Broadcom Reports Fourth Quarter and Full Year 2014 Results

Our Annual Report on Form 10-K for the year ended December 31, 2013, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2014 when it is filed, discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements used in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Broadcom®, the pulse logo, Connecting everything®, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

 






















BROADCOM CORPORATION

Unaudited GAAP Condensed Consolidated Statements of Operations

(In millions, except per share amounts)












Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


2014


2014


2013


2014


2013

Net revenue

$

2,143



$

2,260



$

2,064



$

8,428



$

8,305


Cost of revenue

1,012



1,077



1,026



4,098



4,088


Gross profit

1,131



1,183



1,038



4,330



4,217


Operating expenses:










Research and development

530



573



643



2,373



2,486


Selling, general and administrative

173



176



172



716



706


Amortization of purchased intangible assets

3



8



14



29



57


Impairments of long-lived assets

14



200





404



511


Restructuring costs, net

16



114



17



158



29


Settlement costs (gains)

(4)



2



6



16



(69)


Other charges (gains), net



(1)





(60)



25


Total operating expenses

732



1,072



852



3,636



3,745


Income from operations

399



111



186



694



472


Interest expense, net

(9)



(17)



(6)



(36)



(30)


Other income, net

5



9



1



9



3


Income before income taxes

395



103



181



667



445


Provision for income taxes

5



5



13



15



21


Net income

$

390



$

98



$

168



$

652



$

424


Net income per share (basic)

$

0.65



$

0.17



$

0.29



$

1.11



$

0.74


Net income per share (diluted)

$

0.64



$

0.16



$

0.29



$

1.08



$

0.73


Weighted average shares (basic)

596



591



576



590



574


Weighted average shares (diluted)

610



607



581



601



584












Dividends per share

$

0.12



$

0.12



$

0.11



$

0.48



$

0.44




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