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Conexant Closes Q1

Reports sequential revenue growth of 14 percent for first quarter of fiscal year 2002

January 17, 2002

1 Min Read

NEWPORT BEACH, Calif. -- Conexant Systems, Inc. (Nasdaq:CNXT) today announced revenues of $229.5 million for the first quarter of fiscal 2002, which ended Dec. 28, 2001. Revenues increased 14 percent from fourth quarter fiscal 2001 revenues of $201.0 million, exceeding the 10 percent sequential growth expectation established in the company's mid-December updated outlook. First fiscal quarter revenues were driven by strong performance in the company's wireless communications business, which recorded sequential growth of 42 percent, and supported by solid sequential growth in its broadband access business of 8 percent. The pro forma net loss for the first quarter was $107.7 million, or $0.42 per share, an improvement of 21 percent over the pro forma net loss of $136.6 million, or $0.54 per share, in the prior quarter. Pro forma results exclude amortization of intangible assets and special charges. "During the course of the quarter, as our business strengthened progressively, we increased our revenue guidance twice, first from our original expectation of 3 to 5 percent growth to 5 to 7 percent," said Dwight W. Decker, Conexant chairman and chief executive officer. "In December we again raised our outlook, this time to 10 percent sequential growth. Exceeding these expectations, Conexant's first fiscal quarter sequential revenue increased by 14 percent, driven primarily by the sequential growth of 42 percent in our wireless communications business, a result of our strong competitive position in power amplifiers, radio-frequency subsystems, and complete GSM system solutions."Conexant Systems Inc.

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