LSI Reports Second Quarter 2013 Results

 


LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)












Three Months Ended


Six Months Ended


June 30,


March 31,


July 1,


June 30,


July 1,


2013


2013


2012


2013


2012











Revenues

$   589,583


$   568,636


$   659,573


$    1,158,219


$    1,281,997











    Cost of revenues

268,341


256,511


303,334


524,852


599,486

    Amortization of acquisition-related intangibles

19,746


19,746


21,348


39,492


42,738

    Purchase accounting effect on inventory

-


-


-


-


14,458

    Stock-based compensation expense

2,237


2,875


3,003


5,112


6,515

       Total cost of revenues

290,324


279,132


327,685


569,456


663,197











Gross profit 

299,259


289,504


331,888


588,763


618,800











    Research and development

166,829


158,896


163,591


325,725


321,154

    Stock-based compensation expense

9,619


12,409


11,973


22,028


24,281

       Total research and development

176,448


171,305


175,564


347,753


345,435











    Selling, general and administrative

67,540


69,350


69,905


136,890


136,324

    Amortization of acquisition-related intangibles

9,883


9,883


8,667


19,766


17,334

    Stock-based compensation expense

10,009


10,262


10,342


20,271


25,356

       Total selling, general and administrative

87,432


89,495


88,914


176,927


179,014











    Restructuring of operations and other items, net

7,807


20,452


6,491


28,259


21,953











Income from operations

27,572


8,252


60,919


35,824


72,398











    Interest income and other, net

2,248


7,880


9,594


10,128


24,250











Income before income taxes 

29,820


16,132


70,513


45,952


96,648

Provision for/(benefit from) income taxes 

5,200


(2,300)


11,800


2,900


(37,262)





















Net income

$     24,620


$     18,432


$     58,713


$         43,052


$       133,910











Net income per share:










    Basic 

$         0.04


$         0.03


$         0.10


$             0.08


$             0.24











    Diluted

$         0.04


$         0.03


$         0.10


$             0.08


$             0.23











Shares used in computing per share amounts:










    Basic

548,282


550,227


563,686


549,249


564,945











    Diluted

561,801


567,092


581,344


565,426


586,431











Reconciliations of certain GAAP measures to non-GAAP measures are included below.





























Three Months Ended


Six Months Ended


June 30,


March 31,


July 1,


June 30,


July 1,

Reconciliation of GAAP net income to non-GAAP net income:

2013


2013


2012


2013


2012











GAAP net income

$     24,620


$     18,432


$     58,713


$         43,052


$       133,910











Special items:










a)   Stock-based compensation expense - cost of revenues

2,237


2,875


3,003


5,112


6,515

b)   Stock-based compensation expense - R&D

9,619


12,409


11,973


22,028


24,281

c)   Stock-based compensation expense - SG&A

10,009


10,262


10,342


20,271


25,356

d)   Amortization of acquisition-related intangibles - cost of revenues  

19,746


19,746


21,348


39,492


42,738

e)   Amortization of acquisition-related intangibles - SG&A

9,883


9,883


8,667


19,766


17,334

f)   Purchase accounting effect on inventory

-


-


-


-


14,458

g)   Restructuring of operations and other items, net

7,807


20,452


6,491


28,259


21,953

h)   Gain on re-measurement of a pre-acquisition equity interest to fair value

-


-


-


-


(5,765)

i)   Income tax effect

-


-


-


-


(43,198)

     Total special items

59,301


75,627


61,824


134,928


103,672











Non-GAAP net income 

$     83,921


$     94,059


$   120,537


$       177,980


$       237,582











Non-GAAP income per share: 










    Basic

$         0.15


$         0.17


$         0.21


$             0.32


$             0.42











    Diluted 

$         0.15


$         0.17


$         0.21


$             0.31


$             0.41











Shares used in computing non-GAAP per share amounts:










    Basic

548,282


550,227


563,686


549,249


564,945











    Diluted

561,801


567,092


581,344


565,426


586,431












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