SAN DIEGO -- July 16, 2003 -- Qualcomm Incorporated (Nasdaq: QCOM) today announced that its Board of Directors has approved a 40 percent increase in the Company's quarterly dividend from $0.05 to $0.07 per common share, payable on September 26, 2003 to stockholders of record at the close of business on August 29, 2003.
"As a result of our very strong cash position and the recent change in the U.S. tax law making the distribution of dividends more efficient, we are pleased to increase the cash payout to shareholders," said Dr. Irwin Mark Jacobs, chairman and CEO of Qualcomm. "Our business continues to generate excellent positive cash flows at the same time revenues and earnings continue to grow."
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., Qualcomm is included in theS&P500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
This news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: changing global economic conditions, particularly in the telecommunications and Internet-related industries and the resulting uncertainty in forecasting future results; the ability to sustain or improve operational efficiency and profitability; the development, deployment and commercial acceptance of evolving CDMA technology standards; developments in current or future litigation; and international business activities, as well as the other risks detailed from time-to-time in the Company's SEC reports.