Avago Technologies Limited Announces First Quarter Fiscal Year 2013 Financial Results

• Net revenue down 7 percent sequentially to $576 million, up 2 percent from Q1 last year
• GAAP gross margin of 47.9 percent; Non-GAAP gross margin of 50.7 percent
• GAAP diluted EPS of $0.50; Non-GAAP diluted EPS of $0.65

SAN JOSE, Calif., and SINGAPORE, Feb. 26, 2013 (GLOBE NEWSWIRE) -- 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 2013, ended February 3, 2013, and provided guidance for the second quarter of its fiscal year 2013.

First Quarter Fiscal Year 2013 GAAP Results

Net revenue was $576 million, a decrease of 7 percent compared with the previous quarter and an increase of 2 percent from the same quarter last year.

Gross margin was $276 million, or 47.9 percent of net revenue. This compares with gross margin of $299 million, or 48.4 percent of net revenue last quarter, and gross margin of $270 million, or 48.0 percent of net revenue in the same quarter last year.

Operating expenses were $152 million. This compares with $135 million in the prior quarter and $138 million for the same quarter the previous year.

Income from operations was $124 million. This compares with $164 million in the prior quarter and with $132 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 $159 million, or $0.64 per diluted share for the prior quarter, and net income of $125 million, or $0.50 per diluted share in the same quarter last year.

The Company's cash balance at the end of the first quarter was $1,151 million, compared to $1,084 million at the end of the prior quarter.

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