Conexant Reports Financial Results for the Second Quarter of Fiscal 2008

Non-GAAP Financial Measures:

We have presented non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net (loss) income and non-GAAP basic and diluted net (loss) income per share, on a basis consistent with our historical presentation to assist investors in understanding our core results of operations on an on-going basis. These non-GAAP financial measures also enhance comparisons of our core results of operations with historical periods. We are providing these non-GAAP financial measures to investors to enable them to perform additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow our company. Management believes that these are important measures in the evaluation of our results of operations. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by us may be different than non-GAAP financial measures presented by other companies.

GAAP Guidance:

We do not present GAAP guidance due to our inability to project (i) future market prices of the common stock of a third party underlying a derivative financial instrument, (ii) realized gains or losses from the sale of equity securities in third parties, and (iii) the financial results of investments accounted for using the equity method of accounting.

CONEXANT SYSTEMS, INC.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

   
 
March 28, September 28,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 164,112 $ 235,605
Marketable securities
Restricted cash 8,800 8,800
Receivables 73,084 80,906
Inventories 55,387 63,174
Other current assets   27,136   20,361
Total current assets 328,519 408,846
 
Property, plant and equipment, net 52,650 67,967
Goodwill 286,037 406,323
Intangible assets, net 28,218 26,067
Other assets   53,157   76,766
Total assets $ 748,581 $ 985,969
 
LIABILITIES AND SHAREHOLDERS EQUITY
 
Current liabilities:
Current portion of long-term debt $ $ 58,000
Short-term debt 71,096 80,000
Accounts payable 69,924 80,667
Accrued compensation and benefits 22,809 26,154
Other current liabilities   51,751   70,631
Total current liabilities 215,580 315,452
 
Long-term debt 471,400 467,000
Other liabilities   59,669   57,002
Total liabilities   746,649   839,454
 
Shareholders equity   1,932   146,515
Total liabilities and shareholders equity $ 748,581 $ 985,969
 

CONEXANT SYSTEMS, INC.

Selected Other Data

(unaudited, in thousands)

   
 
Three Months Ended Six Months Ended
March 28,   December 28,   March 30,

March 28,

  March 30,
2008   2007   2007 2008   2007
 
Revenues By Region:
Americas $ 13,388 $ 14,747 $ 25,587 $ 28,135 $ 63,361
Asia-Pacific 151,210 172,191 160,574 323,401 355,331
Europe, Middle East and Africa   9,394   10,020   13,704   19,414   26,707
$ 173,992 $ 196,958 $ 199,865 $ 370,950 $ 445,399
 
Cash Flow Data:
Depreciation of PP&E $ 5,825 $ 5,709 $ 6,143 $ 11,534 $ 11,989
Capital expenditures $ 2,075 $ 1,614 $ 7,723 $ 3,689 $ 14,939

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