Now this is not silly
IRVINE, Calif.--(BUSINESS WIRE)--Jan. 23, 2001--Broadcom
Corporation (Nasdaq:BRCM), the leading provider of integrated circuits
enabling broadband communications, today reported record financial
results for the fourth fiscal quarter and year ended December 31,
2000.
Revenue for the fourth quarter was a record $376.1 million, an
increase of 132% over the $162.0 million reported in the fourth
quarter of 1999 and an increase of 18% over the $319.2 million
reported in the third quarter of 2000. Pro forma net income was a
record $86.7 million, or $.32 per share (diluted). This compares with
pro forma net income of $32.0 million, or $.13 per share (diluted),
for the same quarter in 1999, and pro forma net income of $78.7
million, or $.30 per share (diluted), in the third quarter of 2000.
Diluted earnings per share for the quarter were based on 274.1 million
weighted average shares outstanding, compared to 245.2 million
weighted average shares outstanding in the fourth quarter of 1999 and
to 264.8 million weighted average shares outstanding in the third
quarter of 2000.
Broadcom reports net income and diluted earnings per share on a
pro forma basis, which excludes the effects of acquisition-related
expenses and payroll taxes on certain stock option exercises.
Including these charges, substantially all of which were non-cash, net
loss for the fourth quarter was $768.6 million, or $3.28 per share,
compared with net income of $33.0 million, or $.13 per share
(diluted), in the same quarter in 1999, and with a net loss of $19.4
million, or $.09 per share, in the third quarter of 2000.
For the full year 2000, revenue was a record $1.1 billion, an
increase of 117% over the $521.2 million reported for 1999. Pro forma
net income for 2000 was a record $271.4 million, an increase of 172%
over the $99.8 million for 1999. Pro forma diluted earnings per share
were $1.04, based on 261.4 million weighted average shares
outstanding, versus $.42 per share on 235.7 million weighted average
shares in 1999. Including the charges excluded in pro forma reporting,
net loss for the year 2000 was $693.4 million, or $3.15 per share.
During the fourth quarter, Broadcom announced four significant
acquisitions -- Element 14, Inc. (DSL products), Allayer
Communications (10 Gigabit per second switching products), VisionTech,
Ltd. (MPEG-2 compression products) and SiByte, Inc. (network processor
products). All four transactions have been completed. Additionally,
two other key acquisitions announced during the third quarter --
NewPort Communications, Inc. (optical networking products) and Silicon
Spice Inc. (carrier access products) -- closed in the fourth quarter.
All of these acquisitions were accounted for under the purchase method
of accounting.
Earlier this month, Broadcom announced and closed its acquisition
of ServerWorks Corporation, a leading supplier of high performance
System I/O(TM) solutions for server and storage platforms, network
appliances and workstations.
"Our fourth quarter and full year financial results demonstrated
the strength of our traditional product lines as well as the solid
growth we are experiencing in new and emerging markets, many of which
we are responsible for creating," said Dr. Henry T. Nicholas III,
Broadcom's President and CEO. "During the year, Broadcom reached the
$1 billion revenue level, a significant milestone that made us the
fastest growing U.S. semiconductor company to date, a testament to
both the company's ability to execute well in multiple broadband
markets and the tremendous growth of those markets."
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