LSI REPORTS FIRST QUARTER 2007 RESULTS -11% YEAR-OVER-YEAR REVENUE GROWTH IN STORAGE SEMICONDUCTORS AND SYSTEMS

26/apr/2007 11.30.00 CynthiaCartaAdv. Contatta l'autore

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LSI REPORTS FIRST QUARTER 2007 RESULTS

 

First Quarter 2007 Earnings Per Share Exceed Guidance

 

First Quarter News Release Summary

 

g First quarter 2007 revenues of $465 million

 

g First quarter 2007 GAAP* net income of 7 cents per diluted share

 

g First quarter 2007 non-GAAP** net income of 11 cents per diluted share

 

g Cash and short-term investments of $1 billion

 

 

Second Quarter 2007 Business Outlook

 

g Projected revenues of $715 million to $745 million

 

g GAAP* net loss range of 40 - 49 cents per diluted share

 

g Non-GAAP** net income in the range of 0 - 3 cents per diluted share

 

 

*      Generally Accepted Accounting Principles.

**     Excludes stock-based compensation, amortization of acquisition-related intangibles, restructuring of operations and other items, net, and acquired in-process research and development. It also excludes the income tax effect associated with the above mentioned items.


 

11% YEAR-OVER-YEAR REVENUE GROWTH IN STORAGE SEMICONDUCTORS AND SYSTEMS

 

MILPITAS, Calif., April 25, 2007 - LSI Corporation (NYSE: LSI) today reported first quarter 2007 revenues of $465 million, compared to $476 million in the first quarter of 2006 and $524 million in the fourth quarter of 2006. LSI first quarter results do not include the results of the former Agere Systems, as the merger transaction occurred April 2, after the first quarter’s close.

 

First quarter 2007 GAAP* net income was $30 million or 7 cents per diluted share, compared to first quarter 2006 GAAP net income of $13 million or 3 cents per diluted share. First quarter 2007 GAAP results compare to fourth quarter 2006 GAAP net income of $59 million or 14 cents per diluted share. First quarter 2007 GAAP net income included $11.2 million of stock-based compensation expense, and a net charge of $3.3 million from special items, acquisition-related amortization, restructuring and their related tax effect.

 

First quarter 2007 non-GAAP** net income was $44.3 million or 11 cents per diluted share, compared to first quarter 2006 non-GAAP net income of $40 million or 10 cents per diluted share. Fourth quarter 2006 non-GAAP net income was $75 million or 18 cents per diluted share.

 

Cash and short-term investments totaled more than $1 billion at quarter end. As previously announced, the LSI board has authorized the repurchase of up to $500 million of the company’s common stock. LSI expects to begin repurchases in the near future.

 

“LSI had solid financial results in a challenging quarter,” said Abhi Talwalkar, LSI president and chief executive officer. “Our first quarter business was driven by continued strong sales of storage semiconductor and system products, including a faster than expected ramping of our entry level SAS storage systems for small and medium businesses. I am also pleased with our rapid progress in integrating with Agere and identifying opportunities for profitable growth. I am confident that the competitive advantages created by this merger will yield meaningful results in the coming quarters.”

 

 “GAAP net income for the quarter was 2 cents per share higher than our guidance, and our gross margin and operating expenses also were better than guidance,” said Bryon Look, LSI chief financial officer. “Our balance sheet remained strong with a net cash position of $667 million. The company generated operating cash flows of $56 million for the quarter.

 

LSI Second Quarter 2007 Business Outlook

 

GAAP*

Special Items

Non-GAAP**

Revenue

$715 million to $745 million

   

$715 million to $745 million

Gross Margin

26 - 28%

$100 to $120 million

41 - 43%

Operating Expenses

$515 million to $565 million

$220 to $260 million

$295 million to $305 million

Net Other Income

$5 million

 

$ 5 million

Tax

Approximately $6 million

 

Approximately 20%

Net Income Per Share

($0.49) to ($0.40)

 ($0.49) to ($0.43)

$0.00 to $0.03

Diluted Share Count

 

780 million

 

800 million

 

Capital spending is projected to be around $21 million in the second quarter and approximately $95 million in total for 2007.

 

Second quarter depreciation and software amortization is expected to be approximately $40 million.

 

NOTE: The Company’s financial guidance will be limited to the comments made on today’s public conference call and contained in the Second Quarter 2007 Business Outlook section of this news release.

 

LSI Conference Call Information

LSI will held a conference call on April 25th at 2 pm PDT to discuss first quarter financial results and the second quarter 2007 business outlook. The number is 1-303-275-2170. Internet users can access the conference call at http://www.lsi.com/investors. A replay of the call will be available today at approximately 5 pm PDT and will be available for 48 hours. The replay access numbers are 1-800-405-2236 within the U.S. and 1-303-590-3000 for all other locations, passcode 11087195#.

 

Forward Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the challenges and costs of integrating and restructuring our operations and achieving anticipated synergies following our recent acquisition of Agere Systems; fluctuations in the timing and volumes of customer demand; our reliance on major customers and suppliers; our ability to compete successfully in competitive markets; our ability to keep up with rapid technological change; the unavailability of appropriate levels of manufacturing capacity; and general industry and market conditions. For additional information, see the documents filed by LSI with the SEC, and specifically the risk factors set forth in the company’s most recent reports on Form 10-K, 10-Q, and 8-K. LSI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

 

About LSI

LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world’s best known brands to power leading solutions in the Storage, Networking and Consumer markets. More information is available at www.lsi.com.

 

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Editor's Notes:

1.       All LSI news releases (financial, acquisitions, manufacturing, products, technology etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company’s external website, http://www.lsi.com.

2.       The LSI logo design is a registered trademark of LSI Corporation.

3.      All other brand or product names may be trademarks or registered trademarks of their respective companies.

 

Ufficio Stampa Italia

 

Cynthia Carta Adv.
Advertising Communication
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e-mail cyncarta@virgilio.it
cyncarta@cynthiacartaadv.it
www.cynthiacartaadv.it

 

 
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