Q's earnings News--DowJones...
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>>> Qualcomm Posts Big Jump In Net Income In Line With Expectations
NEW YORK -- Qualcomm Inc. late Wednesday said its fiscal third-quarter net income more than doubled thanks to brisk sales of communications chips and fees from its technology patents, although revenue fell 29%. Core results were in line with estimates.
Qualcomm (QCOM) said net income came to $154.7 million, or 19 cents a diluted share for the quarter ended June 25, compared with $58.9 million, or nine cents a share, in the year-earlier period.
The latest results included $64 million in amortization and $7 million in employer payroll taxes on employee nonqualified stock-option exercises. Excluding items, the company earned $218 million, or 27 cents a diluted share, on pro forma revenue of $714 million, compared with year-earlier earnings, excluding items, of $156 million, or 22 cents a share, on revenue of $645 million. The mean estimate of analysts surveyed by First Call/Thomson Financial was for earnings, excluding items, of 27 cents a share.
Revenue fell to $713.5 million from $1 billion, a drop the company attributed to the February sale of its subscriber business.
The San Diego-based wireless technology developer and chipset-maker said it shipped about 15 million phone chips during the quarter, up from about 11 million units a year earlier.
Qualcomm holds key patents on a digital-phone technology called code division multiple access, or CDMA, which is widely used in the U.S. During the quarter, license, development and royalty revenues from those patents totaled $174 million, up 38% from $126 million a year earlier.
Worries about Qualcomm's future sales of its CDMA technology in Asia, a booming mobile-phone market, have depressed the company's stock price. Last month Qualcomm said a ban on handset subsidies in South Korea would hurt fourth-quarter results. Analysts are concerned about lower-than-expected handset sales and royalties and reduced chipset margins.
Qualcom said Wednesday that it will ship two to three million fewer chips in the fourth quarter than the 15 million units it shipped in the third quarter, noting that the numbers could be higher if other regions, such as Japan, North America or South America post stronger-than-expected growth.
(Compiled from Dow Jones Newswires and other sources)<<<
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Qualcomm 3rd Quarter Net 27 Cents/Share Before Amortization, Stock Expense
>>> Qualcomm Inc. - San Diego
3rd Quar June 25:
a 2000 b 1999
Revenue $713,521,000 $1,004,066,000
Net income 154,701,000 58,948,000
Avg shrs (basic) 741,735,000 601,159,000
Avg shrs (diluted) 805,507,000 751,532,000
Shr earns (basic)
Net income .21 .10
Shr earns (diluted)
Net income .19 .09
a. Includes $64 million in ongoing amortization of acquisition-related goodwill and other intangible assets and $7 million in employer payroll taxes on employee nonqualified stock option exercises. Excluding the items, the company earned $218 million, or 27 cents a diluted share, on revenue of $714 million.
b. Includes the results of exited businesses and related charges, one-time gains and other nonrecurring items. Excluding the items, the company earned $156 million, or 22 cents a diluted share, on revenue of $645 million.<<< |
