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AVGO - Avago Technologies Limited Announces Third Quarter Fiscal Year 2012 Financial Results

GlobeNewswirePress Release: Avago Technologies – 49 minutes ago

Net revenue up 5.0 percent sequentially to $606 million, up 0.5 percent from Q3 last year
GAAP gross margin of 48.7 percent; Non-GAAP gross margin of 51.2 percent
GAAP earnings per diluted share of $0.58; Non-GAAP earnings per diluted share of $0.72

SAN JOSE, Calif. and SINGAPORE , Aug. 16, 2012 (GLOBE NEWSWIRE) -- Avago Technologies Limited (AVGO), a leading supplier of analog interface components for communications, industrial and consumer applications, today reported financial results for the third quarter of its fiscal year 2012, ended July 29, 2012, and provided guidance for the fourth quarter of its fiscal year 2012.

Third Quarter Fiscal Year 2012 GAAP Results

Net revenue was $606 million, an increase of 5.0 percent compared with the previous quarter and 0.5 percent from the same quarter last year.

Gross margin was $295 million, or 48.7 percent of net revenue. This compares with gross margin of $278 million, or 48.2 percent of net revenue last quarter, and gross margin of $297 million, or 49.3 percent of net revenue in the same quarter last year.

Operating expenses were $146 million. This compares with $141 million in the prior quarter and $152 million for the same quarter the previous year.

Income from operations was $149 million. This compares with $137 million in the prior quarter and with $145 million in the same quarter last year.

Third quarter net income was $145 million, or $0.58 per diluted share. This compares with net income of $134 million, or $0.54 per diluted share for the prior quarter, and net income of $144 million, or $0.57 per diluted share in the same quarter last year.

The Company's cash balance at the end of the third quarter was $973 million, compared to $954 million at the end of the prior quarter.

The Company generated $128 million in cash from operations in the third quarter and spent $65 million on capital expenditures.

On June 29, 2012 the Company paid a quarterly cash dividend of 15 cents ($0.15) per ordinary share, totaling approximately $37 million.

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