Conexant Reports $213.1 Million in Revenue for the Fourth Fiscal Quarter of 2004.RED BANK, N. J. -- 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 announced revenues of $213.1 million for the fourth quarter of fiscal 2004, which ended Oct. 1, 2004. The company's fourth fiscal quarter performance was consistent with its revised outlook provided on Sept. 30, 2004. The merger of Conexant and GlobespanVirata was completed on Feb. 27, 2004. Since then, results have been reported on a combined-company basis. Certain financial comparisons in this press release present combined-company results with pre-merger Conexant-only results. Fourth fiscal quarter 2004 revenues of $213.1 million decreased 20 percent from the third fiscal quarter revenues of $267.6 million. Fourth fiscal quarter 2004 revenues increased 29 percent over fourth fiscal quarter 2003 revenues of $164.7 million as a result of the merger. The net loss for the fourth quarter of fiscal 2004 was $367.5 million, or $0.79 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 net income of $37.2 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2003, and a net loss of $71.4 million, or $0.15 per diluted share, in the third quarter of fiscal 2004. Included in the fourth quarter of fiscal 2004 net loss is a $256.0 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of deferred tax assets. Fiscal year 2004 revenues of $901.9 million increased 50 percent over fiscal 2003 revenues of $600.0 million as a result of the merger. The net loss for fiscal 2004 was $541.6 million, or $1.39 per diluted share, compared to a net loss in fiscal 2003 of $705.3 million, or $2.56 per diluted share. The net loss in fiscal 2003 includes a $728.9 million loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Conexant provides pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results as a supplement to financial statements 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). ). Conexant uses pro forma information to evaluate its operating performance and believes this presentation provides investors with additional insight into its underlying operating results. A full reconciliation between the GAAP results from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and pro forma net income is included 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. Fourth fiscal quarter 2004 pro forma 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. was $9.6 million, or 4.5 percent of revenues, compared to a pro forma operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $6.7 million in the year-ago quarter, and a pro forma operating profit of $8.1 million in the third quarter of fiscal 2004. On a pro forma basis, net loss for the fourth quarter of 2004 was $0.02 per diluted share, compared to a net profit of $0.03 per diluted share in the fourth quarter of 2003. For fiscal year 2004, pro forma net profit was $40.6 million, or $0.09 per diluted share, compared to fiscal 2003 pro forma net profit of $28.6 million, or $0.10 per diluted share. "Conexant's sequential One after the other in some consecutive order such as by name or number. decline in revenues to $213.1 million in the fourth fiscal quarter was largely due to excess channel inventory that resulted from lower-than-expected customer demand," said Armando Geday, Conexant's chief executive officer. "As is often the case during an inventory correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. , our revenue decline was exacerbated by average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. erosion erosion (ĭrō`zhən), general term for the processes by which the surface of the earth is constantly being worn away. The principal agents are gravity, running water, near-shore waves, ice (mostly glaciers), and wind. caused by an unfavorable product mix as newer, more valuable products were slower to ramp. While our visibility continues to be limited, we remain confident in Conexant's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects." Gross margin for the fourth fiscal quarter of 2004 was 40 percent of net revenues. Pro forma 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. for the quarter were $95.1 million, an improvement of $9.3 million or 9 percent compared to pro forma operating expenses of $104.4 million for the third fiscal quarter of 2004. The company's cash, cash equivalents and short- and long-term investments totaled $439.7 million at the end of the quarter. First Fiscal Quarter 2005 Outlook Beginning in the first quarter of fiscal 2005, Conexant will no longer assume conversion of its convertible debt for purposes of pro forma reporting. As a result, interest expense from the company's convertible debt will be included in other expenses, and shares represented by the convertible debt will be excluded from the fully diluted share count when calculating pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share. "For the first quarter of fiscal 2005, we expect Conexant revenues to be down sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , to a range between $175 million and $185 million as a result of continued excess inventory consumption," Geday said. "We anticipate that we will again generate gross margins of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 40 percent of revenues, and we expect pro forma operating expenses to decline to $93 million for the quarter as we complete previously announced expense-reduction initiatives. Finally, we anticipate that our pro forma non-GAAP net loss per share will range from $0.06 to $0.07, based on approximately 475 million fully diluted shares." Note to Editors, Analysts and Investors Conexant's conference call will take place on Thursday Thursday: see week. , Nov. 4, 2004, at 5:00 p.m. Eastern time / 2:00 p.m. Pacific time. To listen to the conference call via telephone, dial 866-710-0179 (domestic) or 334-323-9854 (international); 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, enterprise networks 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. (SM) 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. that recorded more than $900 million in revenues in fiscal year 2004. The company has approximately 2,400 employees worldwide, and is headquartered in Red Bank, N.J. To learn more, please visit us at 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. Statement This press release contains statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our future results (including certain projections and business trends) that are "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. " as defined in 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. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: 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; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; 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 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 risk that the businesses of Conexant and GlobespanVirata will not be integrated successfully, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings. These 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" , and 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.
Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Three months ended Year ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Net revenues $213,123 $164,703 $901,854 $599,977
Cost of goods sold 127,681 92,592 523,129 338,161
Gross margin 85,442 72,111 378,725 261,816
Operating expenses:
Research and development
(including non-cash stock
compensation of $2,233 and
$5,364 for the three and
twelve months ended
September 30, 2004,
respectively, and $33 and
$477 for the three and
twelve months ended
September 30, 2003,
respectively) 72,766 41,527 239,971 159,354
Selling, general and
administrative (including
non-cash stock
compensation of $744
and $1,773 for the
three and twelve
months ended September
30, 2004, and $0 and
$1,272 for the three
and twelve months
ended September 30,
2003, respectively) 35,692 23,955 125,474 93,426
Amortization of intangible
assets 8,205 914 20,769 3,437
In-process research and
development -- -- 160,818 --
Special charges (See Note 1) 15,388 4,794 29,801 18,379
Total operating
expenses 132,051 71,190 576,833 274,596
Operating income (loss) (46,609) 921 (198,108) (12,780)
Gain on extinguishment of debt -- -- -- (42,021)
Other (income) expense, net 78,517 (34,977) 99,808 5,808
Income (loss) before income
taxes (125,126) 35,898 (297,916) 23,433
Provision (benefit) for income
taxes 242,365 (1,314) 243,733 (129)
Income (loss) from continuing
operations (367,491) 37,212 (541,649) 23,562
Discontinued operations, net
of tax -- -- -- (728,877)
Net income (loss) $(367,491) $37,212 $(541,649)$(705,315)
Income (loss) per share,
basic:
Continuing operations $(0.79) $0.14 $(1.39) $0.09
Discontinued operations -- -- -- (2.72)
Net income (loss) $(0.79) $0.14 $(1.39) $(2.63)
Income (loss) per share,
diluted:
Continuing operations $(0.79) $0.12 $(1.39) $0.09
Discontinued operations -- -- -- (2.65)
Net income (loss) $(0.79) $0.12 $(1.39) $(2.56)
Number of shares used in per
share computation - basic 467,556 273,241 389,630 268,586
Number of shares used in per
share computation - diluted 467,556 303,488 389,630 275,230
The consolidated statements of operations include the results of
operations of GlobespanVirata, Inc. from Feb. 27, 2004, the date of
the company's merger with GlobespanVirata. No restatement has been
made to earlier periods.
Note 1 - Special charges consist of asset impairments, restructuring
charges, integration costs, other special items and gains and losses
on the disposal of certain operating assets.
CONEXANT SYSTEMS, INC.
Pro Forma (Non-GAAP) Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Three months ended Year ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Net revenues $213,123 $164,703 $901,854 $599,977
Cost of goods sold 127,681 92,592 522,317 338,161
Gross margin 85,442 72,111 379,537 261,816
Operating expenses:
Research and development 64,495 41,467 227,827 158,799
Selling, general and
administrative 30,574 23,942 115,874 92,117
Total operating
expenses 95,069 65,409 343,701 250,916
Pro forma operating income
(loss) (9,627) 6,702 35,836 10,900
Other income, net (944) (2,684) (6,854) (17,527)
Pro forma income (loss) before
income taxes (8,683) 9,386 42,690 28,427
Provision (benefit) for income
taxes 698 (1,314) 2,066 (129)
Pro forma net income (loss) $(9,381) $10,700 $40,624 $28,556
Basic income (loss) per share
pro forma (non-GAAP) $(0.02) $0.04 $0.10 $0.10
Diluted income (loss) per share
pro forma (non-GAAP) $(0.02) $0.03 $0.09 $0.10
Number of shares used in per
share computation - basic -
pro forma (non-GAAP) 492,897 292,742 412,612 286,007
Number of shares used in per
share computation - diluted -
pro forma (non-GAAP) 494,676 315,625 430,880 292,651
The pro forma (non-GAAP) consolidated statements of operations include
the results of operations of GlobespanVirata, Inc. from Feb. 27, 2004,
the date of the company's merger with GlobespanVirata. No restatement
has been made to earlier periods.
Pro forma operating income (loss), pro forma net income (loss), and
basic and fully diluted income (loss) per share pro forma (non-GAAP)
excludes certain non-cash and special items related to operations,
certain non-operating gains and losses and interest expense on the
convertible subordinated notes. The company believes these measures of
income provide a better understanding of its underlying operating
results and the company uses these measures internally to evaluate its
underlying operating performance. These measures of income are not in
accordance with, or an alternative for, generally accepted accounting
principles and may be different from pro forma measures used by other
companies.
Basic weighted-average shares of common stock outstanding assume
conversion of $711.8 million of convertible subordinated notes at
their applicable conversion prices. Diluted weighted-average shares of
common stock outstanding also includes the effect of outstanding
options and warrants using the treasury stock method.
A reconciliation of consolidated statements of operations, shares and
per share information as determined under generally accepted
accounting principles with the pro forma net income (loss), pro forma
share and per share information presented above is presented in the
following table.
CONEXANT SYSTEMS, INC.
Reconciliation of Consolidated Statements of Operations to
Pro Forma (Non-GAAP) Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Three months ended Year ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Income (loss) from continuing
operations (unaudited) $(367,491) $37,212 $(541,649) $23,562
Non-cash and special items:
Amortization of intangible
assets 8,205 914 20,769 3,437
In-process research and
development -- -- 160,818 --
IP litigation support costs 2,680 -- 5,274 --
Special charges (See Note 2) 15,388 4,794 29,801 18,379
Stock compensation 2,977 33 7,137 1,749
Transitional salaries and
benefits (See Note 3) 7,732 -- 9,020 --
Gain on debt extinguishment -- -- -- (42,021)
Interest expense on
convertible subordinated
notes 8,180 6,473 29,877 27,862
Payroll taxes associated
with stock options
exercised by employees -- 40 313 115
Equity in losses (earnings)
of equity method investees (1,672) (114) (14,422) 3,119
Unrealized loss (gain) on
note receivable from
Skyworks -- (11,234) 6,292 (9,402)
Unrealized loss (gain) on
Mindspeed warrant 54,284 (30,230) 92,663 (30,230)
Inventory impairment -- -- 812 --
Environmental charge 376 1,202 376 1,202
Federal income tax refund (14,749) -- (14,749) --
Impairment of deferred tax
assets 255,738 -- 255,738 --
Loss (gain) on sales of
investments and assets 6,148 (3,390) (20,869) (8,618)
Write-down of investments 12,823 5,000 13,423 39,402
Pro forma net income (loss) $(9,381) $10,700 $40,624 $28,556
Income (loss) per share,
basic:
Income (loss) from
continuing operations (GAAP) $(0.79) $0.14 $(1.39) $0.09
Non-cash and special items 0.77 (0.10) 1.49 0.01
Pro forma (non-GAAP) income
(loss) $(0.02) $0.04 $0.10 $0.10
Income (loss) per share,
diluted:
Income (loss) from
continuing operations (GAAP) $(0.79) $0.12 $(1.39) $0.09
Non-cash and special items 0.77 (0.09) 1.48 0.01
Pro forma (non-GAAP) income
(loss) $(0.02) $0.03 $0.09 $0.10
Number of shares used in per
share computation - basic
(GAAP) 467,556 273,241 389,630 268,586
Assumed conversion of
convertible subordinated
notes 25,341 19,501 22,982 17,421
Number of shares used in per
share computation - basic -
pro forma (non-GAAP) 492,897 292,742 412,612 286,007
Effect of stock options and
warrants 1,779 22,883 18,268 6,644
Number of shares used in per
share computation - diluted -
pro forma (non-GAAP) 494,676 315,625 430,880 292,651
Note 2 - Special charges consist of asset impairments, restructuring
charges, integration costs, other special items and gains and losses
on the disposal of certain operating assets.
Note 3 - Transitional salaries and benefits of $7,732 and $9,020 for
the three months and year ended Sept. 30, 2004, represent amounts
earned by employees, from the beginning of each period presented, who
have been notified of their termination as part of our restructuring
activities. Included in the above amounts are $295 of facilities
related costs.
CONEXANT SYSTEMS, INC.
Consolidated Condensed Balance Sheets
(unaudited, in thousands)
September 30, September 30,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents (See Note 4) $139,031 $76,186
Marketable securities (See Note 4) 163,040 99,283
Receivables, net 185,037 79,557
Inventories 194,754 59,548
Deferred income taxes -- 13,600
Mindspeed warrant - current portion 3,599 --
Other current assets 20,768 26,524
Total current assets 706,229 354,698
Property, plant and equipment, net 55,741 36,310
Goodwill 708,544 56,865
Intangible assets, net 135,241 12,506
Deferred income taxes -- 241,260
Mindspeed warrant 23,000 119,230
Marketable securities - long-term (See
Note 4) 137,604 --
Other assets 114,163 110,838
Total assets $1,880,522 $931,707
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $143,187 $55,909
Accrued compensation and benefits 40,423 28,865
Restructuring and reorganization
liabilities 22,427 12,091
Other current liabilities 62,390 24,816
Total current liabilities 268,427 121,681
Convertible subordinated notes 711,825 581,825
Other liabilities 68,883 61,435
Total liabilities 1,049,135 764,941
Shareholders' equity 831,387 166,766
Total liabilities and
shareholders' equity $1,880,522 $931,707
The consolidated condensed balance sheet at Sept. 30, 2004, includes
the assets and liabilities at fair value of GlobespanVirata, Inc. and
allocation of purchase price to intangibles and goodwill as of Feb.
27, 2004, the date of the company's merger with GlobespanVirata,
adjusted for subsequent changes.
Note 4 - Total cash, cash equivalents and marketable securities at
Sept. 30, 2004, and at Sept. 30, 2003, are as follows:
Sept. 30, Sept. 30,
2004 2003
Cash and cash equivalents $139,031 $76,186
Skyworks 15% convertible senior subordinated notes -- 55,566
Equity securities - Skyworks Solutions, Inc. (6.2
million shares at September 30, 2004, 0.5 million
shares at September 30, 2003) 61,767 4,576
Equity securities - SiRF Technologies, Inc. (5.9
million shares at September 30, 2004) 87,509 --
Other short-term marketable securities (primarily
mutual funds, domestic government agencies and
corporate debt securities) 13,764 39,141
Long-term marketable securities (primarily domestic
government agencies and corporate debt securities) 137,604 --
$439,675 $175,469
CONEXANT SYSTEMS, INC.
Selected Other Data
(unaudited, in thousands)
Three months ended Year ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
Selected Data -- From Continuing
Operations (See Note 5):
Depreciation (See Note 6) $4,814 $3,252 $16,151 $16,828
Capital expenditures 3,641 6,289 17,563 19,844
Revenues By Region:
Americas $23,822 $18,145 $101,264 $68,738
Asia-Pacific 167,236 128,474 721,693 481,055
Europe, Middle East and
Africa 22,065 18,084 78,897 50,184
$213,123 $164,703 $901,854 $599,977
Note 5 - Continuing operations excludes the discontinued Mindspeed
Technologies Internet infrastructure business which was spun-off in
June 2003.
Note 6 - Does not include amortization of intangible assets, as
applicable.
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