LSI Reports Fourth Quarter and Full-Year 2009 Results

Capital spending is projected to be around $15 million in the first quarter and approximately $55 million in total for 2010.

Depreciation and software amortization is projected to be around $25 million in the first quarter and approximately $100 million in total for 2010.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PST to discuss fourth quarter financial results and the first quarter 2010 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward-Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI's actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; and general industry and market conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company's most recent reports on Form 10-K and 10-Q. LSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About LSI

LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage and Networking markets. More information is available at www.lsi.com.

Editor's Notes:

  1. All LSI news releases (financial, acquisitions, manufacturing, products, technology, etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company's external website, http://www.lsi.com.
  2. LSI and the LSI & Design logo are trademarks or registered trademarks of LSI Corporation.
  3. All other brand or product names may be trademarks or registered trademarks of their respective companies.

    
    
                           LSI CORPORATION
                  Condensed Consolidated Balance Sheets
                             (In millions)
                              (Unaudited)
    
                                         December 31, October 4, December 31,
    Assets                                    2009       2009         2008
    ------                                    ----       ----         ----
    
    Current assets:
        Cash and short-term investments     $962.1     $907.1     $1,119.1
        Accounts receivable, net             339.0      307.2        304.0
        Inventories                          169.3      155.5        220.5
        Prepaid expenses and other
         current assets                      115.1      140.3        155.9
                                             -----      -----        -----
            Total current assets           1,585.5    1,510.1      1,799.5
    
    Property and equipment, net              219.0      215.9        236.0
    Goodwill and identified intangible
     assets, net                             927.9      970.7      1,065.6
    Other assets                             235.5      228.5        243.1
                                             -----      -----        -----
    
            Total assets                  $2,967.9   $2,925.2     $3,344.2
                                          --------   --------     --------
    Liabilities and Stockholders' Equity
    ------------------------------------
    
    Current
     liabilities:
        Current portion of long-term debt   $350.0     $350.0       $245.1
        Other current liabilities            504.4      484.6        552.4
                                             -----      -----        -----
    
            Total current liabilities         854.4            834.6                797.5
        
        Long-term  debt,  net  of  current
          portion                                                                          -                    -                350.0
        Pension,  tax  and  other  liabilities              652.4            690.6                755.8
                                                                                          -----            -----                -----
                        Total  liabilities                            1,506.8        1,525.2            1,903.3
                                                                                      -------        -------            -------
        Stockholders'  equity:
                Common  stock  and  additional
                  paid-in  capital                                      6,149.2        6,129.6            6,065.3
                Accumulated  deficit                              (4,408.5)    (4,473.3)        (4,360.8)
                Accumulated  other
                  comprehensive  loss                                  (279.6)        (256.3)            (263.6)
                                                                                        ------          ------              ------
        
                        Total  stockholders'  equity          1,461.1        1,400.0            1,440.9
                                                                                      -------        -------            -------
        
                        Total  liabilities  and
                          stockholders'  equity                  $2,967.9      $2,925.2          $3,344.2
                                                                                    --------      --------          --------
        
        
        
 
         
        
        
                                                        LSI  CORPORATION
                              Consolidated  Statements  of  Operations  (GAAP)
                                    (In  thousands,  except  per  share  amounts)                                    
                                                          (Unaudited)
        
                                                                                                      Three  Months  Ended
                                                                                                      ------------------
                                                                                  December  31,  October  4,  December  31,
                                                                                          2009                2009              2008
                                                                                          ----                ----              ----
        
        Revenues                                                              $637,796        $578,419      $609,959
        
                Cost  of  revenues                                        335,792          315,067        334,398
                Purchase  accounting  effect
                  on  inventory                                                        56              1,892                    -
                Amortization  of  acquisition
                  related  intangibles                                  33,448            34,177          46,074
                Stock-based  compensation
                  expense                                                            1,650              1,697            2,384
                                                                                            -----              -----            -----
                      Total  cost  of  revenues                      370,946          352,833        382,856
                                                                                        -------          -------        -------
        
        Gross  profit                                                        266,850          225,586        227,103
                                                                                        -------          -------        -------
        
                Research  and  development                        146,526          144,661        155,899
                Stock-based  compensation
                  expense                                                            6,536              6,386            7,229
                                                                                            -----              -----            -----
                      Total  research  and
                        development                                          153,062          151,047        163,128
                                                                                        -------          -------        -------
        
                Selling,  general  and
                  administrative                                            63,239            66,323          76,211
                Amortization  of  acquisition
                  related  intangibles                                    9,123              9,123          15,019
                Stock-based  compensation
                  expense                                                            5,993              6,729            8,378
                                                                                            -----              -----            -----
                      Total  selling,  general  and
                        administrative                                      78,355            82,175          99,608
                                                                                          ------            ------          ------
        
                Restructuring  of  operations
                  and  other  items,  net                                  2,286              4,745          16,848
                Goodwill  and  identified
                  intangible  asset
                  impairment  charges                                              -                      -        541,586
                                                                                                ---                  ---        -------
        
        Income/(loss)  from  operations                        33,147          (12,381)    (594,067)
        
                Interest  expense                                          (3,932)          (3,899)        (8,013)
                Interest  income  and  other,
                  net                                                                    4,530              3,535            5,231
                                                                                            -----              -----            -----
        
        Income/(loss)  before
          income  taxes                                                        33,745          (12,745)    (596,849)
        (Benefit)/provision  for
          income  taxes                                                      (31,081)        (65,230)          9,500
                                                                                        -------          -------            -----
        
        Net  income/(loss)                                              $64,826          $52,485    $(606,349)
                                                                                        -------          -------    ---------
        
        Net  income/(loss)  per  share:
                Basic                                                                  $0.10              $0.08          $(0.94)
                                                                                            -----              -----          ------
                Diluted                                                              $0.10              $0.08          $(0.94)
                                                                                            -----              -----          ------
        
        Shares  used  in  computing
          per  share  amounts:
                Basic                                                              654,560          651,865        646,315
                                                                                        -------          -------        -------
                Diluted                                                          663,237          658,963        646,315
                                                                                        -------          -------        -------
        
        
                                                                                                                    Year  Ended
                                                                                                                    ----------
                                                                                                    December  31,    December  31,
                                                                                                            2009                2008
                                                                                                            ----                ----
        
        Revenues                                                                              $2,219,159    $2,677,077
        
                Cost  of  revenues                                                        1,228,776      1,420,905
                Purchase  accounting  effect  on
                  inventory                                                                            4,498                      -
                Amortization  of  acquisition
                  related  intangibles                                                    135,102          177,934
                Stock-based  compensation  expense                                7,382              9,269
                                                                                                                -----              -----
                      Total  cost  of  revenues                                      1,375,758      1,608,108
                                                                                                        ---------      ---------
        
        Gross  profit                                                                            843,401      1,068,969
                                                                                                        ---------      ---------
        
                Research  and  development                                            580,333          643,297
                Stock-based  compensation
                  expense                                                                              27,979            29,214
                                                                                                              ------            ------
                      Total  research  and
                        development                                                              608,312          672,511
                                                                                                            -------          -------
        
                Selling,  general  and
                  administrative                                                              260,900          315,112
                Amortization  of  acquisition
                  related  intangibles                                                      36,492            57,963
                Stock-based  compensation
                  expense                                                                              28,622            33,800
                                                                                                              ------            ------
                      Total  selling,  general  and
                        administrative                                                        326,014          406,875
                                                                                                            -------          -------
        
                Restructuring  of  operations
                  and  other  items,  net                                                    38,246            43,717
                Goodwill  and  identified
                  intangible  asset  impairment
                  charges                                                                                        -          541,586
                                                                                                                    ---          -------
        
        Income/(loss)  from  operations                                        (129,171)      (595,720)
        
                Interest  expense                                                            (21,931)        (34,943)
                Interest  income  and  other,
                  net                                                                                      20,272            36,110
                                                                                                              ------            ------
        
        Income/(loss)  before  income
          taxes                                                                                      (130,830)      (594,553)
        (Benefit)/provision  for
          income  taxes                                                                          (83,111)          27,700
                                                                                                            -------            ------
        
        Net  income/(loss)                                                                $(47,719)    $(622,253)
                                                                                                          --------      ---------
        
        Net  income/(loss)  per  share:
                Basic                                                                                    $(0.07)          $(0.96)
                                                                                                              ------            ------
                Diluted                                                                                $(0.07)          $(0.96)
                                                                                                              ------            ------
        
        Shares  used  in  computing  per
          share  amounts:
                Basic                                                                                  651,238          647,953
                                                                                                            -------          -------
        
                Diluted                                                                              651,238          647,953
                                                                                                            -------          -------
 
         
        
        A  reconciliation  of  net  income/(loss)  on  the  GAAP  basis  to  non-GAAP
        net  income  is  included  below.
                                                                                  
                                                                                  
        Reconciliation  of
          GAAP  net  income/                                          Three  Months  Ended
          (loss)  to                                                        ------------------        
                non-GAAP  net                      December  31,              October  4,            December  31,
                  income:                                    2009                          2009                          2008
                ------------                            ----                          ----                          ----
        
        GAAP  net  income/
          (loss)                                            $64,826                    $52,485                $(606,349)
                                                                  -------                    -------                ---------
        
        Special  items:
        a)  Stock-based  compensation
              expense  -  cost    
              of  revenues                                  1,650                        1,697                        2,384
        b)  Stock-based  compensation
              expense  -  R&D                              6,536                        6,386                        7,229
        c)  Stock-based
              compensation    
              expense  -  SG&A                            5,993                        6,729                        8,378
        d)  Amortization
              of  acquisition
              related  intangibles  -
              cost  of  revenues                      33,448                      34,177                      46,074
        e)  Amortization
              of  acquisition  related    
              intangibles  -  SG&A                    9,123                        9,123                      15,019
        f)  Purchase
              accounting  effect
              on  inventory                                      56                        1,892                                -
        g)  Restructuring
              of  operations  and
              other  items,  net                        2,286                        4,745                      16,848
        h)  Goodwill  and
              identified  intangible  asset
              impairment  charges                            -                                -                    541,586
        i)  Write-down  of  debt  and
              equity  securities                              -                        1,650                      10,773
        j)  Gain  on  repurchase  of
              convertible  subordinated
              notes                                                      -                                -                      (3,178)
        k)  Income  tax  effect  of  above
              items                                                      -                                -                        2,529
                                                                          ---                            ---                        -----
        
                      Total  special  items        59,092                      66,399                    647,642
                                                                    ------                      ------                    -------
        
        Non-GAAP  net  income                  $123,918                  $118,884                    $41,293
                                                                --------                  --------                    -------
        
        Non-GAAP  net  income  per  share:
                Basic                                            $0.19                        $0.18                        $0.06
                                                                      -----                        -----                        -----
                Diluted  *                                    $0.18                        $0.18                        $0.06
                                                                      -----                        -----                        -----
        
        Shares  used  in  computing
          non-GAAP  per  share  amounts:
                Basic                                        654,560                    651,865                    646,315
                                                                  -------                    -------                    -------
                Diluted                                    689,317                    685,043                    646,512
                                                                  -------                    -------                    -------
        
                                                                                                                          Year  Ended
                                                                                                                          ----------
        Reconciliation  of  GAAP  net  income/
          (loss)  to                                                                              December  31,  December  31,
                non-GAAP  net  income:                                                        2009                      2008
                --------------------                                                        ----                      ----
        
        GAAP  net  income/(loss)                                                        $(47,719)          $(622,253)
                                                                                                            --------            ---------
        
        Special  items:
        a)  Stock-based  compensation  expense  -  cost
              of  revenues                                                                              7,382                    9,269
        b)  Stock-based  compensation  expense  -  R&D                      27,979                  29,214
        c)  Stock-based  compensation  expense  -  SG&A                    28,622                  33,800
        d)  Amortization  of  acquisition  related
              intangibles  -  cost  of  revenues                                    135,102                177,934
        e)  Amortization  of  acquisition  related
              intangibles  -  SG&A                                                              36,492                  57,963
        f)  Purchase  accounting  effect  on  inventory                      4,498                            -
        g)  Restructuring  of  operations  and
              other  items,  net                                                                  38,246                  43,717
        h)  Goodwill  and  identified  intangible
              asset  impairment  charges                                                            -                541,586
        i)  Write-down  of  debt  and  equity  securities                    1,650                  15,273
        j)  Gain  on  repurchase  of  convertible
              subordinated  notes                                                                        -                  (3,178)
        k)  Income  tax  effect  of  above  items                                            -                      (292)
                                                                                                                      ---                      ----
        
                      Total  special  items                                                  279,971                905,286
                                                                                                              -------                -------
        
        Non-GAAP  net  income                                                              $232,252              $283,033
                                                                                                            --------              --------
        
        Non-GAAP  net  income  per  share:
                Basic                                                                                        $0.36                    $0.44
                                                                                                                  -----                    -----
                Diluted  *                                                                                $0.35                    $0.44
                                                                                                                  -----                    -----
        
        Shares  used  in  computing  non-GAAP
          per  share  amounts:
                Basic                                                                                    651,238                647,953
                                                                                                              -------                -------
                Diluted                                                                                658,679                649,176
                                                                                                              -------                -------
        
        
        *  In  computing  non-GAAP  diluted  earnings  per  share  for  three  months
            ended  December  31  and  October  4,  2009,  net  income  was  increased  by
            $3,500  for  interest,  net  of  taxes,  on  the  $350
            million  convertible  notes  considered  dilutive  common  stock.
        
        
 
         
        
                                                            
                                                              
        Reconciliation  of  GAAP
          to  non-GAAP  shares
          used  in  the                                                      Three  Months  Ended
          calculation                                                      ------------------
                of  diluted  per  share          December  31,        October  4,              December  31,
                  amounts:                                        2009                      2009                            2008
                --------------------                  ----                      ----                            ----
        
        Diluted  shares  used  in
          per-share  computation
            -  GAAP                                              663,237                658,963                      646,315
        Dilutive  stock  awards                                -                            -                              197
        Effect  of  $350  million
          convertible  notes
          considered  dilutive                        26,080                  26,080                                  -
                                                                        ------                  ------                              ---
        Diluted  shares  used  in
          per-share  computation
          -  non-GAAP                                        689,317                685,043                      646,512
                                                                      -------                -------                      -------
        
        
                                                                                            
        Reconciliation  of
          GAAP  to  non-GAAP
          shares  used  in  the                                                Year  Ended
          calculation                                                              ----------  
          of  diluted  per  share                          December  31,        December  31,
            amounts:                                                      2009                        2008
          --------------------                                ----                        ----
        
        Diluted  shares  used
          in  per-share
          computation    -  GAAP                              651,238                  647,953
        Dilutive  stock  awards                                7,441                      1,223
        Effect  of  $350
          million  convertible
          notes  considered
          dilutive                                                              -                              -
                                                                                    ---                          ---
        Diluted  shares  used
          in  per-share
          computation  -  non-
          GAAP                                                            658,679                  649,176
                                                                              -------                  -------
        
 
         
        
        
                                                                LSI  CORPORATION
                                        Consolidated  Statement  of  Cash  Flows
                                                                (In  thousands)
                                                                    (Unaudited)
        
                                                                                                  Three  Months  Ended
                                                                                                  ------------------
                                                                                December  31,  October  4,  December  31,
                                                                                          2009            2009              2008
                                                                                          ----            ----              ----
        
        Operating  activities:
        Net  income/(loss)                                            $64,826      $52,485    $(606,349)
        Adjustments:
                Depreciation  and  amortization  *          69,244        67,600          84,278
                Stock-based  compensation
                  expense                                                        14,179        14,812          17,991
                Non-cash  restructuring  of
                  operations  and  other  items,  net                  -              699          (1,052)
                Goodwill  and  identified
                  intangible  asset  impairment
                  charges                                                                  -                  -        541,586
                Gain  on  redemption/repurchase
                  of  convertible  subordinated
                  notes                                                                      -                  -          (3,178)
                Write-down  of  debt  and  equity
                  securities,  net  of  gain  on  sale
                  of  equity  securities                                        -          1,529          10,773
                Loss/(gain)  on  sale  of  property
                  and  equipment                                                    75            (337)            (137)
                Non-cash  foreign  exchange  loss                  986          8,431          18,481
                Deferred  taxes                                              3,316            (242)          5,630
                Changes  in  assets  and
                  liabilities,  net  of  assets
                  acquired  and  liabilities
                        assumed  in  business
                          combinations:
                        Accounts  receivable,  net              (31,769)    (39,271)        97,149
                        Inventories                                        (13,814)        4,824        (10,577)
                        Prepaid  expenses  and  other
                          assets                                                  20,197          4,814          42,832
                        Accounts  payable                                15,001        46,807        (37,806)
                        Accrued  and  other  liabilities    (65,490)    (93,493)      (61,434)
                                                                                      -------      -------        -------
        Net  cash  provided  by  operating
          activities                                                          76,751        68,658          98,187
                                                                                        ------        ------          ------
        
        Investing  activities:
                Purchases  of  debt  securities
                  available-for-sale                                            -                  -        (31,947)
                Proceeds  from  maturities  and
                  sales  of  debt  securities
                  available-for-sale                                  12,932        13,695        108,438
                Purchases  of  equity  securities            (4,625)      (4,534)                  -
                Proceeds  from  sales  of  equity
                  securities                                                                            165
                Purchases  of  property,  equipment
                  and  software                                            (21,266)    (20,137)      (39,584)
                Proceeds  from  sale  of  property
                  and  equipment                                                    24          2,637            2,274
                Acquisition  of  business  and
                  companies,  net  of  cash  acquired                  -      (26,141)                  -
                Decrease/(increase)  in  non-
                  current  assets  and  deposits                          -                  -                    -
                Proceeds  from  maturity  of  notes
                  receivable  associated  with  sale
                  of  semiconductor  operations  in
                  Thailand                                                                -        10,000          20,000
                Proceeds  received  from  the
                  resolution  of  a  pre-
                  acquisition  income  tax
                        contingency                                                    -                  -                    -
                                                                                      -------      -------          ------
        
        
        Net  cash  (used  in)/provided  by
          investing  activities                                    (12,935)    (24,315)        59,181
                                                                                      -------      -------          ------
        
        Financing  activities:
              Redemption/repurchase  of
                convertible  subordinated  notes                      -                  -      (116,636)
              Issuance  of  common  stock                            8,707          3,367            6,558
              Purchase  of  minority  interest  in
                subsidiary                                                                                                    (70)
              Purchase  of  common  stock  under
                repurchase  programs                                            -                  -                    -
                                                                                              ---              ---                ---
        Net  cash  provided  by/(used  in)
          financing  activities                                        8,707          3,367      (110,148)
                                                                                          -----          -----      --------
        
        
        Effect  of  exchange  rate  changes
          on  cash  and  cash  equivalents                            383          2,721          (2,829)
                                                                                              ---          -----          ------
        
        Increase/(decrease)  in  cash  and
          cash  equivalents                                              72,906        50,431          44,391
        
        Cash  and  cash  equivalents  at
          beginning  of  period                                      705,385      654,954        784,910
                                                                                      -------      -------        -------
        
        Cash  and  cash  equivalents  at  end
          of  period                                                        $778,291    $705,385      $829,301
                                                                                    ========    ========      ========
        
        
        
 
         
        
                                                                                                                        Year  Ended
                                                                                                                        ----------
                                                                                                          December  31,  December  31,
                                                                                                                  2009              2008
                                                                                                                  ----              ----
        Operating  activities:
        Net  income/(loss)                                                                    $(47,719)  $(622,253)
        Adjustments:
                Depreciation  and  amortization*                                    268,162        324,223
                Stock-based  compensation  expense                                  63,983          72,283
                Non-cash  restructuring  of  operations  and
                  other  items,  net                                                                      690          (4,215)
                Goodwill  and  identified  intangible  asset
                  impairment  charges                                                                      -        541,586
                Gain  on  redemption/repurchase  of  convertible
                  subordinated  notes                                                                (149)        (3,178)
                Write-down  of  debt  and  equity  securities,  net  of
                  gain  on  sale  of  equity  securities                                1,529          15,273
                Loss/(gain)  on  sale  of  property  and  equipment            (145)            (123)
                Non-cash  foreign  exchange  loss                                        1,301          25,469
                Deferred  taxes                                                                        3,063          10,027
                Changes  in  assets  and  liabilities,  net  of  assets
                  acquired  and  liabilities  assumed  in
                  business  combinations:
                        Accounts  receivable,  net                                        (34,986)      102,386
                        Inventories                                                                    64,592          20,307
                        Prepaid  expenses  and  other  assets                        68,469          52,024
                        Accounts  payable                                                            8,420      (130,129)
                        Accrued  and  other  liabilities                            (192,736)    (125,628)
                                                                                                              --------      --------
        Net  cash  provided  by  operating  activities                      204,474        278,052
                                                                                                                -------        -------
        
        Investing  activities:
                Purchases  of  debt  securities  available-for-sale          (10)    (190,548)
                Proceeds  from  maturities  and  sales  of
                  debt  securities  available-for-sale                            90,572        240,157
                Purchases  of  equity  securities                                    (14,159)        (8,500)
                Proceeds  from  sales  of  equity  securities                        165                    -
                Purchases  of  property,  equipment  and  software      (90,004)    (134,589)
                Proceeds  from  sale  of  property  and  equipment            2,773          13,674
                Acquisition  of  business  and  companies,  net
                  of  cash  acquired                                                              (46,981)      (95,137)
                Decrease/(increase)  in  non-current  assets
                  and  deposits                                                                        13,501        (13,300)
                Proceeds  from  maturity  of  notes  receivable
                  associated  with  sale  of  semiconductor
                  operations  in  Thailand                                                    10,000          20,000
                Proceeds  received  from  the  resolution  of  a
                  pre-acquisition  income  tax  contingency                              -            4,821
                                                                                                                -------      --------
        
        Net  cash  (used  in)/provided  by  investing
          activities                                                                                  (34,143)    (163,422)
                                                                                                                -------      --------
        
        Financing  activities:
              Redemption/repurchase  of  convertible
                subordinated  notes                                                          (244,047)    (116,636)
              Issuance  of  common  stock                                                    18,747          42,928
              Purchase  of  minority  interest  in  subsidiary                        -                (70)
              Purchase  of  common  stock  under
                repurchase  programs                                                                      -      (229,231)
                                                                                                                        ---      --------
        Net  cash  provided  by/(used  in)
          financing  activities                                                            (225,300)    (303,009)
                                                                                                              --------      --------
        
        
        Effect  of  exchange  rate
          changes  on  cash  and  cash  equivalents                                  3,959          (3,889)
                                                                                                                    -----          ------
        
        Increase/(decrease)  in  cash  and  cash  equivalents        (51,010)    (192,268)
        
        Cash  and  cash  equivalents  at  beginning  of  period        829,301    1,021,569
                                                                                                                -------    ---------
        
        Cash  and  cash  equivalents  at  end  of  period                  $778,291      $829,301
                                                                                                              ========      ========
        
        
        *  Depreciation  of  fixed  assets  and  amortization  of  intangible  assets,
            software,  capitalized  intellectual  property,  premiums  on  short-term
            investments,  debt  issuance  costs,
            and  accrued  debt  premium.
        
 
         
        
                                                                    LSI  CORPORATION
                                            Selected  Financial  Information  (GAAP)
                                                                      (In  millions)
                                                                        (Unaudited)
        
                                                                        Three  Months  Ended
                                                                        ------------------
                                                                        December  31,  October  4,  December  31,
                                                                              2009                2009                  2008
                                                                              ----                ----                  ----
        
          Semiconductor  revenues                      $380.8            $371.8          $373.8
          Storage  Systems  revenues                  $257.0            $206.6          $236.2
          Total  revenues                                      $637.8            $578.4          $610.0
          Percentage  change  in
            revenues-qtr./qtr.  (  a  )                    10.3%              11.1%          -14.6%
          Percentage  change  in
            revenues-yr./yr.  (  b  )                          4.6%            -19.0%          -17.7%
        
          Days  sales  outstanding                              48                    48                  45
          Days  of  inventory                                        41                    40                  52
          Current  ratio                                              1.9                  1.8                2.3
          Quick  ratio                                                  1.5                  1.5                1.8
        
          Gross  margin  as  a
            percentage  of  revenues                        41.8%              39.0%            37.2%
          R&D  as  a  percentage  of
            revenues                                                    24.0%              26.1%            26.7%
          SG&A  as  a  percentage  of
            revenues                                                    12.3%              14.2%            16.3%
        
          Employees    (  c  )                                    5,397              5,318            5,488
          Revenues  per  employee  (in
            thousands)  (  d  )                                $472.7            $435.1          $444.6
        
          Selected  Cash  Flow
            Information:
          ------------------
          Purchases  of  property  and
            equipment  (  e  )                                    $14.1              $11.4            $17.1
          Depreciation  and
            amortization  (  f  )                              $26.2              $23.9            $23.1
        
        
        (  a  )    Represents  a  sequential  quarterly  change  in  revenues.
        (  b  )    Represents  a  change  in  revenues  in  the  quarter  presented  as
                      compared  to  the  same  quarter  of  the  previous  year.
        (  c  )    Actual  number  of  employees  at  the  end  of  each  period  presented.
        (  d  )    Revenues  per  employee  is  calculated  by  annualizing  revenues
                      for  each  quarter  presented  and  dividing  it  by  the
                      number  of  employees.
        (  e  )    Excludes  purchases  of  software.
        (  f  )    Represents  depreciation  of  fixed  assets  and  amortization  of
                      software.
        
        
        
 




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