Intersil Corporation Reports Second Quarter Results

(PRNewswire) — Intersil Corporation (NASDAQ: ISIL), a leading provider of innovative power management and precision analog solutions, today announced financial results for the second quarter of 2015. Revenue of $132.4 million was down 1.3% sequentially. Strong gross margin and lower operating expenses resulted in solid operating margin for the eighth consecutive quarter. The company reported GAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.16.

Company Highlights

  • Gross margin performance was strong at 59.3% on a GAAP basis and 59.6% on a non-GAAP basis.
  • The company again reported solid profitability, with GAAP operating margin of 12.2% and non-GAAP operating margin of 20.3%.
  • Cash and cash equivalents increased to $225 million.
  • New products introduced during the quarter represent industry firsts for power management in tablets and ultrabooks, wearables and industrial applications.

Quarterly Results
Revenue for the second quarter was slightly lower than expected due to persistent demand weakness in computing and infrastructure end markets. Computing and Consumer (C&C) revenue grew 2.4% sequentially driven by new smartphone wins. Industrial and Infrastructure (I&I) revenue was down 3.1% sequentially. In the I&I business, strength in automotive and military/aerospace was offset by softness in infrastructure power and industrial analog. The breakdown by end market for the quarter was as follows:

 


Q2 2015


Q1 2015


Q2 2014

End Market Revenue

$M


%


$M


%


$M


%

Industrial & Infrastructure

87.9


66%


90.7


68%


94.8


64%

Consumer & Computing

44.5


34%


43.5


32%


53.0


36%

Total Revenue

$132.4




$134.2




$147.8




Table 1. Intersil End Market Mix

GAAP gross margin for the quarter was 59.3%, an increase of 120 basis points from the second quarter of 2014. Total GAAP operating expenses were $62.3 million. R&D expense was $33.1 million and SG&A expense was $25.2 million. GAAP operating income was $16.2 million or 12.2% of revenue. Q2 GAAP net income was $37.7 million and diluted GAAP EPS was $0.28.

The following non-GAAP results exclude amortization of acquisition-related intangibles and stock compensation expense. Non-GAAP gross margin for the quarter was 59.6%. Margin declined slightly sequentially due primarily to a lower mix of I&I products. Non-GAAP operating expenses declined to $52 million as the company efficiently managed expenses. Q2 non-GAAP operating income was $26.9 million resulting in a non-GAAP operating margin of 20.3%.  Fully diluted Q2 earnings per share on a non-GAAP basis were $0.16.

For a complete reconciliation of GAAP and non-GAAP results, please see the "Non-GAAP Results" tables included at the end of this release.

1 | 2  Next Page »



Review Article Be the first to review this article

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy