Qualcomm 1999 Annual Report Download - page 39

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(In thousands, except per share data) QUALCOMM Incorporated
SELECTED FINANCIAL DATA
Years Ended September 30,(1)
1999 1998 1997 1996 1995
STATEMENT OF INCOME DATA:
Revenues $ 3,937,299 $ 3,347,870 $ 2,096,365 $ 813,850 $ 386,612
Operating expenses:
Cost of revenues 2,485,072 2,333,399 1,518,006 535,861 213,170
Research and development 381,139 349,483 235,922 162,340 80,171
Selling, general and administrative 425,941 410,347 236,188 123,085 72,672
Other(2) 240,007 11,976 8,792 ——
Total operating expenses 3,532,159 3,105,205 1,998,908 821,286 366,013
Operating income (loss) 405,140 242,665 97,457 (7,436) 20,599
Interest expense (14,698) (8,058) (11,012) (3,354) (2,264)
Investment income (expense), net 24,576 (46,663) 45,266 37,417 21,545
Distributions on Trust Convertible Preferred Securities
of subsidiary trust (39,297) (39,270) (23,277) ——
Other(3) (69,035) ————
Income before income taxes 306,686 148,674 108,434 26,627 39,880
Income tax expense(4) (105,807) (40,142) (16,500) (5,600) (9,700)
Net income $ 200,879 $ 108,532 $ 91,934 $ 21,027 $ 30,180
Net earnings per common share:(5)
Basic $ 1.35 $ 0.78 $ 0.68 $ 0.16 $ 0.28
Diluted $ 1.24 $ 0.73 $ 0.64 $ 0.15 $ 0.26
Shares used in per share calculations:(5)
Basic 148,678 138,406 134,670 131,115 106,833
Diluted 162,472 147,924 143,774 140,669 115,114
BALANCE SHEET DATA:
Cash, cash equivalents and investments $1,684,926 $ 303,324 $ 808,858 $ 354,281 $ 578,996
Working capital 2,101,861 655,611 982,117 425,231 599,633
Total assets 4,534,950 2,566,713 2,274,680 1,185,330 940,717
Bank lines of credit 112,000 151,000 110,000 80,700 —
Other debt and capital lease obligations 3,894 6,921 10,967 13,142 39,494
Company-obligated mandatorily redeemable Trust Convertible
Preferred Securities of a subsidiary trust holding solely
debt securities of the Company 659,555 660,000 660,000 ——
Total stockholders’ equity 2,871,755 957,596 1,024,178 844,913 799,617
(1) The Company’s fiscal years end on the last Sunday in September. As a result, fiscal 1996 includes 53 weeks.
(2) Consists of asset impairment and other charges related to the Ericsson transaction and restructuring charges in 1999, acquired in-process research and development
and asset impairment charges in 1998, and asset impairment charges in 1997 (see “Financial Review”).
(3) Consists of non-operating charges related to financial guarantees on projects which the Company will no longer pursue as a result of the Ericsson transaction and the
write-off of assets related to an investment in the Ukraine and loans to an investee of Leap Wireless (see “Financial Review”).
(4) Includes the tax benefit of $22 million in 1997 and $3 million in 1995 from a reduction in the valuation allowance to recognize deferred tax assets.
(5) Net earnings per common share and shares used in per share calculation were retroactively restated for 1997 — 1995 in connection with the adoption of Statement of
Financial Accounting Standards No. 128, “Earnings Per Share.” See Note 1 of “Notes to Consolidated Financial Statements.” On April 14, 1999, the Company’s Board of
Directors declared a two-for-one stock split of the Company’s common stock in the form of a stock dividend. The stock dividend was distributed on May 10, 1999 to
stockholders of record on April 21, 1999. All references to number of shares and per share amounts have been restated to reflect this stock split.