How's $75 a share(split adjusted) for yearend close??>>>>>>>>Qualcomm reports strong quarter
Company sets four-for-one stock split
By Janet Haney, CBS MarketWatch
Last Update: 6:26 PM ET Nov 2, 1999
Silicon Stocks
SAN DIEGO (CBS.MW) -- Qualcomm reported strong fourth-quarter
results Tuesday, helped by record shipment numbers, as the company set
a rare 4-for-1 stock split.
The split, which has
been affirmed by the
board of directors, is
subject to shareholder
approval. Shareholders
are expected to vote on
the split on or around
Dec. 20, with an
approved split going
into effect shortly
thereafter.
Qualcomm (QCOM: news, msgs) also requested a share increase to 3
million shares.
The San Diego-based maker of code division multiple access technology
said its net income minus non-recurring charges was $170 million, or 91
cents a share, vs. $39.9 million, or 28 cents in the year-ago quarter.
Analysts surveyed by First Call expected Qualcomm
to earn 88 cents a share in the fourth quarter.
Sales rise
Sales in the period hit $1.1 billion, a 14 percent jump
from the $926 million reported the year earlier.
Qualcomm's technology is used in cellular phones,
wireless telephone system equipment and satellite
systems.
The company said it shipped 14 million mobile
station modem phone chips, 15,000 OmniTRACS
units and 1.9 million CDMA mobile phones during
the quarter.
Qualcomm shares dipped 3/8 to 224 13/16 Tuesday
but rose 7 3/16 to 232 in after-hours trading.
Additionally, the company said its operating expenses decreased to 17
percent of revenue, compared with 24 percent of revenue in the year-ago
fourth quarter.
"Efforts are well underway to introduce the initial third generation
capabilities during the year 2000, using the same bandwidth as today's
cdmaOne networks, but approximately doubling the capacity for voice
and supporting even higher data rates," Dr. Irwin Jacobs, chairman and
CEO, said in a statement.
Qualcomm also said that it expects to enter into an agreement for the sale
of its consumer products division by the end of 1999.
Janet Haney is a reporter for CBS MarketWatch. |
