovation and driving the next generation of home video with HEVC."

Net revenue for the third quarter of 2013 was $2.15 billion. This represents an increase of 2.7% compared with the $2.09 billion reported for the second quarter of 2013 and an increase of 0.8% compared with the $2.13 billion reported for the third quarter of 2012. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2013 was $316 million, or $0.55 per share (diluted), compared with a GAAP net loss of $251 million, or $0.43 per share (basic and diluted), for the second quarter of 2013 and GAAP net income of $220 million, or $0.38 per share (diluted), for the third quarter of 2012.

During the quarter Broadcom initiated a global restructuring plan to reduce expenses and better align its resources to areas of strategic focus. The plan includes a workforce reduction of up to 1,150 employees (some of whom originated from the Renesas acquisition). In connection with the plan, Broadcom recorded restructuring costs of $12 million in the third quarter of 2013 and anticipates that it will record approximately $20 million in restructuring costs in the fourth quarter of 2013.

GAAP net income for the third quarter of 2013 included a one-time, non-recurring settlement gain of $75 million, a charitable contribution to the Broadcom Foundation of $25 million and restructuring costs of $12 million as discussed above, for a total positive impact to GAAP net income per share of $0.07. GAAP net income for the second quarter of 2013 included a purchased intangible impairment charge of $501 million, or $.87 per share, which was primarily related to Broadcom's acquisition of NetLogic Microsystems, Inc.

In addition to GAAP results, Broadcom reports adjusted net income and adjusted net income per share, referred to respectively as "non-GAAP net income" and "non-GAAP diluted net income per share." A discussion of Broadcom's use of these and other non-GAAP financial measures is set forth below. Reconciliations of GAAP to non-GAAP financial measures for the three months ended September 30, 2013, June 30, 2013 and September 30, 2012, respectively, and the nine months ended September 30, 2013 and 2012 appear in the financial statements portion of this release under the heading "Unaudited Schedule of Selected GAAP to Non-GAAP Adjustments."

Non-GAAP net income for the third quarter of 2013 was $460 million, or $0.76 per share (diluted), compared with non-GAAP net income of $436 million, or $0.70 per share (diluted), for the second quarter of 2013 and non-GAAP net income of $476 million, or $0.79 per share (diluted), for the third quarter of 2012.

Conference Call Information
As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its third quarter 2013 financial results and current financial prospects today at 1:45 p.m. Pacific Time ( 4:45 p.m. Eastern Time ). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial and other statistical information required by Securities and Exchange Commission (SEC) Regulation G, please visit the Investors section of the Broadcom website at www.broadcom.com/investors . The webcast will be recorded and available for replay until 11:59 p.m. Pacific Time on Saturday, November 23, 2013 .

The financial results included in this release are unaudited. The audited financial statements of the company for the year ended December 31, 2012 are included in Broadcom's Annual Report on Form 10-K, filed with the SEC on January 30, 2013 .

About Broadcom
Broadcom Corporation (NASDAQ: BRCM ), a FORTUNE 500 <

1 | 2  Next Page »



Review Article Be the first to review this article
Harris

Featured Video
Jobs
Avionics System Engineer for BAE Systems Intelligence & Security at Arlington, VA
Geospatial Analyst - Senior for BAE Systems Intelligence & Security at Springfield, VA
Senior Mechanical Engineer for BAE Systems Intelligence & Security at Arlington, VA
Geospatial Systems Administrator for BAE Systems Intelligence & Security at arnold, MO
System Designer/Engineer for Bluewater at Southfield, MI
Senior Structural Engineer for Wiss,Janney, Estner Assoicates, Inc at houston, TX
Upcoming Events
ArcGIS: Introduction at Environmental and Natural Resource Building 14 College Farm Rd New Brunswick NJ - Feb 1 - 22, 2018
International LiDAR Mapping Forum at Hyatt Regency 650 15th Street, Denver CO - Feb 5 - 7, 2018
Automated ISR & Battle Management Summit at Mary M. Gates Learning Center Alexandria VA - Feb 13 - 14, 2018
2018 Los Angeles Geospatial Summit at USC Radisson Hotel 3540 S Figueroa St. Los Angeles CA - Feb 23, 2018
Teledyne Optech
Teledyne:
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise