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Avago Technologies Limited Announces Fourth Fiscal Quarter And Fiscal Year 2013 Financial Results

  • Quarterly net revenue up 15 percent sequentially, up 19 percent from Q4 last year
  • Quarterly GAAP gross margin of 46.7 percent; Quarterly Non-GAAP gross margin of 50.5 percent
  • Quarterly GAAP diluted EPS of $0.68; Quarterly Non-GAAP diluted EPS of $0.89

SAN JOSE, Calif., and SINGAPORE, Dec. 4, 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 fourth fiscal quarter and fiscal year ended November 3, 2013, and provided guidance for the first quarter of its fiscal year 2014.

Fourth Quarter Fiscal Year 2013 GAAP Results

Net revenue was $738 million, an increase of 15 percent compared with the previous quarter and an increase of 19 percent from the same quarter last year.

Gross margin was $345 million, or 46.7 percent of net revenue. This compares with gross margin of $304 million, or 47.2 percent of net revenue last quarter, and gross margin of $299 million, or 48.4 percent of net revenue in the same quarter last year.

Operating expenses were $175 million. This compares with $164 million in the prior quarter and $135 million for the same quarter the previous year.

Income from operations was $170 million. This compares with $140 million in the prior quarter and with $164 million in the same quarter last year.

Fourth quarter net income was $172 million, or $0.68 per diluted share. This compares with net income of $142 million, or $0.56 per diluted share for the prior quarter, and net income of $159 million, or $0.64 per diluted share in the same quarter last year.

The Company's cash balance at the end of the fourth quarter was $985 million, compared to $863 million at the end of the prior quarter.

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