Intersil Corporation Reports Second Quarter Results

Acquisition-related charges. Acquisition-related charges are not factored into management's evaluation of potential acquisitions or Intersil's performance after completion of acquisitions, because they are not related to the Company's core operating performance. Adjustments of these items provide investors with a basis to compare Intersil's performance to other companies without the variability caused by purchase accounting. Acquisition-related charges primarily include:

  • Amortization of purchased intangibles, which include purchased intangibles such as purchased technology, patents, customer relationships, trademarks, backlog and non-compete agreements.
  • One-time charges associated with completing an acquisition including contract termination costs.

Other adjustments. These items are excluded from non-GAAP financial measures because they are not related to the core operating activities and on-going future operating performance of Intersil. Excluding these items allows investors to better compare Intersil's period-over-period performance without such expense, which Intersil believes may be useful to the investor community. Other adjustments primarily include:

  • Equity-based compensation expense.
  • Legal judgments, awards, or governmental fines or penalties.
  • Income from IP agreements.
  • Restructuring and related costs, including asset impairment charges.
  • Write-offs (recoveries) related to Auction Rate Securities.
  • Tax effects of non-GAAP adjustments.
  • Diluted weighted average shares non-GAAP adjustment - for purposes of calculating non-GAAP diluted earnings per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of equity-based compensation expense attributable to future services not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

Comparability. The above criteria has been consistently applied when calculating the non-GAAP financial measures for all periods presented in this press release and accompanying tables.

 

Intersil Corporation

Condensed Consolidated Statements of Income

Unaudited

(In thousands, except percentages and per share amounts)








Quarter Ended


Jul. 1


Apr. 1,


Jul. 3


2016


2016


2015


Q2 2016


Q1 2016


Q2 2015







Revenue

$     134,009


$    129,279


132,441

Cost of revenue

54,421


53,319


53,948

Gross profit

79,588


75,960


78,493

Gross margin %

59.4%


58.8%


59.3%

Expenses:






Research and development 

34,211


33,678


33,098

Selling, general and administrative 

25,248


23,549


25,194

Amortization of purchased intangibles

2,867


3,528


4,026

Restructuring and related costs

13,508


-


-

Provision for TAOS litigation

1,255


-


-

Total expenses

77,089


60,755


62,318

Operating income

2,499


15,205


16,175

Other income (expense) , net

(326)


(481)


(574)

Income before income taxes

2,173


14,724


15,601

Income tax expense (benefit)

784


2,973


(22,123)

Net income 

$         1,389


$      11,751


$      37,724







Earnings per share: 






Basic

$           0.01


$          0.09


$          0.29

Diluted

$           0.01


$          0.09


$          0.28







Weighted average shares outstanding:






Basic

135,086


132,857


131,916

Diluted

137,332


135,267


132,823


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