On Thursday, Shares of Avago Technologies Limited (NASDAQ:AVGO), gained 0.63% to $142.38, hitting its highest level.
Avago Technologies, stated financial results for the second quarter of its fiscal year 2015, ended May 3, 2015, and offered guidance for the third quarter of its fiscal year 2015.
Second Quarter Fiscal Year 2015 GAAP Results
Net revenue was $1,614 million, a decrease of 1 percent from $1,635 million in the previous quarter and an enhance of 130 percent from $701 million in the same quarter last year.
Gross margin was $846 million, or 52 percent of net revenue. This compares with gross margin of $826 million, or 51 percent of net revenue last quarter, and gross margin of $357 million, or 51 percent of net revenue in the same quarter last year.
Operating expenses were $428 million. This compares with $425 million in the preceding quarter and $197 million for the same quarter last year.
Operating income was $418 million, or 26 percent of net revenue. This compares with operating income of $401 million, or 25 percent of net revenue, in the preceding quarter, and $160 million, or 23 percent of net revenue, in the same quarter last year.
Net income, which comprises the impact of suspended operations, was $344 million, or $1.21 per diluted share. This compares with net income of $351 million, or $1.26 per diluted share, for the preceding quarter, and net income of $158 million, or $0.61 per diluted share in the same quarter last year.
The Company’s cash balance at the end of the second fiscal quarter was $2.5 billion, contrast to $2.6 billion at the end of the preceding quarter.
The Company generated $663 million in cash from operations and spent $177 million on capital expenditures in the second fiscal quarter of 2015.
Within the quarter, the Company repaid $605 million of its outstanding term loan.
On March 31, 2015, the Company paid a quarterly cash dividend of $0.38 per ordinary share, totaling about $99 million.
Avago Technologies Limited designs, develops, and supplies semiconductor devices with a focus on analog III-V based products. The company operates through four segments: Wireless Communications, Wired Infrastructure, Enterprise Storage, and Industrial & Other segments.
Shares of Bank of the Ozarks, Inc. (NASDAQ:OZRK), inclined 0.02% to $45.24, during its last trading session, hitting its highest level.
S&P SmallCap 600 constituent Bank of the Ozarks, will replace Exelis Inc. (XLS) in the S&P MidCap 400, and Hawaiian Holdings Inc. (HA) will replace Bank of the Ozarks in the S&P SmallCap 600 after the close of trading on Thursday, May 28. S&P 500 constituent Harris Corp. (HRS) is acquiring Exelis in a deal predictable to be accomplished before the opening of trading on Friday, May 29.
Bank of the Ozarks, Inc. operates as the bank holding company for Bank of the Ozarks that provides a range of retail and commercial banking services. The company accepts various deposits products, such as checking, savings, money market, time deposit, and individual retirement accounts.
At the end of Thursday’s trade, Shares of Hawaiian Holdings Inc. (NASDAQ:HA), lost -1.63% to $24.76.
Shannon Okinaka has been designated to the position of executive vice president and chief financial officer of Hawaiian Holdings and its wholly-owned partner, Hawaiian Airlines. The Board of Directors of Hawaiian Holdings voted unanimously to elevate Okinaka at the company’s May 21 meeting. She has been serving as senior vice president and interim chief financial officer since January 2015, filling a vacancy left by the departure of CFO Scott Topping.
Okinaka has served as vice president - controller of Hawaiian Airlines since 2011. She joined the company as a senior director in charge of Sarbanes-Oxley compliance and special projects. Preceding to joining Hawaiian Airlines, Okinaka worked for Hawaiian Electric Co. and Coopers & Lybrand/PricewaterhouseCoopers.
A native of Hilo, Okinaka holds a Bachelor of Business Administration from the University of Hawai’i at Manoa.
Hawaiian Holdings, Inc., through its partner, Hawaiian Airlines, Inc., engages in the planned air transportation of passengers and cargo. It offers daily services on North America routes between the state of Hawaii and Los Angeles, Oakland, Sacramento, San Diego, San Francisco, and San Jose, California; Las Vegas, Nevada; Phoenix, Arizona; Portland, Oregon; and Seattle, Washington, in addition to daily services on its neighbor island routes among the four major islands of the state of Hawaii.
Finally, The Kroger Co. (NYSE:KR), ended its last trade with -0.34% loss, and closed at $73.94.
The Kroger, family of stores will be firing up grills in parking lots across the country to reignite customers’ passion for summer grilling during the first-of-its-kind Kroger Red, White and Barbecue event in local stores.
Customers can take in the aroma and sample the spicy smokiness of Western Chipotle Roasted Chicken Pizza or relish the savory crunch of North Carolina Piedmont Slaw during the two-week event starting later this week. This ultimate food event will bring recipes from across the country to each local store, with cooking demonstrations and samples that will bring those recipes to life.
Customers can visit www.kroger.com/bbqtime to find grilling tips and view regionally-inspired recipes. They can also enter to win one of several Ultimate Grill Packages by sharing a photo of their summertime celebration on Twitter or Instagram and tagging their Kroger family of stores banner or on Facebook using #redwhitebbq.
The Kroger Co., together with its auxiliaries, operates as a retailer in the United States and internationally. It also manufactures and processes food for sale in its supermarkets. The company operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
