Intersil Corporation Reports Second Quarter Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except per share amounts)








Quarter Ended


Jul. 1


Apr. 1,


Jul. 3


2016


2016


2015


Q2 2016


Q1 2016


Q2 2015







Non-GAAP net income:






GAAP net income

$        1,389


$      11,751


$      37,724

  Restructuring and related costs

13,508


-


-

  Equity-based compensation

8,122


6,482


6,689

  Amortization of purchased intangibles

2,867


3,528


4,026

  Provision for TAOS litigation

1,255


-


-

  Acquisition-related costs

-


585


-

  Gain on recovery from auction rate securities

(70)


(28)


-

  Tax impact of non-cash and discrete items

(3,469)


(1,117)


(26,351)

Non-GAAP net income

$      23,602


$      21,201


$      22,088







GAAP weighted average shares - diluted

137,332


135,267


132,823

  Non-GAAP adjustment

3,014


3,680


5,090

Non-GAAP weighted average shares - diluted

140,346


138,947


137,913







Non-GAAP earnings per diluted share:






GAAP earnings per diluted share

$          0.01


$          0.09


$          0.28

  Excluded items per share impact

0.16


0.06


(0.12)

Non-GAAP earnings per diluted share

$          0.17


$          0.15


$          0.16







Equity-based compensation expense by classification:





Cost of revenue ("COS")

$           284


$           458


$           436

Research and development 

$        3,834


$        3,103


$        2,658

Selling, general and administrative 

$        4,004


$        2,921


$        3,595


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