Revenues $1.37 Billion, EPS $0.31
Pro Forma Revenues $1.37 Billion, EPS $0.29
SAN DIEGO, April 20 /PRNewswire-FirstCall/ -- QUALCOMM Incorporated
(Nasdaq: QCOM), pioneer and world leader of Code Division Multiple
Access (CDMA) digital wireless technology, today announced results for
its second fiscal quarter ended March 27, 2005.
Total QUALCOMM Second Quarter Results:
* Revenues: $1.37 billion, up 12 percent year-over-year and down
2 percent sequentially.
* Net income: $532 million, up 9 percent year-over-year and 4 percent
* Diluted earnings per share: $0.31, up 7 percent year-over-year and
3 percent sequentially.
* Effective tax rate: approximately 16 percent for the quarter. Fiscal
2005 estimated tax rate of approximately 24 percent.
* Operating cash flow: $821 million, up 6 percent year-over year;
60 percent of revenue.
* Dividends: paid $230 million in cash dividends and announced a
29 percent increase in quarterly dividends payable starting in the
* Stock repurchase: on March 8 announced a two-fold increase in stock
repurchase authority to $2 billion. From the date of announcement
through April 19, 2005, repurchased approximately 19.5 million shares
at a net cost of approximately $688 million. Sold a put option that
may, if exercised, require us to repurchase an additional 5.75 million
shares at approximately $33.75 per share for a net cost of
approximately $194 million.
QUALCOMM Pro Forma Second Quarter Results:
Pro forma results exclude the QUALCOMM Strategic Initiatives (QSI)
segment and a one-time tax benefit recorded in the second quarter of
fiscal 2005 and are presented as if the "New Method"(1) of recording
royalties had been in use in the prior year.
* Revenues: $1.37 billion, up 15 percent year-over-year, and down
2 percent sequentially.
* Net income: $487 million, up 14 percent year-over-year and 3 percent
* Diluted earnings per share: $0.29, up 12 percent year-over year and
4 percent sequentially.
* Effective tax rate: approximately 27 percent for the quarter. Fiscal
2005 estimated tax rate of approximately 28 percent.
* Free cash flow: $741 million, up 3 percent year over year;
54 percent of revenue. (Defined as net cash from operating activities
less capital expenditures.)
Detailed reconciliations between total QUALCOMM results and QUALCOMM
pro forma results and cash flows are included at the end of this news
release. Prior period reconciliations are presented on our Investor
Relations web page at www.qualcomm.com .
Date: Wed, 20 Apr 2005 23:07:39 -0400
From: Monty Solomon <firstname.lastname@example.org>
Subject: Cingular Wireless Posts Solid First-Quarter Results:
Organization: TELECOM Digest
X-Telecom-Digest: Volume 24, Issue 175, Message 2 of 11
-- Net subscriber additions of more than 1.4 million
-- 50.4 million subscribers at quarter's end
-- Gross subscriber additions of 4.8 million
-- Monthly subscriber churn of 2.2 percent overall and 1.9 percent in
-- 210 basis-point sequential improvement in normalized OIBDA margin
-- Continued progress in GSM conversion, with 84 percent of minutes now
on Cingular's GSM network
-- Integration initiatives continue on schedule
ATLANTA, April 20 /PRNewswire/ -- Cingular Wireless, the nation's
largest wireless provider, today posted solid first-quarter results
driven by continued strong subscriber growth, improved churn and
sequential margins, and strength in data and enterprise services.
Cingular delivered net subscriber additions of more than 1.4 million and
ended the first quarter with 50.4 million subscribers.
Gross additions were nearly 4.8 million while churn was 2.2 percent --
a sequential improvement of 20 basis points. In addition, OIBDA
margin -- normalized to exclude direct merger integration costs
-- increased to 25.5 percent, which is a sequential improvement of 210
basis points. ("Pro forma" results reflect the acquisition of AT&T
Wireless, plus related acquisitions and dispositions, as if they had
occurred on January 1, 2003.)