Conexant Exceeds Expectations on Accelerated Recovery Momentum; First Fiscal Quarter Revenues Grew by 7 Percent and Core Operating Profit by 95 Percent Sequentially.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. -- Conexant Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. Remove this template after wikifying. This article has been tagged since September 2007. Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNXT), today reported financial results for the first quarter of fiscal 2006, which ended Dec. 31, 2005. Revenues for the first fiscal quarter grew 7.3 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen to $230.7 million, exceeding the company's expectations entering the quarter of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $225.0 million. The strong leverage in the company's current operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. was demonstrated as a revenue increase of approximately 7 percent delivered a 95 percent increase in core operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . Conexant presents financial results based on generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) as well as selected non-GAAP financial measures intended to reflect its core results of operations. The company believes these core financial measures provide investors with additional insight into its underlying operating results. Core financial measures exclude certain non-cash and other non-core items as fully described in the GAAP to non-GAAP reconciliation in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial data, including the impact of stock-based compensation expense associated with the recent adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 123(R). First quarter fiscal 2006 revenues of $230.7 million increased 7.3 percent from fourth quarter fiscal 2005 revenues of $214.9 million, and 64.1 percent from $140.6 million in the first quarter of fiscal 2005. Core gross margins in the first quarter of fiscal 2006 increased to 41.6 percent of revenues from 40.3 percent in the prior quarter. Core operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased as expected in the first quarter of fiscal 2006 to $83.1 million from $79.9 million in the prior quarter. This increase was primarily due to employee performance compensation costs associated with the company's return to core operating profitability. Core operating expenses in the year-ago quarter were $93.0 million. Core operating income in the first quarter of fiscal 2006 was $13.0 million, up 95 percent from fourth quarter fiscal 2005 core operating income of $6.7 million. The core operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in the first quarter of fiscal 2005 was $85.9 million. Core net income for the first quarter of fiscal 2006 was $7.3 million, or $0.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $0.3 million, or $0.00 per diluted share in the fourth quarter of fiscal 2005. In the first quarter of fiscal 2005, the core net loss was $95.3 million, or $0.20 per diluted share. On a GAAP measures basis, gross margins for the first quarter of fiscal 2006 were 41.5 percent of revenues, compared to 40.3 percent in the prior quarter. GAAP operating expenses increased from $99.7 million in the prior quarter to $111.8 million in the first quarter of fiscal 2006, primarily as a result of an $11.0 million increase in stock-based compensation expense associated with the company's implementation of SFAS No. 123(R). GAAP operating loss was $16.0 million in the first quarter of fiscal 2006 compared to $13.1 million in the previous quarter. GAAP net loss for the first quarter of fiscal 2006 was $24.3 million, or $0.05 per diluted share, compared to GAAP net income of $50.1 million, or $0.10 per diluted share, in the fourth quarter of fiscal 2005, which included a $49.0 million gain on the sale of stock the company held in SiRF Technology Holdings, Inc., and a $22.0 million unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of warrants to purchase stock of Mindspeed Technologies, Inc. For the first quarter of fiscal 2005, GAAP operating expenses were $130.1 million, GAAP gross margin was 5.1 percent, GAAP operating loss was $122.9 million, and GAAP net loss was $120.7 million, or $0.26 per diluted share. "The Conexant team again performed strongly in the first fiscal quarter as we exceeded our expectations on all major financial metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and accelerated the pace of our overall company recovery," said Dwight Dwight , Timothy 1752-1817. American clergyman, author, and educator who was a leading supporter of Federalism and served as president of Yale University (1795-1817). His grandson Timothy (1828-1916) was also president of Yale (1886-1899). W. Decker, Conexant chairman and chief executive officer. "Coming into the quarter, we expected revenues of approximately $225 million, core gross margins of 40 to 41 percent of revenues, and core operating expenses of $82 million to $83 million. We delivered revenues of $230.7 million, up 7.3 percent sequentially. We improved core gross margins by 130 basis points sequentially to 41.6 percent as we continued to benefit from our gross-margin-improvement initiatives. As anticipated, core operating expenses totaled approximately $83 million for the quarter. "Driven by our continuing focus on working-capital management, we generated approximately $30 million of cash from operations during the quarter," Decker continued. "We added approximately $70 million from our new credit facility, and we exited the December December: see month. quarter with $466 million in cash, cash equivalents and investments. Excluding the credit-facility impact, we achieved our aggressive target, set a year ago, of exiting calendar 2005 with the same level of cash, cash equivalents and investments that we held at the end of calendar 2004. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). improved sequentially from 37 days in the prior quarter to 33 days, and internal inventory was further reduced by $16.5 million sequentially, with inventory turns increasing from 5.4 times in the previous quarter to 6.8 times in the first quarter of fiscal 2006. "We are now focusing our efforts on the third and final phase of our recovery plan, which consists of capitalizing on the profit leverage in our current business model to deliver accelerated earnings growth. In this phase, our highest-priority goal is the achievement of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. core operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: before the end of calendar 2006." Second Fiscal Quarter 2006 Outlook "In consumer electronics markets, which we largely serve, the March quarter is traditionally weaker than the December quarter," Decker said. "However, our overall demand outlook remains strong, and we expect to grow second fiscal quarter revenues 3 to 5 percent sequentially. We anticipate that core gross margins for the current quarter will be in a range of 41.5 to 42.5 percent of revenues as a result of continued progress in our gross-margin-improvement initiatives, and we expect core operating expenses to increase modestly to $84 million to $85 million, primarily as a result of annual employee salary increases. "Demonstrating the continuing leverage in our business model, we anticipate that our 3 to 5 percent sequential One after the other in some consecutive order such as by name or number. revenue growth in the second fiscal quarter will drive an increase in core operating income of approximately 25 percent sequentially," Decker said. "Finally, we expect our core net income to be $0.02 per share, based on approximately 495 million diluted shares outstanding." Note to Editors, Analysts and Investors Conexant's conference call will take place on Wednesday Wednesday: see week. , January January: see month. 25, 2006, at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time. To listen to the conference call via telephone, dial 866-650-4882 (in the US and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) or 706-679-7338 (from other international locations); security code: Conexant. To listen via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , visit the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Conexant's Web site at www.conexant.com/ir. Playback Playback could mean:
About Conexant Conexant's innovative semiconductor solutions are driving broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). communications and digital home networks worldwide. The company has leveraged its expertise and leadership position in modem modem [modulator/demodulator], an external device or internal electronic circuitry used to transmit and receive digital data over a communications line normally used for analog signals. technologies to enable more Internet connections than all of its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. combined, and continues to develop highly integrated silicon solutions for broadband data and media processing See media control. networks. Key products include client-side Refers to any operation that is performed at the client workstation. Contrast with server-side. xDSL Refers to DSL technologies in general, including ADSL, HDSL, SDSL and VDSL. See DSL. xDSL - Digital Subscriber Line and cable modem cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. solutions, home network processors, broadcast video encoders and decoders, digital set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. components and systems solutions, and dial-up Refers to using the regular "dial-up" telephone network to send data from a computer to a remote network or to a remote device. The computer's digital data are converted to analog signals in the same frequency range as human voice by a modem. modems. Conexant's suite of networking components includes a leadership portfolio of IEEE (Institute of Electrical and Electronics Engineers, New York, www.ieee.org) A membership organization that includes engineers, scientists and students in electronics and allied fields. 802.11a/b/g-compliant WLAN See wireless LAN. WLAN - wireless local area network chipsets, software and reference designs, as well as solutions for applications based on HomePlug A powerline network that is designed to run Ethernet over the existing electrical system and use AC wall outlets as connecting points. HomePlug provides a non-wireless alternative to stringing network cables to all the rooms in the house. (R) and HomePNA (HOME Phoneline Networking Alliance) A phoneline network that is designed to run Ethernet over existing telephone lines and use RJ-11 wall jacks as connecting points. (TM). The company also offers a complete line of asymmetric A difference between two opposing modes. It typically refers to a speed disparity. For example, in asymmetric operations, it takes longer to compress and encrypt data than to decompress and decrypt it. Contrast with symmetric. See asymmetric compression and public key cryptography. and symmetric DSL See DSL. central office solutions, which are used by service providers worldwide to deliver broadband data, voice, and video over copper telephone lines. Conexant is a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. with an annual revenue run-rate in excess of $900 million. The company has approximately 2,500 employees worldwide, and is headquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Conexant or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, but are not limited to: general economic and political conditions and conditions in the markets we address; the substantial losses the company has incurred recently; the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the semiconductor industry and the markets addressed by the company's and its customers' products; continuing volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the technology sector and the semiconductor industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions and product quality; the company's ability to anticipate trends and develop products for which there will be market demand; the availability of manufacturing capacity; pricing pressures and other competitive factors; changes in product mix; product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; the ability of our customers to manage inventory; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the demands it may place on the time and attention of company management; and possible disruptions in commerce related to terrorist activity or armed conflict, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings. The forward-looking statements are made only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . We undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Conexant is a registered trademark of Conexant Systems, Inc. Other brands and names contained in this release are the property of their respective owners.
CONEXANT SYSTEMS, INC.
GAAP Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Three Months Ended
-------------------------------
Dec. 31, Sept. 30, Dec. 31,
2005 2005 2004
--------- ---------- ----------
Net revenues (Note 1) $230,706 $214,916 $140,621
Cost of goods sold (Note 1) 134,953 128,312 133,465
--------- ---------- ----------
Gross margin 95,753 86,604 7,156
Operating expenses:
Research and development 64,359 58,634 72,541
Selling, general and administrative 38,601 28,412 30,006
Amortization of intangible assets 7,907 7,920 8,293
Special charges 915 4,715 19,257
--------- ---------- ----------
Total operating expenses 111,782 99,681 130,097
--------- ---------- ----------
Operating loss (16,029) (13,077) (122,941)
Interest expense 8,802 8,401 8,431
Other (income) expense, net (1,276) (72,046) (11,186)
--------- ---------- ----------
Income (loss) before income taxes (23,555) 50,568 (120,186)
Provision for income taxes 716 487 532
--------- ---------- ----------
Net income (loss) $(24,271) $50,081 $(120,718)
========= ========== ==========
Basic net income (loss) per share $(0.05) $0.11 $(0.26)
========= ========== ==========
Diluted net income (loss) per share $(0.05) $0.10 $(0.26)
========= ========== ==========
Shares used in basic per-share
computation 474,043 472,828 468,369
========= ========== ==========
Shares used in diluted per-share
computation 474,043 484,825 468,369
========= ========== ==========
Note 1- Includes $52.9 million of inventory charges during the three
months ended December 31, 2004, consisting of $45.0 million of charges
for internal inventory and approximately $7.9 million of charges for
channel inventory.
CONEXANT SYSTEMS, INC.
Reconciliation of GAAP Financial Measures to Non-GAAP
Core Financial Measures
(unaudited, in thousands, except per share amounts)
Three Months Ended
------------------------------
Dec. 31, Sept. 30, Dec. 31,
2005 2005 2004
--------- --------- ----------
GAAP cost of goods sold $134,953 $128,312 $133,465
Stock-based compensation (a) (298) -- --
--------- --------- ----------
Non-GAAP Core cost of goods sold $134,655 $128,312 $133,465
========= ========= ==========
GAAP operating expenses $111,782 $99,681 $130,097
Stock compensation (a) (14,018) (3,019) (2,989)
Transitional salaries and
benefits (b) (217) (1,207) (4,335)
IP litigation support costs (c) (5,657) (2,875) (2,197)
Amortization of intangible assets (d) (7,907) (7,920) (8,293)
Special charges (e) (915) (4,715) (19,257)
--------- --------- ----------
Non-GAAP Core operating expenses $83,068 $79,945 $93,026
========= ========= ==========
GAAP operating loss $(16,029) $(13,077) $(122,941)
Cost of goods sold adjustments
described above (a) 298 -- --
Operating expense adjustments
described above (a-e) 28,714 19,736 37,071
--------- --------- ----------
Non-GAAP Core operating income (loss) $12,983 $6,659 $(85,870)
========= ========= ==========
GAAP net income (loss) $(24,271) $50,081 $(120,718)
Cost of goods sold adjustments
described above (a) 298 -- --
Operating expense adjustments
described above (a-e) 28,714 19,736 37,071
Losses of equity method
investments (f) 2,071 2,055 3,089
Unrealized (gain) loss on Mindspeed
warrant (g) 4,311 (21,951) (14,773)
Gain on sale of equity securities (h) (3,837) (48,975) --
Other (i) -- (633) --
--------- --------- ----------
Non-GAAP Core net income (loss) $7,286 $313 $(95,331)
========= ========= ==========
Basic net income (loss) per share:
GAAP $(0.05) $0.11 $(0.26)
========= ========= ==========
Non-GAAP Core (j) $0.02 $0.00 $(0.20)
========= ========= ==========
Diluted net income (loss) per share:
GAAP $(0.05) $0.10 $(0.26)
========= ========= ==========
Non-GAAP Core (j) $0.02 $0.00 $(0.20)
========= ========= ==========
See "GAAP to Non-GAAP Core Adjustments" below
GAAP to Non-GAAP Core Adjustments:
(a) Stock-based compensation expense for the three months ended
December 31, 2005 is based on the fair value of all stock options
and employee stock purchase plan shares in accordance with SFAS
No. 123(R), which we adopted on October 1, 2005. Stock-based
compensation expense for the three months ended September 30, 2005
and December 31, 2004 is based on the intrinsic value of acquired
or exchanged unvested stock options in business combinations,
which is in accordance with previous accounting standards.
(b) Transitional salaries and benefits represent amounts earned by
employees who have been notified of their termination as part of
the Company's restructuring activities, from the date of their
notification. Included in the amounts for the three months ended
December 31, 2005, September 30, 2005 and December 31, 2004 are
$9, $151 and $296, respectively, of facilities related costs.
(c) IP litigation support costs related to one of the Company's
intellectual property litigation matters.
(d) Amortization of intangible assets resulting from the Company's
previous business combinations.
(e) Restructuring charges, asset impairments, integration costs and
other special items.
(f) Non-operating gains and losses resulting from the Company's equity
method investments.
(g) Non-operating unrealized gains and losses associated with fair
value changes in the Company's ownership of the Mindspeed warrant
accounted for as a derivative instrument.
(h) Recognized gains on the sale of investments.
(i) Other gains and losses which are not part of the core on-going
operations of the Company.
(j) In periods of non-GAAP core net income, the dilutive effect of
stock options and warrants under the treasury stock method has
been added to the basic weighted average shares to compute diluted
weighted average shares. For the three months ended December 31,
2005 and September 30, 2005, 8,651 and 4,633 shares, respectively,
have been added to basic weighted average shares to arrive at
diluted weighted average shares for purposes of the non-GAAP core
diluted net income per share computations.
Non-GAAP Financial Measures:
The Company has presented non-GAAP cost of goods sold, non-GAAP
operating expenses, non-GAAP operating income (loss), non-GAAP net
income (loss) and non-GAAP basic and diluted net income (loss) per
share, on a basis consistent with its historical presentation to
assist investors in understanding the Company's core results of
operations on an on-going basis. These non-GAAP financial measures
also enhance comparisons of the Company's core results of operations
with historical periods. The Company is providing these non-GAAP
financial measures to investors to enable them to perform additional
financial analysis and because it is consistent with the financial
models and estimates published by analysts who follow the Company.
Management believes that these are important measures in the
evaluation of the Company's results of operations. Investors should
consider non-GAAP financial measures in addition to, and not as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. The non-GAAP financial measures
presented by the Company may be different than non-GAAP financial
measures presented by other companies.
GAAP Guidance:
The Company does not present GAAP guidance due to its inability to
project (i) future market prices of the common stock of a third party
underlying a derivative financial instrument, (ii) realized gains or
losses from the sale of equity securities in third parties, and (iii)
the financial results of investments accounted for using the equity
method of accounting.
CONEXANT SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
Dec. 31, Sept. 30, Dec. 31,
2005 2005 2004
----------- ----------- -----------
ASSETS
Current assets:
Cash and cash equivalents (Note
2) $299,228 $202,704 $132,326
Marketable securities (Note 2) 115,570 139,306 135,597
Restricted cash 7,500 -- --
Receivables, net 84,586 87,240 92,864
Inventories 78,831 95,329 136,438
Mindspeed warrant-current portion -- -- 5,634
Other current assets 14,910 14,701 17,521
----------- ----------- -----------
Total current assets 600,625 539,280 520,380
Property, plant and equipment,
net 50,322 50,700 53,266
Goodwill 714,786 717,013 714,852
Intangible assets, net 98,803 106,709 128,947
Mindspeed warrant 28,826 33,137 35,737
Marketable securities-long term
(Note 2) 51,288 38,485 123,266
Other assets 93,441 96,200 112,936
----------- ----------- -----------
Total assets $1,638,091 $1,581,524 $1,689,384
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $196,825 $196,825 $--
Short-term debt 76,568 -- --
Accounts payable 108,041 108,957 89,171
Accrued compensation and benefits 30,085 27,505 44,511
Restructuring and reorganization
liabilities 27,171 28,829 28,205
Other current liabilities 64,114 51,308 51,502
----------- ----------- -----------
Total current
liabilities 502,804 413,424 213,389
Long-term debt 515,000 515,000 711,825
Other liabilities 80,177 84,007 64,741
----------- ----------- -----------
Total liabilities 1,097,981 1,012,431 989,955
----------- ----------- -----------
Shareholders' equity 540,110 569,093 699,429
----------- ----------- -----------
Total liabilities and
shareholders' equity $1,638,091 $1,581,524 $1,689,384
=========== =========== ===========
Note 2- Cash, Cash Equivalents and Marketable Securities
Dec. 31, Sept. 30, Dec. 31,
2005 2005 2004
----------- ----------- -----------
Cash and cash equivalents $299,228 $202,704 $132,326
Other short-term marketable
securities (primarily mutual
funds, domestic government
agencies and corporate debt
securities) 84,099 95,902 2,587
Long-term marketable securities
(primarily domestic government
agencies and corporate debt
securities) 51,288 38,485 123,266
----------- ----------- -----------
Subtotal 434,615 337,091 258,179
----------- ----------- -----------
Equity securities- Skyworks
Solutions, Inc. (6.2 million
shares at December 31, 2005,
September 30, 2005, and December
31, 2004) 31,471 43,404 58,305
Equity securities- SiRF
Technologies, Inc. (zero shares
at December 31, 2005 and
September 30, 2005 and 5.9
million shares at December 31,
2004) -- -- 74,705
----------- ----------- -----------
Total cash, cash equivalents and
marketable securities 466,086 $380,495 $391,189
----------- =========== ===========
Less: Impact of drawdown on line
of credit (net of fees and
required restricted cash balance) (68,024)
-----------
Total cash, cash equivalents and
marketable securities, net of
impact of drawdown on line of
credit $398,062
===========
CONEXANT SYSTEMS, INC.
Selected Other Data
(unaudited, in thousands)
Three Months Ended
-----------------------------
Dec. 31, Sept. 30, Dec. 31,
Revenues By Region: 2005 2005 2004
--------- --------- ---------
Americas $19,210 $20,984 $18,439
Asia-Pacific 196,864 181,311 105,472
Europe, Middle East and Africa 14,632 12,621 16,710
--------- --------- ---------
$230,706 $214,916 $140,621
========= ========= =========
Cash Flow Data:
Depreciation of PP&E $4,433 $4,540 $4,838
Capital expenditures $5,780 $5,365 $2,082
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