SAN DIEGO-Qualcomm Inc. reported a 311-percent increase in net income for the quarter ended Dec. 28, 1997, from $9 million, or 13 cents per share, a year ago to $37 million, or 50 cents per share.
Revenues for the company’s fiscal 1998 first quarter totaled $786 million, doubling revenues of $389 million during the same quarter a year ago.
Communications systems revenues rose to more than to $677 million during the three-month period, driven by the continued growth in the sales of Code Division Multiple Access phones, Application Specific Integrated Circuits and infrastructure equipment.
“We shipped a record number of CDMA phones and chip sets in the first quarter of fiscal 1998, with good progress in ramping production and improving the yields in our new phone models, particularly in the second half of the quarter,” said Dr. Irwin Jacobs, chairman and chief executive officer of Qualcomm. “In addition, we continued to expand our market position as a major supplier of cdmaOne infrastructure with agreements in Africa, Eastern Europe and Asia during the quarter.”
Earnings per share before one-time items were 58 cents per share. Non-recurring items included the write-off of research and development in process acquired in the purchase of assets from Now Software and the write-down of obsolete leased equipment. These one-time items were partially offset by a gain on the sale of an investment.
