LSI Reports Third Quarter 2013 Results

Capital spending is projected to be around $20 million in the fourth quarter and approximately $85 million in total for 2013.

Depreciation and software amortization is projected to be around $16 million in the fourth quarter and approximately $62 million in total for 2013.

LSI Conference Call Information
LSI will hold a conference call today at 2 p.m. PDT to discuss third quarter 2013 financial results and the fourth quarter 2013 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

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: our ability to achieve anticipated synergies and to develop integrated new products following our acquisition of SandForce; our ability to repurchase our common stock at prices we believe to be advantageous; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; our ability to generate cash at levels sufficient to pay a dividend; our ability to maintain sufficient surplus out of which we can pay dividends; whether we determine that continuing to pay a dividend is in our stockholders' interest, and general industry and macro-economic conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company's most recent reports on Form 10-K and 10-Q. 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 (NASDAQ: LSI) designs semiconductors and software that accelerate storage and networking in datacenters, mobile networks and client computing. Our technology is the intelligence critical to enhanced application performance, and is applied in solutions created in collaboration with our partners. More information is available at www.lsi.com.

LSI, the LSI & Design logo and Storage.Networking.Accelerated. are trademarks or registered trademarks of LSI Corporation in the United States and/or other countries.
All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI CORPORATION

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)
































September 29,


June 30,


December 31,

Assets




2013


2013


2012










Current assets:








    Cash and short-term investments


$             664.6


$    673.4


$           676.0

    Accounts receivable, net


292.6


242.0


264.1

    Inventories



170.1


173.6


206.3

    Prepaid expenses and other current assets


66.7


68.6


80.4










        Total current assets



1,194.0


1,157.6


1,226.8










Property and equipment, net


286.9


281.5


269.7

Goodwill and identified intangible assets, net


652.2


681.9


741.1

Other assets



118.2


113.6


118.6










        Total assets



$          2,251.3


$ 2,234.6


$        2,356.2



















Liabilities and Stockholders' Equity
















Current liabilities



$             460.1


$    443.8


$           516.9










Pension, tax and other liabilities


638.7


650.5


679.6










        Total liabilities



1,098.8


1,094.3


1,196.5










Stockholders' equity:








    Common stock and additional paid-in capital


5,503.8


5,516.8


5,578.8

    Accumulated deficit



(3,777.5)


(3,797.8)


(3,840.8)

    Accumulated other comprehensive loss


(573.8)


(578.7)


(578.3)










        Total stockholders' equity


1,152.5


1,140.3


1,159.7










        Total liabilities and stockholders' equity


$          2,251.3


$ 2,234.6


$        2,356.2


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