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Qualcomm Incorporated

QUALCOMM Increases Financial Guidance for the Third Fiscal Quarter of 2006

San Diego (ots/PRNewswire)

QUALCOMM Incorporated (Nasdaq: QCOM) today updated its financial
guidance for the third fiscal quarter ending June 25, 2006.
QUALCOMM is hosting its analyst meeting for institutional
investors and equity analysts on May 4, 2006 in New York, NY. The
meeting will be simulcast on the Company's website at
www.qualcomm.com. Executive presentations will begin at 9:00 am EDT
and will conclude at 1:00 pm EDT.
The following statements are forward looking and actual results
may differ materially. Please see "Note Regarding Forward-Looking
Statements" at the end of this news release for a description of
certain risk factors and QUALCOMM's annual and quarterly reports on
file with the Securities and Exchange Commission (SEC) for a more
complete description of risks.
Pro Forma Defined
Pro forma results and guidance exclude the QUALCOMM Strategic
Initiatives (QSI) segment, estimated share-based compensation, tax
benefits related to prior years and acquired in-process research and
development (R&D) expense, when applicable.
Third Fiscal Quarter Business Outlook
Based on the current business outlook, we now anticipate third
fiscal quarter QUALCOMM pro forma revenues to be at or slightly above
the high end of prior guidance of approximately US$1.77 to US$1.87
billion. We now anticipate third fiscal quarter QUALCOMM pro forma
diluted earnings per share to be approximately US$0.38 to US$0.40,
compared to US$0.28 in the year ago quarter. This estimate is based
on the shipment of approximately 53 to 56 million Mobile Station
Modem (MSM) chips during the quarter compared to approximately 36
million in the year ago quarter and approximately 49 million in the
prior quarter. We previously anticipated third fiscal quarter
QUALCOMM pro forma diluted earnings per share of approximately
US$0.36 to US$0.38 and estimated shipments of approximately 50 to 53
million MSM chips.
"The increase in our guidance reflects stronger than expected new
orders for our very low-tier chipsets as well as increased demand for
1xEV-DO chipsets," said Dr. Paul E. Jacobs, CEO of QUALCOMM. "The
breadth of our segmented chipset offerings is unsurpassed in the
industry and clearly demonstrates the level of innovation and
execution we have achieved as a result of our significant research
and development investments."
The following table summarizes total QUALCOMM (GAAP) and QUALCOMM
pro forma guidance for the third fiscal quarter of 2006 based on the
current business outlook. Total QUALCOMM (GAAP) guidance for the
third fiscal quarter of 2006 includes approximately US$0.05 diluted
loss per share related to estimated share-based compensation.
Estimated share-based compensation in future periods may vary
materially from the business outlook as the methodology used to
calculate this estimate is dependent on a variety of assumptions
which are subject to market fluctuations and other factors.
Due to their nature, certain income and expense items such as
realized investment gains or losses in QSI, gains and losses on
certain derivative instruments or asset impairments, cannot be
accurately forecast. Accordingly, the Company excludes forecasts of
such items from its business outlook, and actual results may vary
materially from the business outlook if the Company incurs any such
income or expense items.
The following estimates are approximations and are based on the
current business outlook:
    (All Figures Shown are in US$)
                                 Business Outlook Summary
    THIRD QUARTER
                                   Prior Guidance        Current Guidance
                         Q3'05           Q3'06                  Q3'06
                       Results        Estimates               Estimates
    QUALCOMM
     Pro Forma
    Revenues            $1.36B     $1.77B - $1.87B    At or slightly above
                                                           the high end of
                                                            prior guidance
    Year-over-year
     change                     increase 30% - 38%
    Diluted earnings
     per share
     (EPS)               $0.28       $0.36 - $0.38           $0.38 - $0.40
    Year-over-year
     change                     increase 29% - 36%      increase 36% - 43%
    Total QUALCOMM
     (GAAP)
    Revenues            $1.36B     $1.77B - $1.87B    At or slightly above
                                                           the high end of
                                                            prior guidance
    Year-over-year
     change                     increase 30% - 38%
    Diluted earnings
     per share
     (EPS)               $0.33       $0.30 - $0.32           $0.32 - $0.34
    Year-over-year
     change                       decrease 3% - 9%           decrease 3% -
                                                              increase 3%
    Diluted EPS
     attributable
     to QSI              $0.05             ($0.01)                 ($0.01)
    Diluted EPS
     attributable
     to estimated
     share-based
     compensation          n/a             ($0.05)                 ($0.05)
    EPS attributable
     to tax benefit
     related to
     prior years         $0.01                 n/a                     n/a
    Metrics
    MSM Shipments  approx. 36M   approx. 50M - 53M       approx. 53M - 56M
    CDMA/WCDMA
     handset
     units
     shipped      approx. 43M(a) approx. 62M - 64M(a)    approx. 62M - 64M(a)
    CDMA/WCDMA
     handset
     unit wholesale
     average
     selling
     price       approx. $231(a)       approx. $203(a)        approx. $203(a)
    (a) Based on shipments in Mar. quarter, reported in Jun. quarter
    Sums may not equal totals due to rounding.
QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing
and delivering innovative digital wireless communications products
and services based on the Company's CDMA digital technology.
Headquartered in San Diego, Calif., QUALCOMM is included in the S&P
500 Index and is a 2005 FORTUNE 500(R) company traded on The Nasdaq
Stock Market(R) under the ticker symbol QCOM.
Note Regarding Use of Non-GAAP Financial Measures
The Company presents pro forma financial information that is used
by management (i) to evaluate, assess and benchmark the Company's
operating results on a consistent and comparable basis, (ii) to
measure the performance and efficiency of the Company's ongoing core
operating businesses, including the QUALCOMM CDMA Technologies,
QUALCOMM Technology Licensing and QUALCOMM Wireless & Internet
segments, and (iii) to compare the performance and efficiency of
these segments against each other and against competitors outside the
Company. Pro forma measurements of the following financial data are
used by the Company's management: revenues, R&D expenses, SG&A
expenses, total operating expenses, operating income, net investment
income, income before income taxes, effective tax rate, net income,
diluted earnings per share, operating cash flow and free cash flow.
Pro forma information used by management excludes the QUALCOMM
Strategic Initiatives (QSI) segment, estimated share-based
compensation, certain tax benefits related to prior years and
acquired in-process R&D expense. The QSI segment is excluded because
the Company expects to exit its strategic investments at various
times and the effects of fluctuations in the value of such
investments are viewed by management as unrelated to the Company's
operational performance. Estimated share-based compensation is
excluded because management views the valuation of options and other
share-based compensation as theoretical and unrelated to the
Company's operational performance as it is affected by factors that
are subject to change on each grant date including the Company's
stock price, stock market volatility, expected option life, risk-free
interest rates and expected dividend payouts in future years.
Moreover, it is not an expense that requires or will require cash
payment by the Company. Certain tax benefits related to prior years
are excluded in order to provide a clearer understanding of the
Company's ongoing tax rate and after tax earnings. Acquired
in-process R&D expense in fiscal 2006 is excluded because such
expense is incurred infrequently and is viewed by management as
unrelated to the operating activities of the Company's ongoing core
businesses.
Management is able to assess what it believes is a more
fundamentally pure and comparable set of financial performance
measures for the Company and its business segments by eliminating the
episodic impact of strategic investments in QSI and items such as
acquired in-process R&D, as well as the inherent, non-operational
volatility of share-based compensation. As a result, management
compensation decisions and the review of executive compensation by
the Compensation Committee of the Board of Directors focus primarily
on pro forma financial measures applicable to the Company and its
business segments.
The non-GAAP pro forma financial information presented herein
should be considered in addition to, not as a substitute for, or
superior to, financial measures calculated in accordance with GAAP.
In addition, pro forma is not a term defined by GAAP, and, as a
result, the Company's measure of pro forma results might be different
than similarly titled measures used by other companies.
Reconciliations between total QUALCOMM (GAAP) results and guidance
and QUALCOMM pro forma results and guidance are presented herein.
Note Regarding Forward-Looking Statements
In addition to the historical information contained herein, this
news release contains forward-looking statements that are subject to
risks and uncertainties. Actual results may differ substantially from
those referred to herein due to a number of factors, including but
not limited to risks associated with: the rate of development,
deployment and commercial acceptance of CDMA-based networks and
CDMA-based technology, including CDMA2000 1X, 1xEV-DO, WCDMA and
HSDPA both domestically and internationally;  our dependence on major
customers and licensees; fluctuations in the demand  for CDMA-based
products, services or applications; foreign currency  fluctuations;
strategic loans, investments and transactions the Company has  or may
pursue; our dependence on third party manufacturers and suppliers;
our  ability to maintain and improve operational efficiencies and
profitability;  developments in current and future litigation; the
development, deployment  and commercial acceptance of the
MediaFLO(TM) USA network and FLO(TM)  technology; as well as the
other risks detailed from time-to-time in the  Company's SEC reports.
QUALCOMM(R), Mobile Station Modem(TM), MSM(TM) are trademarks
and/or service marks of QUALCOMM Incorporated. CDMA2000(R) is a
registered trademark of the Telecommunications Industry Association.
All other trademarks are the property of their respective owners.
    QUALCOMM Contact:
    Bill Davidson, Investor Relations
    Phone:  +1-858-658-4813
    Email:   ir@qualcomm.com
    (All Figures Shown are in US$)
      Reconciliation of Non-GAAP Financial Measure Related to Prior Periods
                        (In millions, except per share data)
    Third Quarter - Fiscal Year 2005
    Segments                   QCT          QTL          QWI  Reconciling
                                                                Items (1)
    Revenues                  $766         $448         $164        $(20)
    EBT                        186          407           12          51
    Net income (loss)
    Diluted EPS
    Shares used in per
     share calculations
    Third Quarter - Fiscal Year 2005
                                          Tax                       Total
    Segments              QUALCOMM     Adjustments                QUALCOMM
                         Pro Forma        (2)          QSI(3)      (GAAP)
    Revenues                $1,358          $--          $--       $1,358
    EBT                        656           --           30          686
    Net income (loss)          465           16           79          560
    Diluted EPS              $0.28        $0.01        $0.05        $0.33
    Shares used in per
     share calculations      1,683        1,683        1,683        1,683
    (1) Reconciling items related to revenues consist primarily of other non-
        reportable segment revenues less intersegment eliminations.
        Reconciling items related to earnings before taxes consist primarily
        of corporate expenses, charges that are not allocated to the segments
        for management reporting purposes, unallocated net investment income,
        non-reportable segment results and the elimination of intercompany
        profit.
    (2) During the third quarter of fiscal 2005, the Company made an election
        to compute its California tax on the basis of its U.S. operations
        only, which resulted in a US$38 million tax benefit.  Our effective
        tax rate in the third quarter of fiscal 2005 for total QUALCOMM
        (GAAP) includes a US$16 million tax benefit, or US$0.01 diluted
        earnings per share, for this California tax election related to
        fiscal 2004.  For fiscal 2005 pro forma presentation, results have
        been adjusted to exclude the tax benefit attributable to fiscal 2004.
    (3) At fiscal year-end, the sum of the quarterly tax provisions for each
        column, including QSI, equal the annual tax provisions for each
        column computed in accordance with GAAP.  In interim quarters, the
        tax provision for the QSI operating segment is computed by
        subtracting the tax provision for QUALCOMM pro forma and the tax
        adjustment column from the tax provision for total QUALCOMM (GAAP).

Contact:

Bill Davidson, Investor Relations of QUALCOMM, +1-858-658-4813,
ir@qualcomm.com

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