Qualcomm Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple Access (CDMA) digital wireless technology, was named the winner of the "2003 Best Financially Managed Company" by the Fabless Semiconductor Association (FSA) for outstanding financial performance. Winners were announced at the FSA's Awards Dinner Celebration on December 4, 2003, at the Santa Clara Convention Center in Santa Clara, Calif. The award was accepted by Dr. Sanjay K. Jha, president of Qualcomm CDMA Technologies (QCT), the chipset and system software division of Qualcomm, in recognition of the division's performance.
Dr. Irwin Mark Jacobs, chairman and CEO of Qualcomm, was the recipient of the FSA's "Dr. Morris Chang Exemplary Leadership Award." This award recognizes individuals for their outstanding achievements and unique contributions to the fabless sector, exemplifying how their vision and global leadership has transformed and elevated the entire semiconductor industry.
The FSA and financial analysts evaluated the performance of publicly traded fabless semiconductor companies by comparing financial indices such as return on investment, return on equity, inventory turns, revenue, net income, days sales outstanding, cash per share, cash burn, gross profit margin, operating margin, current ratio, and selling, general and marketing expenses.
"Qualcomm CDMA Technologies is a leader in the fabless semiconductor industry and a role model for others. Their financial success and recognition demonstrates the value of the fabless business model as a long-term growth strategy," said Jodi Shelton, co-founder and executive director of the FSA. "The FSA also recognized the Company's chairman and CEO, Dr. Irwin M. Jacobs, with the Dr. Morris Chang award. Dr. Jacobs' hard work and determination helped make Qualcomm the industry leader it is today, and his management style and vision for the future of the sector are a great legacy for the fabless leaders of tomorrow. His acceptance of the award further elevates the stature of the honor for future winners."
This is the second year in a row that Qualcomm, the largest fabless semiconductor company, has received this award. Qualcomm CDMA Technologies recently announced its financial performance for fiscal 2003. During this past year, QCT recorded total revenues of $2.4 billion and operating profit of $797 million, representing year-on-year percentage increases of 52% and 81% respectively.
For more information on the awards dinner, please visit http://www.fsa.org/dinner/.
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 the S&P 500 Index and is a 2003 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.