LSI Reports Third Quarter 2013 Results

Declares a $0.03 per share quarterly dividend

(PRNewswire) — LSI Corporation (NASDAQ: LSI) today reported results for its third quarter ended September 29, 2013.

Third Quarter 2013 Highlights

  • Third quarter 2013 revenues of $607 million
  • Third quarter 2013 GAAP* net income of $0.06 per diluted share
  • Third quarter 2013 non-GAAP** net income of $0.17 per diluted share
  • Third quarter 2013 operating cash flows of $63 million

Fourth Quarter 2013 Business Outlook

  • Projected revenues of $580 million to $620 million
  • GAAP* net income in the range of $0.01 to $0.11 per share
  • Non-GAAP** net income in the range of $0.13 to $0.19 per share
  • Company to limit operating expenses until business model is attained

*

Generally Accepted Accounting Principles.



**

Excludes stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, gain on remeasurement of a pre-acquisition equity interest to fair value, and gain/loss on sale/write-down of investments. It also excludes the income tax effect associated with the above-mentioned items.

"In a challenging macroeconomic environment we delivered solid third quarter results, with revenues growing sequentially from products for flash and networking as well as hard disk drives," said Abhi Talwalkar, LSI's President and CEO. "While our end markets are mixed, with near-term growth below earlier expectations, our outlook for future growth driven by the massive expansion in data and traffic in datacenters and mobile networks remains intact and we are well positioned to see growth as these markets improve."

Third quarter 2013 revenues were $607 million, in line with guidance, compared to $624 million in the third quarter of 2012, and compared to $590 million in the second quarter of 2013.

Third quarter 2013 GAAP* net income was $37 million or $0.06 per diluted share, compared to third quarter 2012 GAAP net income of $40 million or $0.07 per diluted share. Second quarter 2013 GAAP net income was $25 million or $0.04 per diluted share. Third quarter 2013 GAAP net income included a net charge of $57 million from special items, consisting primarily of approximately $30 million of amortization of acquisition-related items, $20 million of stock-based compensation expense and $7 million of net restructuring and other items.

Third quarter 2013 non-GAAP** net income was $93 million or $0.17 per diluted share, compared to third quarter 2012 non-GAAP net income of $99 million or $0.17 per diluted share. Second quarter 2013 non-GAAP net income was $84 million or $0.15 per diluted share.

Cash and short-term investments totaled approximately $665 million at quarter end. The company completed third-quarter purchases of approximately 5 million shares of its common stock for approximately $41 million.

"In the third quarter we significantly expanded operating margins quarter over quarter and continued to generate strong cash flow," said Bryon Look, LSI's CFO. "Going forward we expect to hold non-GAAP operating expenses flat as we drive to achieve our business model targets."

The company also announced it has declared a quarterly cash dividend of $0.03 per share. This dividend will be paid on December 20, 2013, to stockholders of record as of December 6, 2013.

LSI 4Q2013 Business Outlook


GAAP*

Special Items

Non-GAAP**

Revenue

$580 million to $620 million


$580 million to $620 million

Gross Margin

49% to 53%

$17 million to $27 million

53.5% to 55.5%

Operating Expenses

$253 million to $273 million

$28 million to $38 million

$225 million to $235 million

Net Other Income

$1 million


$1 million

Tax

Approximately $7 million


Approximately $7 million

Net (Loss)/Income Per Share

$0.01 to $0.11

($0.08) to ($0.12)

$0.13 to $0.19

Diluted Share Count

565 million


565 million


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