Qualcomm (NASDAQ: QCOM) was namedto Deloitte & Touche's prestigious "Fast 500" Program, a ranking ofthe 500 fastest growing technology companies in the United States. Rankings are based on a five-year percentage growth in revenues from 1993 to 1997. The compound growth rate of Qualcomm's revenues was 88 percent from 1993 to 1997. This is the second consecutive year Qualcomm has appeared on the Fast 500 list.
"Today there are more than 22,000 high technology companies in the United States, many of whom are competing for the same markets. The Fast 500 winners have proven that they can compete successfully by consistently delivering technological wonders. We at Deloitte & Touche commend Qualcomm for having the vision and determination to become one of the fastest-growing technology companies in the United States," said Mark Evans, managing director Deloitte and Touche High Technology Industry Group.
"We are pleased to be recognized by Deloitte and Touche as one of the nation's fastest growing technology companies," said Dr. Irwin M. Jacobs, chairman and CEO of Qualcomm. "The growing acceptance of Qualcomm's Code Division Multiple Access (CDMA) technology worldwide and the dedication of each one of our 11,000 employees has contributed to Qualcomm's continued success in the global wireless marketplace."
To qualify for the Fast 500, companies must have had revenues of at least $50,000 in 1993, be headquartered in the United States and be defined as a "technology company" (i.e., a company which produces technology, manufactures a technology product, is technologically intensive, uses technology in problem-solving, or devotes a high percentage of effort to research and development of technology.)
Deloitte & Touche, one of the nation's leading professional services firms, provides accounting and auditing, tax, and management consulting services through 23,000 people in offices in more than 100 U.S. cities. Deloitte & Touche is part of Deloitte & Touche Tohmatsu, a global leader in professional services with more than 72,000 people in over 125 countries. For more information on Deloitte & Touche Technology Fast 500 program, visit the web site at: www.us.deloitte.com/fast500.
Qualcomm Incorporated (NASDAQ: QCOM) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. The Company's major business areas include CDMA phones; Application Specific Integrated Circuits (ASICs); wireless infrastructure; technology licensing; and satellite-based systems including OmniTRACS® and portions of the Globalstar™ system. Qualcomm is headquartered in San Diego, Calif. Qualcomm's fiscal 1998 revenues exceeded U.S. $3 billion. For more information, please visit the Company's web site at http://www.qualcomm.com.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including timely product development, the Company's ability to successfully manufacture significant quantities of CDMA or other equipment on a timely and profitable basis and those related to performance guarantees, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 27, 1998 and most recent Form 10-Q.