Intersil Corporation Reports Fourth Quarter and Year End Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except per share amounts)












Quarter Ended


Year Ended


Jan. 2,


Oct. 3,


Jan. 3,


Jan. 2, 


Jan. 3, 


2015


2014


2014


2015


2014


Q4 2014


Q3 2014


Q4 2013















Non-GAAP net income:










GAAP net income

$ 17,274


$ 13,887


$   7,509


$ 54,812


$   2,855

Tax adjustments from non-cash and discrete items

(2,025)


1,821


8,570


173


(3,452)

Restructuring and related costs

-


-


-


-


28,694

Provision for export compliance settlement

-


-


-


4,000


6,000

Gain on recovery from auction rate securities

(615)


(191)


-


(1,075)


(866)

Equity-based compensation

5,009


4,385


3,868


18,688


19,091

Amortization of purchased intangibles

5,559


5,561


5,561


22,241


24,579

   Non-GAAP net income

$ 25,202


$ 25,463


$ 25,508


$ 98,839


$ 76,901











GAAP weighted average shares - diluted

132,276


132,626


129,158


132,657


127,998

Non-GAAP adjustment

4,099


4,409


2,423


2,117


2,689

   Non-GAAP weighted average shares - diluted

136,375


137,035


131,581


134,774


130,687











Non-GAAP earnings per diluted share:










GAAP earnings per diluted share

$     0.13


$     0.10


$     0.06


$     0.41


$     0.02

Excluded items per share impact

0.05


0.09


0.13


0.32


0.57

   Non-GAAP earnings per diluted share

$     0.18


$     0.19


$     0.19


$     0.73


$     0.59











Equity-based compensation expense by classification:










Cost of revenue ("COS")

$      319


$      294


$      298


$   1,326


$   1,387

Research and development 

$   2,500


$   1,967


$   1,642


$   8,468


$   7,777

Selling, general and administrative 

$   2,190


$   2,124


$   1,928


$   8,894


$   9,927


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