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Qualcomm sales meet guidance, earnings slip

Posted by iMark - 2005-11-04

MANHASSET, N.Y. — CDMA technology supplier Qualcomm Inc. posted earnings of $538 million, or 32 cents per share on sales of $1.56 billion in its fourth fiscal 2005 quarter ended Sept. 25, compared to earnings of $560 million, or 33 cents per share on sales of $1.36 billion in the previous quarter.

Qualcomm (San Diego, Calif.) met the raised guidance it announced in September. Previously, Qualcomm expected fourth fiscal quarter revenue of $1.43 to $1.53 billion, with pro forma diluted earnings per share of 29 to 31 cents.

For fiscal 2005, Qualcomm (San Diego) posted net earnings of $2.14 billion, or $1.26 per share on sales of $5.67 billion, compared with $1.8 billion, or $1.07 per share on sales of $5.0 billion in fiscal 2004.

Qualcomm's cash, cash equivalents and marketable securities totaled $8.7 billion at the end of fiscal 2005, compared to $7.9 billion the end of the previous quarter and $7.6 billion the end of the previous fiscal year. Research and development expenses were $271 million in the fourth fiscal quarter and $1.0 billion in fiscal 2005, up 30 and 40 percent year-over-year, respectively.

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