news digest ♦ compound semiconductor ♦ financial news
and net income of $2 million, or $0.01 per diluted share in the same quarter last year.
The Company’s cash balance at the end of the third quarter was $367 million, compared to $256 million at the end of the prior quarter. The increase in cash over the quarter is primarily due to $137 million of cash generated from operations.
Net income was $152 million, or $0.61 per diluted share. This compares with net income of $117 million, or $0.47 per diluted share last quarter, and net income of $40 million, or $0.18 per diluted share in the same quarter last year.
Adjusted EBITDA, as defined in the indenture governing the Company’s outstanding debt securities, was $184 million, compared with $154 million last quarter and $87 million in the same quarter last year.
“Our business reached a historic milestone in the third quarter of fiscal 2010. In addition to another record net revenue quarter, Avago’s non-GAAP Gross Margin surpassed 50% as we continued to execute well on our strategy of expanding gross margins,” said Hock Tan, President and CEO of Avago. “Our business remains robust and our proprietary products continue to gain momentum as we win more programs at major OEMs.”
Based on current business trends, the outlook for the fourth fiscal quarter of 2010, ending October 31, 2010, is expected to be as follows:
Reconciling items include $14 million of amortization of acquisition-related intangibles and $1 million of share-based compensation expenses at the Gross Margin line and $5 million of amortization of acquisition-related intangibles, $7 million of share-based compensation and $1 million of restructuring expenses at the Operating Expenses line.
Capital expenditures are expected to increase in the fourth quarter and be in the range of $25 million to $30 million. Depreciation is expected to be $20 million and amortization is expected to be $19 million in the fourth quarter.
Avago will be presenting at the Citi Technology Conference in New York on September 8, 2010 and at the Deutsche Bank Technology Conference
188
www.compoundsemiconductor.net August/September 2010
in San Francisco on September 14, 2010. The company will also be hosting an analyst event in Santa Clara on the afternoon of September 16, 2010. These presentations will be webcast and available for replay on the Investors section of Avago’s website at
www.avagotech.com.
Avago hosted a conference call to review its financial results for the third quarter fiscal year 2010, and to provide guidance for the fourth quarter of fiscal year 2010,
Avago Technologies is a designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products. Its four primary target markets are wireless communications, wired infrastructure, industrial and automotive electronics and consumer and computing peripherals.
DayStar Still Not Shining With Losses of $12.2 million for Q2 2010
The CIGS manufacturer hopes to be back on track after a number of after restructuring, impairment and compensation charges
DayStar Technologies, a developer of solar photovoltaic products based on CIGS thin-film deposition technology has announced financial results for its second quarter ended June 30, 2010.
This comes after an announcement from the company only a month ago that it intended to collaborate with a number of international firms in the near future.
Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009.
The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company’s Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter.
The loss for the second quarter of 2010 also
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213