LSI Reports First Quarter 2013 Results

 

 

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)








Three Months Ended


March 31,


December 31,


April 1,


2013


2012


2012







Revenues

$      568,636


$             600,128


$      622,424







    Cost of revenues

256,511


275,538


296,152

    Amortization of acquisition-related intangibles

19,746


21,318


21,390

    Purchase accounting effect on inventory

-


-


14,458

    Stock-based compensation expense

2,875


2,858


3,512

       Total cost of revenues

279,132


299,714


335,512







Gross profit 

289,504


300,414


286,912







    Research and development

158,896


165,758


157,563

    Stock-based compensation expense

12,409


11,613


12,308

       Total research and development

171,305


177,371


169,871







    Selling, general and administrative

69,350


64,919


66,419

    Amortization of acquisition-related intangibles

9,883


8,667


8,667

    Stock-based compensation expense

10,262


10,291


15,014

       Total selling, general and administrative

89,495


83,877


90,100







    Restructuring of operations and other items, net

20,452


22,917


15,462







Income from operations

8,252


16,249


11,479







    Interest income and other, net

7,880


7,606


14,656







Income before income taxes 

16,132


23,855


26,135

(Benefit from)/provision for income taxes 

(2,300)


1,202


(49,062)













Net income

$        18,432


$               22,653


$        75,197







Net income per share:






    Basic 

$            0.03


$                   0.04


$            0.13







    Diluted

$            0.03


$                   0.04


$            0.13







Shares used in computing per share amounts:






    Basic

550,227


552,761


566,709







    Diluted

567,092


568,611


590,556







Reconciliations of certain GAAP measures to non-GAAP measures are included below.










Three Months Ended


March 31,


December 31,


April 1,

Reconciliation of GAAP net income to non-GAAP net income:

2013


2012


2012







GAAP net income

$        18,432


$               22,653


$        75,197







Special items:






a)   Stock-based compensation expense - cost of revenues

2,875


2,858


3,512

b)   Stock-based compensation expense - R&D

12,409


11,613


12,308

c)   Stock-based compensation expense - SG&A

10,262


10,291


15,014

d)   Amortization of acquisition-related intangibles - cost of revenues  

19,746


21,318


21,390

e)   Amortization of acquisition-related intangibles - SG&A

9,883


8,667


8,667

f)   Purchase accounting effect on inventory

-


-


14,458

g)   Restructuring of operations and other items, net

20,452


22,917


15,462

h)   Gain on re-measurement of a pre-acquisition equity interest to fair value

-


-


(5,765)

i)   Income tax effect

-


833


(43,198)

     Total special items

75,627


78,497


41,848







Non-GAAP net income 

$        94,059


$             101,150


$      117,045







Non-GAAP income per share: 






    Basic

$            0.17


$                   0.18


$            0.21







    Diluted 

$            0.17


$                   0.18


$            0.20







Shares used in computing non-GAAP per share amounts:






    Basic

550,227


552,761


566,709







    Diluted

567,092


568,611


590,556


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