Intersil Corporation Reports First Quarter Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except per share amounts)








Quarter Ended


Apr. 3,


Jan. 2,


Apr. 4,


2015


2015


2014


Q1 2015


Q4 2014


Q1 2014







Non-GAAP net income:






  GAAP (loss) income

$ (68,824)


$ 17,274


$ 10,005

  Tax adjustments from non-cash and discrete items

(71)


(2,025)


(855)

  Provision for export compliance settlement

-


-


4,000

  Gain on recovery from auction rate securities

(588)


(615)


(268)

  Equity-based compensation

5,756


5,008


3,710

  Amortization of purchased intangibles

5,561


5,559


5,561

  Provision for TAOS litigation

81,100


-


-

    Non-GAAP net income

$  22,934


$ 25,201


$ 22,153







GAAP weighted average shares - diluted

130,513


132,276


129,389

  Non-GAAP adjustment

6,798


4,099


2,431

    Non-GAAP weighted average shares - diluted

137,311


136,375


131,820







Non-GAAP earnings per diluted share:






  GAAP (loss) earnings per diluted share

$     (0.53)


$     0.13


$     0.08

  Excluded items per share impact

0.70


0.05


0.09

    Non-GAAP earnings per diluted share

$      0.17


$     0.18


$     0.17







Equity-based compensation expense by classification:






  Cost of revenue ("COS")

$       392


$      319


$      319

  Research and development 

$    2,751


$   2,500


$   1,955

  Selling, general and administrative 

$    2,613


$   2,189


$   1,436








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