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 sequentially. * 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 third quarter. * 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: .37 billion, up 15 percent year-over-year, and down 2 percent sequentially. * Net income: 7 million, up 14 percent year-over-year and 3 percent sequentially. * Diluted earnings per share: * 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 sequentially. * 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.).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: 1 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
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