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0000892569-08-000866.txt : 200806020000892569-08-000866.hdr.sgml : 2008060220080602083209ACCESSION NUMBER:0000892569-08-000866CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:34CONFORMED PERIOD OF REPORT:20080529ITEM INFORMATION:Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal OfficersITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080602DATE AS OF CHANGE:20080602
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:CONEXANT SYSTEMS INCCENTRAL INDEX KEY:0001069353STANDARD INDUSTRIAL CLASSIFICATION:SEMICONDUCTORS & RELATED DEVICES [3674]IRS NUMBER:251799439STATE OF INCORPORATION:DEFISCAL YEAR END:0930
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-24923FILM NUMBER:08872384
BUSINESS ADDRESS:STREET 1:4000 MACARTHUR BLVD. E01CITY:NEWPORT BEACHSTATE:CAZIP:92660-3095BUSINESS PHONE:9494839920
MAIL ADDRESS:STREET 1:4000 MACARTHUR BLVD. E01CITY:NEWPORT BEACHSTATE:CAZIP:92660-3095
FORMER COMPANY:FORMER CONFORMED NAME:ROCKWELL SEMICONDUCTOR SYSTEMS INCDATE OF NAME CHANGE:19980929
8-K1a41207e8vk.htmCURRENT REPORT
e8vk
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May29, 2008
Conexant Systems, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
000-24923
(Commission
File Number)
25-1799439
(IRS Employer
Identification No.)
4000 MacArthur Boulevard,
Newport Beach, California 92660
(Address of Principal Executive Offices, including Zip Code)
Registrants telephone number, including area code: (949)483-4600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the Registrant under any of the following provisions:
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
TABLE OF CONTENTS
Item5.02Departure of Directors or Certain Officers; Election of Directors;Appointment of Certain Officers; Compensatory Arrangements of CertainOfficers.Item7.01 RegulationFD Disclosure.Item8.01 Other Events.Item9.01 Financial Statements and Exhibits.SIGNATUREExhibitIndexEXHIBIT 99.1EXHIBIT 99.2EXHIBIT 99.3EXHIBIT 99.4
Table of Contents
Item5.02Departure of Directors or Certain Officers; Election of Directors;Appointment of Certain Officers; Compensatory Arrangements of CertainOfficers.
On May30, 2008 that Companys Board of Directors approved termination of the Companys twodeferred compensation plans, which were open to participation by the members of the Board ofDirectors and by senior management. The affairs of the plans are to be wound-up and the plansclosed as soon as administratively practicable. The deferred compensation amounts associated withthe Deferred Compensation Plan, as amended and restated effective April1, 2000, will be paid outto participants as soon as administratively practicable. Deferred compensation amounts associatedwith the Deferred Compensation Plan, effective January1, 2005, as amended November14, 2007, willbe paid out to participants not less than 12months nor more than 24months from May30, 2008 inaccordance with Treasury Regulation409A.
OnMay30, 2008, the Board of Directors amended the cashcompensation program for independent directors to assist the Companyin the recruitment of new independent directors. Effective May30,2008 through the date of the Companys 2009 annualmeeting of shareowners, any new independent director appointed tothe Board will receive a supplemental cash payment of $50,000. Allother elements of independent director compensation remain unchanged.
On May29, 2008, the Company and Karen Roscher, the Companys Senior Vice President and ChiefFinancial Officer, entered into an Amendment (the Roscher Amendment) to the Employment Agreementdated as of August24, 2007 by and between the Company and Ms.Roscher (the Roscher EmploymentAgreement). Reference is made to the Companys Current Report on Form 8-K dated September5, 2007for a summary description of the material terms of the Roscher Employment Agreement. A copy of theRoscher Employment Agreement was filed as Exhibit10-k-2 to the Companys Annual Report on Form10-K for the fiscal year ended September28, 2007. The Roscher Amendment amends the RoscherEmployment Agreement to provide, among other things, that (i)Ms.Roscher will be paid a retentionbonus of $400,000 on December1, 2009 if she continues to be actively employed by the Companythrough November30, 2009, and (ii)the cash lump-sum payable to Ms.Roscher if the Companyterminates her employment without cause (as defined in the Roscher Employment Agreement, asamended by the Roscher Amendment) will be equal to the sum of (A)any unpaid base salary (and anyother unpaid amounts) accrued through her termination date and (B) $570,000 if her termination dateis on or before November30, 2009 without the retention bonus described in clause (i)above havingbeen paid or $170,000 if her termination date is after November30, 2009. Under the RoscherEmployment Agreement, the cash lump-sum that was previously payable to Ms.Roscher if the Companyterminated her employment without cause was equal to the sum of (1)any unpaid base salary (andany other unpaid amounts) accrued through her termination date, (2)her annual base salary, (3)herannual target bonus, and (4) $50,000.
OnMay29, 2008, the Company and Mark D. Peterson, the Companys Senior Vice President, ChiefLegal Officer and Secretary, entered into an Amendment (the Peterson Amendment) to the EmploymentAgreement dated as of February18, 2008 by and between the Company and Mr.Peterson (the PetersonEmployment Agreement). Reference is made to the Companys Current Report on Form 8-K dated March25, 2008 for a summary description of the material terms of the Peterson Employment Agreement. Acopy of the Peterson Employment Agreement was filed as Exhibit10.5 to the Companys QuarterlyReport on Form 10-Q for the quarter ended March28, 2008. The Peterson Amendment amends thePeterson Employment Agreement to provide, among other things, that (i)Mr.Peterson will be paid a retention bonus of $400,000 within 30days ofthe date of the Peterson Amendment, provided that (A)he will not be considered to have earned suchretention bonus unless he remains actively employed by the Company through the 18-month anniversaryof the date of the Peterson Amendment if the Company terminates his employment for cause orif he resigns without good reason (each as defined in the Peterson Employment Agreement, asamended by the Peterson Amendment) on or before such 18-monthanniversary, in which case he will be required topay back to the Company any portion of such retention bonus actuallyreceived by him, and (B)if the Companyterminates his employment without cause or if he resigns for good reason on or before such18-month anniversary, he will be deemed to have fully earned such retention bonus, and (ii)thecash lump-sum payable to Mr.Peterson if the Company terminates his employment without cause orif he resigns for good reason will be equal to the sum of (A)any unpaid base salary (and anyother unpaid amounts) accrued through his termination date and (B) $150,000. Under the PetersonEmployment Agreement, the cash lump-sum that was previously payable to Mr.Peterson if the Companyterminated his employment without cause or if he resigned for good reason was equal to the sumof (1)any unpaid base salary (and any other unpaid amounts) accrued through his termination date,(2)his annual base salary, (3)his annual target bonus, and (4) $50,000.
Copies of the Roscher Amendment and the Peterson Amendment are filed herewith as Exhibits 99.1 and99.2, respectively, and are incorporated herein by reference.
Item7.01 RegulationFD Disclosure.
On June2, 2008, the Company issued a press release reiterating financial guidance for thethird quarter of fiscal year 2008 and announcing guidance for the fourth quarter of fiscal 2008.The press release is attached to this report as Exhibit99.3 and is incorporated by referenceherein.
Starting on June 2 and through mid-June, 2008 Conexant System Inc.s (the Companys) President,Christian Scherp, and Senior Vice President and Chief Financial Officer, Karen Roscher, will bemeeting with investors and financial analysts to review the Companys transformation following thesale of its BMP business. Mr.Scherp and Ms.Roscher will also be making a presentation at theOppenheimer Annual Communications and Technology Conference in Boston on Tuesday, June3, 2008 todiscuss the Companys transformation following the sale of the BMP business. A copy of theConference Presentation is posted on the Companys Investor Relations website, www.conexant.com/ir,under Webcasts and Presentations.
A copy of the Conference Presentation is attached tothis report as Exhibit99.4 and is incorporated by reference herein. In accordance with GeneralInstruction B.2 to the Form 8-K, the information under this Item7.01 and the ConferencePresentation attached hereto as Exhibit99.4 shall be deemed to be furnished to the SEC and notbe deemed to be filed with the SEC for purposes of the Securities Exchange Act of 1934 nor shallit be deemed incorporated by reference in any filing under the Securities Act of 1933.
Statements made in the Conference Presentation include various aspects of the Companys strategic,business and financial plans. Statements made in the Conference Presentation, which are nothistorical, are forward-looking and based on managements estimates, objectives, vision,projections, forecasts, plans, anticipations, targets, drivers, strategies, beliefs, intent,
2
Table of Contents
expectations, outlook, opportunities and initiatives, and thus are subject to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995. See Forward-LookingStatements in the Conference Information, included in the Appendices.
Item8.01 Other Events.
On June2, 2008, the Company issued a press release announcing that it plans to effect areverse stock split of the Companys common stock at a split ratio of 1-for-10.
On February20, 2008, the Companys shareowners voted to give the Board of Directors the authorityfor one year to effect a reverse stock split at one of four ratios. On May30, 2008, the Board ofDirectors approved a reverse stock split of the Companys common stock at a split ratio of 1 newshare for 10 old shares; there will be no change in the $0.01 par value of each share. Thereverse stock split will be effective after the close of the NASDAQ Stock Market on Friday, June27, 2008, at which time the Companys authorized shares of common stock will be decreased from 1billion to 100,000,000. No further shareowner approval or action is necessary.
The reverse stock split is intended to increase the per share trading price of the Companys commonstock, which should make it more attractive to a broader range of institutional and otherinvestors. The reverse split is also intended to satisfy the Companys compliance with the NASDAQprice criteria for continued listing.
Item9.01 Financial Statements and Exhibits.
(d)Exhibits:
Thefollowing exhibits are filed or funished with this report on Form 8-K:
Exhibit No. Description of Exhibit
99.1
Amendment dated as of May29, 2008 to Employment Agreement dated as of August24, 2007 by and between the Company and Karen Roscher.
99.2
Amendment dated as of May 29, 2008 to Employment Agreement dated as ofFebruary18, 2008 by and between the Company and Mark D.Peterson.
99.3
Press Release of Registrant dated June2, 2008.
99.4
Slide presentation at Oppenheimer Annual Communications andTechnology Conference.
3
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, theregistrant has duly caused this report to be signed on its behalf by the undersigned hereunto dulyauthorized.
Date:May30, 2008
Conexant Systems, Inc.
By: /s/ Mark D. Peterson
Name: Mark D. Peterson
Title: Senior Vice President,Chief Legal Officer and Secretary
4
Table of Contents
ExhibitIndex
Exhibit No. Description of Exhibit
99.1
Amendment dated as of May29, 2008 to Employment Agreement dated as of August24, 2007 by and between the Company and Karen Roscher.
99.2
Amendment dated as of May29, 2008 to Employment Agreement dated as ofFebruary18, 2008 by and between the Company and Mark D.Peterson.
99.3
Press Release of Registrant datedJune2, 2008.
99.4
Slide presentation at Oppenheimer Annual Communications andTechnology Conference.
5
EX-99.12a41207exv99w1.htmEXHIBIT 99.1
exv99w1
Exhibit99.1
AMENDMENT TO EMPLOYMENT AGREEMENT
ThisAMENDMENT (the Amendment) is entered into as of this 29 day of May, 2008 (theAmendment Effective Date), by and between Conexant Systems, Inc., a Delaware corporation (theCompany), and Karen Roscher (the Executive).
WHEREAS, the parties hereto previously entered into an employment agreement dated as of August24, 2007 (the Employment Agreement); and
WHEREAS, the parties hereto wish to amend the Employment Agreement in accordance with theterms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein andother good and valuable consideration, the receipt and sufficiency of which are herebyacknowledged, the parties hereto agree as follows:
1.A new Section5(b)(iii) is hereby added to the Employment Agreement to read as follows:
(iii)On the first business day after November30, 2009, the Company willpay to the Executive a retention bonus in the gross amount (subject to applicablewithholdings) of $400,000 (the Retention Bonus), provided that the Executive isactively employed by the Company through and beyond November30, 2009.
2.Section9(e)(i) of the Employment Agreement is hereby amended and restated in its entiretyto read as follows:
(i)payment by the Company to the Executive of a cash lump sum equal to:
(A) any accrued but unpaid Base Salary through the Dateof Termination and all other unpaid amounts, if any, which theExecutive has accrued and is entitled to as of the Date ofTermination; and
(B) subject to Section23(a), $570,000 if the Date ofTermination is on or before November30, 2009 (and provided that theRetention Bonus has not been paid and is not payable to theExecutive), or $170,000 if the Date of Termination is after November30, 2009.
3.Clause (ii)in the definition of Cause contained in Section24 of the EmploymentAgreement is hereby amended and restated in its entirety to read as follows:
(ii)the Executives substantial and repeated failure to perform the duties ofthe office(s) held by the Executive, as reasonably directed by the Board or theChief Executive Officer of the Company, if such failure is not cured within thirty(30)days after the Executive receives written notice thereof;
4.Continued Validity of the Employment Agreement. Except as amended and supersededby this Amendment, the Employment Agreement will remain in full force and effect, will continue tobind the parties hereto, and will continue to govern the terms and conditions of the Executivescontinued employment with the Company. To the extent that the terms of this Amendment conflict orare inconsistent with the terms of the Employment Agreement, the terms of this Amendment willgovern.
5.Entire Agreement. This Amendment and the Employment Agreement, to the extent notamended and superseded by this Amendment, constitute the entire agreement between the partieshereto respecting the employment of the Executive with the Company (the Entire Agreement). Therebeing no representations, warranties, or commitments between the parties hereto except as set forthin the Entire Agreement, the Entire Agreement replaces and supersedes any other employmentagreement or arrangement, oral or written, between the Executive and the Company or any of itsAffiliates or predecessors.
6.Amendment Effective Date. This Amendment will become binding once both partieshereto have executed this Amendment. Once executed, this Amendment will be effective as of theAmendment Effective Date.
7.Governing Law. This Amendment, the rights and obligations of the parties hereto,and any claims or disputes relating thereto, will be governed by and construed in accordance withthe laws of the State of California (but not including the choice of law rules thereof).
8.Counterparts. This Amendment may be executed in several counterparts, each ofwhich shall be deemed to be an original, and all such counterparts when taken together shallconstitute one and the same original.
IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused thisAmendment to be duly executed on their behalf, as of the day and year first written above.
CONEXANT SYSTEMS, INC.
By:/s/ Michael Visney
Name:MichaelVisney
Title:SeniorVicePresidentHumanResources
KAREN ROSCHER
/s/Karen Roscher
2
EX-99.23a41207exv99w2.htmEXHIBIT 99.2
exv99w2
Exhibit99.2
EXECUTION COPY
AMENDMENT TO EMPLOYMENT AGREEMENT
ThisAMENDMENT (this Amendment) is entered into as of this 29day of May, 2008 (theAmendment Effective Date), by and between Conexant Systems, Inc., a Delaware corporation (theCompany), and Mark Peterson (the Executive).
WHEREAS, the parties hereto previously entered into an employment agreement dated as ofFebruary18, 2008 (the Employment Agreement); and
WHEREAS, the parties hereto wish to amend the Employment Agreement in accordance with theterms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein andother good and valuable consideration, the receipt and sufficiency of which are herebyacknowledged, the parties hereto agree as follows:
1.A new Section5(b)(iii) is hereby added to the Employment Agreement to read as follows:
(iii)Within thirty (30)days following the Amendment Effective Date (asthat term is defined in the amendment to this Agreement datedMay29, 2008), theCompany will pay to the Executive a retention bonus in the gross amount (subjectto applicable withholdings) of $400,000 (the Retention Bonus). Once paid to theExecutive, the Retention Bonus will not be considered to be earned by theExecutive unless he remains actively employed by the Company through the 18-monthanniversary of the Amendment Effective Date (the Vesting Date). In the eventthat the Executive is involuntarily terminated by the Company for Cause, or if theExecutive resigns from his employment with the Company other than for Cause, on orbefore the Vesting Date, then the Executive will be required to pay back to theCompany within thirty (30)days following his Date of Termination any portion ofthe Retention Bonus actually received by him, or if the Retention Bonus has notbeen paid to the Executive by such Date of Termination, then the Company will notbe obligated to make such payment. If the Executive is involuntarily terminatedby the Company for a reason other than Cause, or if the Executive resigns from hisemployment with the Company for Good Reason (as defined in Section23 of theEmployment Agreement), on or before the Vesting Date, then the Executive will bedeemed to have fully earned the Retention Bonus.
2.Section9(e)(i) of the Employment Agreement is hereby amended and restated in its entiretyto read as follows:
(i)payment by the Company to the Executive of a cash lump sum equal to:
(A) any accrued but unpaid Base Salary through the Dateof Termination and all other unpaid amounts, if any, which theExecutive has accrued and is entitled to as of the Date ofTermination; and
(B) subject to Section22(a), $150,000.
3.Clause (ii)in the definition of Cause contained in Section23 of the EmploymentAgreement is hereby amended and restated in its entirety to read as follows:
(ii)the Executives substantial and repeated failure to perform the duties ofthe office(s) held by the Executive, as reasonably directed by the Board or theChief Executive Officer of the Company, if such failure is not cured within thirty(30)days after the Executive receives written notice thereof;
4.Continued Validity of the Employment Agreement. Except as amended and supersededby this Amendment, the Employment Agreement will remain in full force and effect, will continue tobind the parties hereto, and will continue to govern the terms and conditions of the Executivescontinued employment with the Company. To the extent that the terms of this Amendment conflict orare inconsistent with the terms of the Employment Agreement, the terms of this Amendment willgovern.
5.Entire Agreement. This Amendment and the Employment Agreement, to the extent notamended and superseded by this Amendment, constitute the entire agreement between the partieshereto respecting the employment of the Executive with the Company (the Entire Agreement). Therebeing no representations, warranties, or commitments between the parties hereto except as set forthin the Entire Agreement, the Entire Agreement replaces and supersedes any other employmentagreement or arrangement, oral or written, between the Executive and the Company or any of itsAffiliates or predecessors.
6.Amendment Effective Date. This Amendment will become binding once both partieshereto have executed this Amendment. Once executed, this Amendment will be effective as of theAmendment Effective Date.
2
7.Governing Law. This Amendment, the rights and obligations of the parties hereto,and any claims or disputes relating thereto, will be governed by and construed in accordance withthe laws of the State of California (but not including the choice of law rules thereof).
8.Counterparts. This Amendment may be executed in several counterparts, each ofwhich shall be deemed to be an original, and all such counterparts when taken together shallconstitute one and the same original.
IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have caused thisAmendment to be duly executed on their behalf, as of the day and year first written above.
CONEXANT SYSTEMS, INC.
By: /s/MichaelVisney
Name:MichaelVisney
Title:SeniorVicePresidentHumanResources
MARK PETERSON
/s/Mark Peterson
DateMay29,2008
3
EX-99.34a41207exv99w3.htmEXHIBIT 99.3
exv99w3
Exhibit99.3
Editorial Contact:
Investor Relations Contact:
Gwen Carlson
Ryan Bright
Conexant Systems, Inc.
Shelton Group
(949) 483-7363
(972) 239-5119, ext. 159
CONEXANT CONFIRMS GUIDANCE FOR THE THIRD FISCAL QUARTER
AND PROVIDES EXPECTATIONS FOR THE FOURTH QUARTER
Company also Announces that Previously Approved Reverse Stock
Split
Will Occur on June27, 2008
NEWPORT BEACH, Calif., June2, 2008 Conexant Systems, Inc. (NASDAQ: CNXT) today announcedthat it expects financial results for the third quarter of fiscal 2008 to be at the high end of theguidance range established entering the quarter. The company also provided guidance for the fourthfiscal quarter based on the expected performance of its two continuing businesses, which consist ofImaging and PC Media and Broadband Access. On April29, 2008, Conexant announced a definitiveagreement to sell its Broadband Media Processing product lines to NXP Semiconductors for up to $145million. That transaction is expected to close within approximately 45days.
In addition, the company announced today that it plans to execute a reverse stock split at asplit ratio of 1-for-10, effective after the close of trading on June27, 2008.
Third Quarter Fiscal 2008 Expectations
Entering the third quarter of fiscal 2008, the company expected revenues to be in a rangebetween $167million and $171million, core gross margins to be between 44.5percent and 45.5percent of revenues, core operating expenses to be in a range between $72million and $74million,and core operating income to be in a range between breakeven and $5million. Including the effectsof the reverse stock split, the company anticipated a core net loss of between $0.17 and $0.06 pershare.
The company now expects to deliver performance at the high end of the ranges provided forrevenues and core gross margins, and at the low end of the range on core operating expenses.
Fourth Quarter Fiscal 2008 Expectations
For the September-ending fourth fiscal quarter, excluding results from its Broadband MediaProcessing product lines, Conexant expects revenues to be in a range between $115million and $120million, core gross margins to be between 49.5percent and 50.5percent of revenues, and coreoperating expenses to be between $45million and $47million. As a result, and including theeffects of the reverse stock split, the company anticipates core operating income of $12million to$14million, and core net income of $0.08 to $0.12 per share.
Over the past three quarters, the Conexant team has done an outstanding job of reducingoperating expenses, said Scott Mercer, Conexants chief executive officer. As part of ourstrategic restructuring, we also exited several unprofitable product segments. When we completethe sale of our Broadband Media Processing assets, we will be a new company with a dramaticallyimproved cost structure, higher gross margins, and lower operating expenses, which is reflected inour expectations for the fourth fiscal quarter.
The New Conexant
The new Conexant will consist of two business units delivering semiconductor solutions for atotal available market that is greater than $3billion today and expected to grow over the nextthree years. The Imaging and PC Media team will be focused on providing products targeted athigh-volume, high-growth applications that include imaging, audio, PC video, and videosurveillance. The Broadband Access team will continue to deliver DSL products for client-side andcentral-office applications, and for higher-speed, next-generation technologies that include VDSL2and passive optical networking.
The company holds a top-three leadership position in each of the major segments it addresses.
We are focused on strengthening our market-leading positions by accelerating investments inthe areas that offer the best opportunities for profitable growth in the future, Mercer said.For the next fiscal year, we expect to deliver moderate revenue growth. We also anticipate thatwe will maintain core gross margins of approximately 50percent of revenues and deliver additional savings in core operating expenses, which shouldenable us to generate cash consistently on an operating basis.
Conexants Reverse Stock Split
In February2008, Conexant shareholders approved a proposal giving the companys board ofdirectors the authority to effect a reverse stock split. In May, the board approved a reversestock split at a 1-for-10 split ratio that will take effect on Friday, June27, 2008 after theclose of trading on the NASDAQ Stock Market. At that time, shareholders will be entitled toreceive one new share for each 10 shares held, and cash consideration for any resulting fractionalshares. All Conexant common stock, stock options, and restricted stock will be proportionallyadjusted to reflect the reverse split.
The reverse stock split will increase the per-share trading price of the companys commonstock, which is intended to make the stock more attractive to a broader range of investors andsatisfy NASDAQs minimum-bid listing requirement.
Investor Presentations
Over the next several weeks, Conexant executives will be presenting information on the companyin a series of meetings with analysts, investors, and prospective investors. A copy of thepresentation that will be used in these meetings is available on the companys Web site atwww.conexant.com. In addition, Christian Scherp, Conexant president, and Karen Roscher, seniorvice president and chief financial officer, will make a presentation at Oppenheimers AnnualCommunications and Technology Conference tomorrow, June3, at 11:50a.m. Eastern time. A live Webcast of the presentation will be accessible on Conexants Web site. A replay will be availablethree hours after the conclusion of the Web cast, and will be accessible for approximately 90days.
About Conexant
Conexants comprehensive portfolio of innovative semiconductor solutions includes products forInternet connectivity, digital imaging, and media processing applications. Conexant is a fablesssemiconductor company that recorded revenues of $809million in fiscal year 2007. The company isheadquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Thisrelease includes forward-looking statements intended to qualify for the safe harbor from liabilityestablished by the Private Securities Litigation Reform Act of 1995. These forward-lookingstatements generally can beidentified by phrases such as Conexant or its management believes, expects, anticipates,foresees, forecasts, estimates or other words or phrases of similar import. Similarly,statements in this release that describe our business strategy, outlook, objectives, plans,intentions or goals also are forward-looking
statements. All such forward-looking statements aresubject to certain risks and uncertainties that could cause actual results to differ materiallyfrom those in the forward-looking statements.
These risks and uncertainties include, but are not limited to: pricing pressures and othercompetitive factors; our ability to timely develop and implement new technologies and to obtainprotection for the related intellectual property; the cyclical nature of the semiconductor industryand the markets addressed by our products and our customers products; volatility in the technologysector and the semiconductor industry; our successful development of new products; the timing ofour new product introductions and our product quality; demand for and market acceptance of our newand existing products; our ability to anticipate trends and develop products for which there willbe market demand; the availability of manufacturing capacity; changes in our product mix; productobsolescence; the ability of our customers to manage inventory; the risk that capital needed forour business and to repay our indebtedness will not be available when needed; the risk that thevalue of our common stock may be adversely affected by market volatility; our ability tosuccessfully complete and close any pending or planned acquisitions or divestitures on a timelybasis; the substantial losses we have incurred; the uncertainties of litigation, including claimsof infringement of third-party intellectual property rights or demands that we license third-partytechnology, and the demands it may place on the time and attention of our management and theexpense it may place on our company; general economic and political conditions and conditions inthe markets we address; and possible disruptions in commerce related to terrorist activity or armedconflict, as well as other risks and uncertainties, including those detailed from time to time inour Securities and Exchange Commission filings.
The forward-looking statements are made only as of the date hereof. We undertake noobligation to update or revise the forward-looking statements, whether as a result of newinformation, future events or otherwise.
###
Conexant is a registered trademark of Conexant Systems, Inc. Other brands and names contained inthis release are the property of their respective owners.
EX-99.45a41207exv99w4.htmEXHIBIT 99.4
exv99w4
Exhibit 99.4
Company Update
June 2008
Safe Harbor
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This presentation includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities LitigationReform Act of 1995. These forward-looking statements generally can be identified by phrases such as Conexant or itsmanagement "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases ofsimilar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans,intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certainrisks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
These risks and uncertainties include, but are not limited to: pricing pressures and other competitive factors; our abilityto timely develop and implement new technologies and to obtain protection for the related intellectual property; thecyclical nature of the semiconductor industry and the markets addressed by our products and our customers' products;volatility in the technology sector and the semiconductor industry; our successful development of new products; thetiming of our new product introductions and our product quality; demand for and market acceptance of our new andexisting products; our ability to anticipate trends and develop products for which there will be market demand; theavailability of manufacturing capacity; changes in our product mix; product obsolescence; the ability of our customersto manage inventory; the risk that capital needed for our business and to repay our indebtedness will not be availablewhen needed; the risk that the value of our common stock may be adversely affected by market volatility; our ability tosuccessfully complete and close any pending or planned acquisitions or divestitures on a timely basis; the substantiallosses we have incurred; the uncertainties of litigation, including claims of infringement of third-party intellectualproperty rights or demands that we license third-party technology, and the demands it may place on the time andattention of our management and the expense it may place on our company; general economic and political conditionsand conditions in the markets we address; and possible disruptions in commerce related to terrorist activity or armedconflict, as well as other risks and uncertainties, including those detailed from time to time in our Securities andExchange Commission filings. The forward-looking statements are made only as of the date hereof. We undertake noobligation to update or revise the forward-looking statements, whether as a result of new information, future events orotherwise.
The New Conexant
Conexant Senior Management Team
Scott Mercer, CEO
Christian Scherp, President
Karen Roscher, CFO
Overall Company Strategy
Financial Performance
Financial Strategy
Product Strategy
BU Performance
Customer Relationships
Financial Management
Business Planning
Investor Relations
25 Years - Tech Industry
Conexant Board - 5 Years
Serves on 5 Tech Boards
18 Years - Tech Industry
VP GM Infineon
SVP Worldwide Sales CNXT
MSEE and MBA
26 Years Tech Industry
- Motorola and Freescale
CPA and MBA
Focus
Experience
Broadband Media Processing
Broadband Media Processing
Sale of Set-top Box business
to NXP
Retain access to all IP
Strategic Restructuring
2007
Wireless Networking
Broadband Access
Imaging and PC Media
Wireless Networking
Discontinue investments
Retain WiFi IP for DSL
gateway products
Strategy
Broadband Access
Imaging and PC Media
2008
Strategy
Focus and grow existingsegment
Leverage strengths to enternew high-growth markets
Focus on high-growth
markets such as VDSL,
PON, and CPE gateway
Strategic Restructuring
Eliminated unprofitablebusinesses
Reduced operatingexpenses
Improved financialperformance - generatingpositive cash flow
Reduced total headcountfrom 2,900 to 1,500
Focus on growth
markets targeting
No.1 or No. 2 positions
Results
The New Conexant
Revenue
Broadband Access
Imaging and PC Media 1st Qtr 2nd Qtr East 195 270
60%
40%
VDSL #2
SHDSL #1
PON #3
Two Businesses with Leadership Positions Across Major Segments
Video #2
Audio #3
Modems #1
2007 2008 2009 2010 2011 ADSL 640 605.6 536.64 441.56 369.63 VDSL 115.36 152.8 210 300 360 SHDSL 43 43 41 41 40 PON 4 40 65 78 100 Modem 300 221 184 150 119 Imaging 1000 900 800 800 800 Video 300 521 751 850 1000 Audio 400 519 670 800 950
The Conexant Opportunity
Conexant Total Semiconductor TAM ($M)
$ CAGR = 7%
Conexant is Targeting a Growing $3B Market
Source: Dell'Oro, IDC, Conexant internal analysis
Imaging and PC Media "IPM"Opportunity
Diversification of IPM
PC TV
Video Surveillance
PC Modems
Point of Sale
Set-top Box
Industrial
PC Audio
Speakers
Audio Subsystems
Audio
Video
MFP
Fax
Imaging
Modems
IPM Today
Less than 20 Percent of FY09 Revenue from PC Modems
Universal Access 2006
PC Modem/Fax
PC Audio
PC TV
IPM Products and Customers
Audio
Video
Imaging
Modems
HP, Toshiba, Lenovo,Polycom, Dell, Acer
Dell, Lenovo, HP,Hauppauge, Acer,AVerMedia, Pinnacle,Tyco, Hitachi
Sharp, Panasonic,Brother, Samsung,Canon, HP, Lexmark
HP, Sharp, Humax, DellAcer, VeriFone,Hypercom, Ingenico,Lenovo, Sony, Huawei
Product Segments
Products
Key Customers
#3
#2
#2
#1
HD Audio ICs
Speakers-on-a-chip
HD audio codecs
Decoders, demodulators,
MPEG compression/
decompression engine
Decoders, media bridges
Fax datapump
Fax and MFP system solution
controllers (SoC)
"Soft" and controller-
based dial-up modems
PC Audio
Speakers
Audio Subsystems
PCTV
Video Surveillance
MFP
Fax
PC Modems
Industrial, POS,
Set-top Box
IPM Market Opportunity FY07 FY08 FY09 FY10 FY11 Modem 300 221 184 150 119 Imaging 1000 900 800 800 800 Video 300 521 751 850 1000 Audio 400 519 670 800 950
Source: IDC, Conexant internal analysis
IPM Market Offers a Significant Growth Opportunity
IPM Total Semiconductor TAM ($M)
$ CAGR = 7%
IPM Competitive Advantage
Extensive IP portfolio and technical expertise
DSP, analog and mixed signal design, and software/firmware expertise
In-depth understanding of voice processing and video technologies
Computing and imaging application and system knowledge
In-depth understanding of system and subsystem requirements
Customer base comprised of market leaders
Solid, long-term business relationships of up to 15 years
Deep understanding of customers' products, strategies, and decisionprocesses
Access to customers' ecosystems
Enhanced go-to-market model via distribution and channel partner strategy
Leadership Positions in Imaging, Video, Audio, and Modems
Broadband Access "BBA"
Opportunity
BBA Products and Customers
ADSL
SHDSL
VDSL
PON
Nokia-Siemens, Huawei,Siemens, Netgear,Linksys, Alcatel-Lucent,ZTE, Dare, Foxconn
Alcatel-Lucent, Cisco,
Nokia-Siemens, Huawei
Alcatel-Lucent, NEC,
Motorola, 2Wire,
Ericsson, ZTE, Alpha,Zyxel, Zhone
Alcatel-Lucent
Others (not announced)
Product Segments
Products
Key Customers
CO
CPE
CPE Gateway
IAD
16 & 24 port SoCs
Gateway SoCs w/int.
network processor, Wi-Fi,VoIP, VPN
CO
CPE Data Only
Multi-channel PHYw/network processor
GPON gateway SoCs
w/int. MAC/framer, VoIP,
GbE, packet and encryptionaccelerator, LS2 switch
BPON MAC/Framer
8-port SoC
Gateway SoC w/int. networkprocessor, VoIP, GbE,
packet and encryptionaccelerator, pair bonding
CO
CPE Data Only
CPE Gateway
IAD
ONT Gateway
ONT IAD
#2
#2
#1
#3
BBA Market Opportunity 2007 2008 2009 2010 2011 ADSL 640 605.6 536.64 441.56 369.63 SHDSL 43 43 41 41 40 VDSL 115.36 152.8 210 300 360 PON 4 40 65 78 100
Source: IDC, Dell'Oro, Conexant internal analysis
BBA Total Semiconductor TAM ($M)
A Market Environment with Growth Opportunities in VDSL and PON
Leadership in DSL Shipments
Source: Dell'Oro & Conexant Estimates - March 2008
Conexant
TI
Infineon
Broadcom
Ikanos
Others
6%
9%
31%
32%
11%
11%
Conexant Shipped Over 53M DSL Ports in 2007
170M Worldwide DSL Port Shipments in 2007
Leadership in DSL Deployments
Conexant Has Shipped Over 280M DSL Ports to Date
Our DSL Technology is Deployed at Over 50 Major Service Providers Worldwide
BBA Competitive Advantage
Strong expertise in DSP, network processors, mixed signal,and software enables complete solutions and faster time tomarket
Complete end-to-end portfolio ensures compatible productsfor faster ADSL, VDSL, SHDSL, and PON deployments
Strong partnership with Tier-1 OEMs, ODMs, and more than50 operators worldwide
Largest ADSL footprint worldwide with leading set of CO and CPE customers
Exclusive provider of VDSL technology for AT&T
Established PON business with Alcatel-Lucent for AT&T
Targeting Products that Take Advantage of Operator Investments
in VDSL and PON, Driven by IPTV and Triple-play Services
Financial Review
Reverse Stock Split
The Conexant board of directors voted to effect areverse stock split at a one-for-10 ratio, effectiveJune 27, 2008
Conexant's resulting shares outstanding will beapproximately 49.4 million
Recent Financial Accomplishments
Delivered on commitment to cut costs
Reduced OPEX by 20% in the past three quarters
Reduced OPEX as a percentage of revenue by 8 points
Achieved significant cost savings throughheadcount reductions and unprofitable productline reductions
Improved cash-flow performance
Reduced debt through non-core asset sales
$54M of senior secured notes retired in Q2 FY08
Impact of BMP Sale to NXP
Gross margin will improve approximately 5percentage points
R&D will decline by more than $20M or about 5percent of revenue
Will generate cash on an operating basis
Majority of proceeds will be offered to seniorsecured note holders
($0.17) to ($0.06)
Reconfirming Q3 Guidance with Performance Expected atTop of the Range after Reverse Stock Split
Q3 FY08(Core)
Third Fiscal Quarter Guidance
Revenue
Gross Margin
Operating Expenses
Operating Income
Core Earnings Per Share
$167M - $171M
44.5% - 45.5%
$72M - $74M
$0M - $5M
Financial information contained herein is presented as non-GAAP
Q4 Guidance After Reverse Stock Split
Q4 FY08(Core)
Fourth Fiscal Quarter Guidance
Revenue
Gross Margin
Operating Expenses
Operating Income
Core Earnings Per Share
Before discontinued operations
$115M - $120M
49.5% - 50.5%
$45M - $47M
$0.08 to $0.12
$12M - $14M
Financial information contained herein is presented as non-GAAP
Financial Opportunities
Growing revenue
Aggressively managing expense base
Consistent, positive operating and free cash flow
Debt reduction
Driving Future Value
The New ConexantOpportunity
The New Conexant Opportunity
Delivered on restructuring initiatives
Eliminated unprofitable businesses
Improved financial performance
Generating positive cash flow
Focused on No.1 or No.2 market positions ingrowing $3B market
Diversified IPM product portfolio addresses growthopportunities in audio, video, and imaging
Plan to leverage growth in IPTV and Triple-play services
Committed to delivering profitable growth
5% -10% revenue growth, 50% gross margins, and 15%operating income
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