Intersil Corporation Revises Third Quarter 2011 Revenue Guidance
September 12 2011 - 4:05PM
Marketwired
Intersil Corporation (NASDAQ: ISIL), a world leader in the design
and manufacture of high performance analog and mixed signal
semiconductors, today revised its guidance for the third quarter
2011. The company now expects its third quarter revenue to range
from $184 million to $188 million, versus previous guidance of $205
million to $213 million.
"Demand during the third quarter has been weaker than expected
in all of our end markets," said Dave Bell, President and Chief
Executive Officer. "We believe this is the result of broad-based
economic weakness, along with some excess inventory consumption.
However, we now see signs that inventory is stabilizing, with
bookings likely recovering to consumption rates during the
remainder of the third quarter."
As previously announced, third quarter 2011 GAAP earnings will
be impacted by approximately $8 million in non-cash costs
associated with the long-term debt refinancing.
Intersil will discuss its third quarter fiscal 2011 financial
results during its scheduled conference call following the market
close on October 26, 2011.
About Intersil Intersil Corporation is a
leader in the design and manufacture of high-performance analog,
mixed-signal and power management semiconductors. The Company's
products address some of the fastest growing markets within the
communications, computing, high-end consumer and industrial
electronics markets. For more information about Intersil or to find
out how to become a member of our winning team, visit the Company's
web site and career page at www.intersil.com.
FORWARD-LOOKING STATEMENTS Intersil
Corporation press releases and other related comments may contain
forward-looking statements as defined in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, in connection with the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based upon
Intersil's management's current expectations, estimates, beliefs,
assumptions and projections about Intersil's business and industry.
Words such as "anticipates," "expects," "intends," "plans,"
"predicts," "believes," "seeks," "estimates," "may," "will,"
"should," "would," "potential," "continue," "goals," "targets" and
variations of these words (or negatives of these words) or similar
expressions, are intended to identify forward-looking statements.
In addition, any statements that refer to projections or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, our actual results could
differ materially and adversely from those expressed in any
forward-looking statements as a result of various risk factors.
Intersil does not adopt and is not responsible for any
forward-looking statements and projections made by others in this
press release. Intersil's Annual Report on Form 10-K, subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K
and other Intersil filings with the U.S. Securities and Exchange
Commission (which you may obtain for free at the SEC's web site at
http://www.sec.gov) discuss some of the important risk factors that
may affect our business, results of operations and financial
condition. These forward-looking statements are made only as of the
date of this communication and Intersil undertakes no obligation to
update or revise these forward-looking statements.
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