IRVINE, Calif. -- Broadcom Corp. here finished the fourth quarter and fiscal year with record revenues of $160.8 million and $518.2 million, respectively, the company reported here today.
Sizzling Broadcom, the largest supplier of broadband communications ICs, also today announced that it was acquiring BlueSteel Networks Inc., a supplier of data-security chips, for about $120 million in stock (see today's story ). To top the day off, Broadcom also announced a 2-for-1 stock split. Broadcom's stock closed at $328, up $33 on the day.
"Our fourth quarter capped another strong year of growth for Broadcom, as we ramped even more aggressively on deployment of our products into the marketplace and experienced the fruits of the five acquisitions we made during the year," said Henry T. Nicholas III, Broadcom's president and CEO. Broadcom's revenue stream in 1999 would likely make it the industry's largest fabless semiconductor company.
Revenue for the fourth quarter represented an increase of 116% over the $74.6 million reported in the fourth quarter of 1998. Net income was a record $36.9 million, compared with net income of $8.0 million in the fourth quarter of 1998, an increase of 360%.
Diluted earnings per share for the fourth quarter of 1999 were 31 cents, compared with diluted earnings of 7 cents per share for the same period in 1998.
For the full year, revenue was 139% over the $216.5 million reported for 1998. Net income for 1999, before one-time charges for merger and litigation settlement costs, was arecord $105.8 million, compared with $24.6 million for 1998. The company, , earned 91 cents per share, versus 24 cents per share in fiscal 1998.