Avago Technologies Limited Announces First Quarter Fiscal Year 2012 Financial Results

Avago Technologies Limited (Nasdaq: AVGO), a leading supplier of analog interface components for communications, industrial and consumer applications, today reported financial results for the first quarter of its fiscal year 2012, ended January 29, 2012, and provided guidance for the second quarter of its fiscal year 2012.

First Quarter Fiscal Year 2012 GAAP Results

Net revenue was $563 million, a decrease of 10 percent compared with the previous quarter, and up 2 percent from the same quarter last year.

Gross margin was $270 million, or 48.0 percent of net revenue. This compares with gross margin of $304 million, or 48.8 percent of net revenue last quarter, and gross margin of $271 million, or 49.3 percent of net revenue in the same quarter last year.

Operating expenses were $138 million. This compares with $145 million in the prior quarter and $129 million in the same quarter the previous year.

Income from operations was $132 million. This compares with $159 million in the prior quarter and $142 million in the same quarter last year.

First quarter net income was $125 million, or $0.50 per diluted share. This compares with net income of $154 million, or $0.61 per diluted share last quarter, and net income of $119 million, or $0.48 per diluted share in the same quarter last year.

The Company’s cash balance at the end of the first quarter was $819 million, compared to $829 million at the end of the prior quarter.

The Company generated $139 million in cash from operations in the first quarter and spent $47 million on capital expenditures. During the quarter the Company also repurchased and cancelled approximately 2.6 million ordinary shares for an aggregate purchase price of $79 million. In addition, on December 30, 2011 the Company paid a quarterly cash dividend of 12 cents ($0.12) per ordinary share, totaling approximately $29 million.

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