Avago Technologies Limited Announces Fourth Quarter and Fiscal

Avago Technologies Limited Announces Fourth Quarter and Fiscal Year 2015 Financial Results

AVAGO TECHNOLOGIES LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)


	Fiscal Quarter Ended									Fiscal Year Ended
	November 1,			August 2,			November 2,			November 1,			November 2,
		2015			2015			2014			2015			2014

Net revenue	$	1,840		$	1,735		$	1,590		$	6,824		$	4,269
Cost of products sold:
Cost of products sold		712			694			678			2,750			1,911
Purchase accounting effect on inventory		-			26			10			30			210
Amortization of intangible assets		129			129			108			484			249
Restructuring charges		2			2			6			7			22
Total cost of products sold		843			851			802			3,271			2,392
Gross margin		997			884			788			3,553			1,877

Research and development		287			276			234			1,049			695
Selling, general and administrative		118			143			129			486			407
Amortization of intangible assets		63			68			91			249			197
Restructuring and asset impairment charges		15			98			33			137			140
Total operating expenses		483			585			487			1,921			1,439

Operating income		514			299			301			1,632			438
Interest expense		(41	)		(43	)		(54	)		(191	)		(110	)
Other income, net		12			11			16			26			14
Income from continuing operations before income taxes		485			267			263			1,467			342
Provision for income taxes		15			23			126			76			33
Income from continuing operations		470			244			137			1,391			309
Loss from discontinued operations, net of income taxes		(41	)		(4	)		(2	)		(27	)		(46	)
Net income	$	429		$	240		$	135		$	1,364		$	263

Basic income per share:
Income per share from continuing operations	$	1.70		$	0.92		$	0.54		$	5.27		$	1.23
Loss per share from discontinued operations, net of income taxes	$	(0.15	)	$	(0.01	)	$	(0.01	)	$	(0.10	)	$	(0.18	)
Net income per share	$	1.55		$	0.91		$	0.53		$	5.17		$	1.05

Diluted income per share:
Income per share from continuing operations	$	1.64		$	0.85		$	0.50		$	4.95		$	1.16
Loss per share from discontinued operations, net of income taxes	$	(0.15	)	$	(0.01	)	$	-		$	(0.10	)	$	(0.17	)
Net income per share	$	1.49		$	0.84		$	0.50		$	4.85		$	0.99

Shares used in per share calculations:
Basic		276			265			254			264			251
Diluted		287			287			272			281			267

Share-based compensation expense included in continuing operations:
Cost of products sold	$	7		$	7		$	6		$	26		$	18
Research and development		30			31			19			107			57
Selling, general and administrative		26			25			24			99			78
Total share-based compensation expense	$	63		$	63		$	49		$	232		$	153

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