LSI Reports Third Quarter 2013 Results

 

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)












Three Months Ended


Nine Months Ended


September 29,


June 30,


September 30,


September 29,


September 30,


2013


2013


2012


2013


2012











Revenues

$               606,943


$      589,583


$               623,962


$            1,765,162


$            1,905,959











    Cost of revenues

272,458


268,341


287,390


797,310


886,876

    Amortization of acquisition-related intangibles

19,746


19,746


21,348


59,238


64,086

    Purchase accounting effect on inventory

-


-


-


-


14,458

    Stock-based compensation expense

2,059


2,237


2,573


7,171


9,088

       Total cost of revenues

294,263


290,324


311,311


863,719


974,508











Gross profit 

312,680


299,259


312,651


901,443


931,451











    Research and development

163,486


166,829


156,318


489,211


477,472

    Stock-based compensation expense

8,810


9,619


11,170


30,838


35,451

       Total research and development

172,296


176,448


167,488


520,049


512,923











    Selling, general and administrative

66,199


67,540


69,722


203,089


206,046

    Amortization of acquisition-related intangibles

9,883


9,883


8,667


29,649


26,001

    Stock-based compensation expense

9,340


10,009


13,643


29,611


38,999

       Total selling, general and administrative

85,422


87,432


92,032


262,349


271,046











    Restructuring of operations and other items, net

6,739


7,807


4,221


34,998


26,174











Income from operations

48,223


27,572


48,910


84,047


121,308











    Interest income and other, net

836


2,248


5,855


10,964


30,105











Income before income taxes 

49,059


29,820


54,765


95,011


151,413

Provision for/(benefit from) income taxes

12,500


5,200


15,100


15,400


(22,162)





















Net income

$                 36,559


$        24,620


$                 39,665


$                 79,611


$               173,575











Net income per share:










    Basic 

$                     0.07


$            0.04


$                     0.07


$                     0.15


$                     0.31











    Diluted

$                     0.06


$            0.04


$                     0.07


$                     0.14


$                     0.30











Shares used in computing per share amounts:










    Basic

545,451


548,282


555,197


547,978


561,708











    Diluted

563,621


561,801


572,022


565,570


582,296











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


















Three Months Ended


Nine Months Ended











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

September 29,

2013


June 30,

2013


September 30,

2012


September 29,

2013


September 30,

2012











GAAP net income

$                 36,559


$        24,620


$                 39,665


$                 79,611


$               173,575











Special items:










a)   Stock-based compensation expense - cost of revenues

2,059


2,237


2,573


7,171


9,088

b)   Stock-based compensation expense - R&D

8,810


9,619


11,170


30,838


35,451

c)   Stock-based compensation expense - SG&A

9,340


10,009


13,643


29,611


38,999

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

19,746


19,746


21,348


59,238


64,086

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

9,883


9,883


8,667


29,649


26,001

f)   Purchase accounting effect on inventory

-


-


-


-


14,458

g)   Restructuring of operations and other items, net

6,739


7,807


4,221


34,998


26,174

h)  Gain on sale of investments

-


-


(2,550)


-


(2,550)

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

-


-


-


-


(5,765)

j)   Income tax effect

-


-


-


-


(43,198)

     Total special items

56,577


59,301


59,072


191,505


162,744











Non-GAAP net income 

$                 93,136


$        83,921


$                 98,737


$               271,116


$               336,319











Non-GAAP income per share: 










    Basic

$                     0.17


$            0.15


$                     0.18


$                     0.49


$                     0.60











    Diluted 

$                     0.17


$            0.15


$                     0.17


$                     0.48


$                     0.58











Shares used in computing non-GAAP per share amounts:










    Basic

545,451


548,282


555,197


547,978


561,708











    Diluted

563,621


561,801


572,022


565,570


582,296


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