Intersil Corporation (Nasdaq:ISIL), a leading provider of
innovative power management and precision analog solutions, today
announced financial results for the fourth quarter and year ended
January 3, 2014.
Company Highlights
- Revenue of $146 million was up 6% compared to the fourth
quarter of 2012.
- Fourth quarter gross margin improved 160 basis points (bps)
compared to the same quarter of 2012.
- Operating income increased significantly from the prior year,
resulting in a non-GAAP operating margin of 21% for the quarter and
16% for the full year.
- GAAP earnings of $0.06 for the fourth quarter resulted in a
return to profitability for the full year. Non-GAAP earnings more
than doubled to $0.59 for 2013.
- Balance sheet metrics continued to improve, and cash and
investment balances increased by $28 million in the quarter to $195
million.
Revenue for the fourth quarter of $146 million declined
seasonally, as anticipated, but increased 6 percent compared to the
same period last year. Intersil's industrial and infrastructure
revenue was down slightly sequentially, but up 11 percent year over
year due to growth in power, automotive and aerospace products.
Computing revenue increased sequentially and year over year due to
better than expected demand. Consumer revenue declined in the
fourth quarter primarily due to lower demand sequentially for
gaming consoles. The breakdown by end market was as follows:
|
|
|
|
|
Q4 2013 |
Q3 2013 |
Q4 2012 |
End Market: |
Revenue $M |
% of Revenue |
Revenue $M |
% of Revenue |
Revenue $M |
% of Revenue |
Industrial & infrastructure |
$ 87.1 |
60% |
$ 87.8 |
58% |
$ 78.6 |
57% |
Personal computing |
30.5 |
21% |
28.2 |
18% |
28.6 |
21% |
Consumer |
28.4 |
19% |
36.6 |
24% |
30.3 |
22% |
Revenue |
$ 146.0 |
|
$ 152.6 |
|
$ 137.5 |
|
Financial Results
The year-end financial results showed steadily improving
fundamentals which enabled the company to close 2013 as a more
stable and profitable company with one of the highest dividend
yields in its sector. Over the course of the year, the company
successfully restructured expenses to enable better profitability
while providing a platform for continued investment in strategic
R&D projects. A focused product strategy, improved financial
discipline and a reduction in product costs were behind the gross
and operating margin improvements.
For the full year, on a GAAP basis, gross margin of 55.0 percent
improved 70 bps from 54.3 percent in 2012. GAAP operating expenses
declined to $303.1 million resulting in a return to profitability
for the year with net income of $2.9 million or $0.02 per diluted
share.
For the fourth quarter, GAAP gross margin increased to 55.6
percent. GAAP operating expenses decreased to $60 million. GAAP
operating income was $21.2 million or 14.5 percent of sales. GAAP
net income for the quarter was $7.5 million or $0.06 per diluted
share.
The non-GAAP results also showed meaningful improvement over
prior periods. Non-GAAP gross margin improved to 55.8 percent in
fourth quarter despite the seasonal decline in revenue. For the
year, gross margin improved to 55.3 percent. Fourth quarter
non-GAAP operating expenses were $50.8 million, a 23 percent
decrease compared to the same period last year. For the full year,
non-GAAP operating expenses were $226.2 million, a meaningful
decline over 2012. For a complete reconciliation of GAAP and
non-GAAP results, please see the "Non-GAAP Results" table included
at the end of this release.
Fourth quarter non-GAAP operating income increased to $30.6
million, a dramatic improvement from the same period last year,
resulting in a non-GAAP operating margin of 21 percent. Non-GAAP
operating margin for the full year was 16 percent. Fourth quarter
non-GAAP net income of $25.5 million, resulted in $0.19 per diluted
share. For the full year, non-GAAP earnings more than doubled to
$0.59 per diluted share.
Cash flow from operating activities was $46 million,
contributing to a 17 percent sequential increase in cash and
short-term investments to $195 million at the end of the quarter.
Intersil's board of directors authorized payment of a quarterly
dividend of $0.12 per share of common stock. The payment of this
dividend will be made on February 28, 2014, to shareholders of
record as of the close of business on February 18, 2014.
"I'm very pleased with the pace of progress as we successfully
implemented a number of important strategic changes last year to
improve focus, profitability and execution," said Necip Sayiner,
president and CEO of Intersil. "We are now positioned in 2014 to
rebuild around our core competency and transform the business,
delivering a higher quality, more sustainable revenue base."
First Quarter 2014 Outlook
The following forward looking guidance is for the first quarter
ending April 4, 2014, based on current business trends and
conditions:
|
|
|
|
|
GAAP |
Reconciling
items |
Non-GAAP |
Revenue |
$134-$140 million |
|
$134-$140 million |
Gross margin |
Up slightly |
|
Up slightly |
Operating expenses |
$62-$65 million |
$4-$5 million equity-based
compensation |
$53-$54 million |
|
|
$5-$6 million amortization of
purchased intangibles |
|
Earnings per share |
$0.03 to $0.05 |
|
$0.13 to $0.15 |
Earnings Call Webcast
Intersil will be hosting a webcast to discuss the quarterly
results and outlook today at 1:45 p.m. Pacific Time. To access the
conference call, please visit the company's investor relations
website at ir.intersil.com. Participants can also dial (866)
318-8611 or +1 (617) 399-5130 and enter the pass code 56886083. A
replay of the webcast will be available for two weeks following the
conference call on the company website, or may be accessed by
dialing (888) 286-8010, international dial +1 (617) 801-6888, using
the pass code 12448729.
About Intersil
Intersil Corporation is a leading provider of innovative power
management and precision analog solutions. The Company's products
address some of the largest markets within the industrial and
infrastructure, personal computing and high-end consumer markets.
For more information about Intersil or to find out how to become a
member of our winning team, visit our website 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.
Non-GAAP Reporting
To supplement its consolidated financial results presented in
accordance with GAAP, Intersil uses non-GAAP financial measures
which are adjusted from the most directly comparable GAAP financial
measures to exclude certain items, as described in detail below.
Management believes that these non-GAAP financial measures reflect
an additional and useful way of viewing aspects of the Company's
operations that, when viewed in conjunction with Intersil's GAAP
results, provide a more comprehensive understanding of the various
factors and trends affecting the Company's business and operations.
It should also be noted that Intersil's non-GAAP information may be
different from the non-GAAP information provided by other
companies. Non-GAAP financial measures used by Intersil
include:
- Gross profit;
- Operating expenses;
- Provision (benefit) for income taxes;
- Operating income (loss);
- Net income (loss);
- Diluted net income (loss) per share; and
- Weighted average shares outstanding – diluted.
The Company presents non-GAAP financial measures because the
investor community uses non-GAAP results in its analysis and
comparison of historical results and projections of the Company's
future operating results. These non-GAAP results exclude
acquisition related expense, restructuring and related costs,
equity-based compensation expense, and certain other expenses and
benefits. Management uses these non-GAAP measures to manage and
assess the profitability of the business. These non-GAAP results
are also consistent with the way management internally analyzes
Intersil's financial results.
There are limitations in using non-GAAP financial measures
because they are not prepared in accordance with GAAP and may be
different from non-GAAP financial measures used by other companies.
The presentation of non-GAAP financial information is not meant to
be considered in isolation or as a substitute for the most directly
comparable GAAP financial measures. The non-GAAP financial measures
supplement, and should be viewed in conjunction with, GAAP
financial measures. Investors should review the reconciliations of
the non-GAAP financial measures to their most directly comparable
GAAP financial measures as provided in the accompanying press
release.
As presented in the "Non-GAAP Results" tables in the
accompanying press release, each of the non-GAAP financial measures
excludes one or more of the following items:
Acquisition related. 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
expenses primarily include:
- Amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology, patents,
customer relationships, trademarks, backlog and non-compete
agreements.
Restructuring and related costs. Restructuring charges primarily
relate to changes in Intersil's infrastructure in efforts to reduce
costs and rebalance its workforce. Restructuring charges (gains)
are excluded from non-GAAP financial measures because they are not
considered core operating activities. Although Intersil has engaged
in various restructuring activities in the past, each has been a
discrete event based on a unique set of business objectives. As
such, management believes that it is appropriate to exclude
restructuring charges (gains) from Intersil's non-GAAP financial
measures as it enhances the ability of investors to compare the
Company's period-over-period operating results from continuing
operations. Restructuring-related charges (gains) primarily
include:
- Severance and retention costs directly related to a
restructuring action.
- Facility closure costs consist of ongoing costs associated with
the exit of our leased and owned facilities.
- Other write-offs such as intangibles related to a restructuring
action.
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 this data 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 or governmental judgments, awards, fines or
penalties
- Income from IP agreement
- Writeoffs (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. During the
second quarter of fiscal 2013 we revised our non-GAAP financial
information to reduce the types of items excluded from our non-GAAP
presentation in an effort to increase comparability of our results
with published earnings estimates widely available on the Internet.
In the past we excluded other items such as the compensation
expense(benefit) associated with our non-qualified deferred
compensation plan, CEO severance costs, loss on interest-rate
swaps, and related tax effects of these items, from our non-GAAP
financial information. As a result, a non-GAAP financial measure
presented in the accompanying press release tables may be different
from that presented in a prior press release.
Intersil
Corporation |
Condensed Consolidated
Statements of Operations |
Unaudited |
(In thousands, except
percentages and per share amounts) |
|
|
|
|
|
|
|
Quarter
Ended |
Year
Ended |
|
Jan. 3, |
Oct. 4, |
Dec. 28, |
Jan. 3, |
Dec. 28, |
|
2014 |
2013 |
2012 |
2014 |
2012 |
|
Q4 2013 |
Q3 2013 |
Q4 2012 |
|
|
|
|
|
|
|
|
Revenue |
$ 145,993 |
$ 152,644 |
$ 137,454 |
$ 575,195 |
$ 607,864 |
Cost of revenue |
64,848 |
68,008 |
63,185 |
258,588 |
277,698 |
Gross margin |
81,145 |
84,636 |
74,269 |
316,607 |
330,166 |
Gross margin % |
55.6% |
55.4% |
54.0% |
55.0% |
54.3% |
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
Research and development |
27,482 |
31,311 |
37,555 |
130,541 |
166,884 |
Selling, general and
administrative |
26,915 |
27,083 |
33,509 |
113,333 |
134,314 |
Amortization of purchased
intangibles |
5,561 |
6,080 |
7,646 |
24,579 |
29,185 |
Provision for export compliance
settlement |
-- |
6,000 |
-- |
6,000 |
-- |
Income from IP agreement |
-- |
-- |
(1,000) |
-- |
(14,412) |
Restructuring and related costs |
-- |
9,067 |
652 |
28,694 |
10,490 |
Total expenses |
59,958 |
79,541 |
78,362 |
303,147 |
326,461 |
|
|
|
|
|
|
Operating income (loss) |
21,187 |
5,095 |
(4,093) |
13,460 |
3,705 |
Gain on investments |
470 |
893 |
39 |
2,318 |
920 |
Interest expense and fees, net |
(395) |
(429) |
(6,867) |
(1,901) |
(12,291) |
Income (loss) before income
taxes |
21,262 |
5,559 |
(10,921) |
13,877 |
(7,666) |
Income tax expense |
13,753 |
13,737 |
10,899 |
11,022 |
29,983 |
Net income (loss) |
$ 7,509 |
$ (8,178) |
$ (21,820) |
$ 2,855 |
$ (37,649) |
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
Basic |
$ 0.06 |
$ (0.06) |
$ (0.17) |
$ 0.02 |
$ (0.30) |
Diluted |
$ 0.06 |
$ (0.06) |
$ (0.17) |
$ 0.02 |
$ (0.30) |
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
Basic |
127,699 |
127,339 |
126,470 |
127,151 |
127,032 |
Diluted |
129,158 |
127,339 |
126,470 |
127,998 |
127,032 |
|
|
Intersil
Corporation |
Condensed Consolidated
Balance Sheets |
Unaudited |
(in
thousands) |
|
|
|
|
|
Jan. 3, |
Oct. 4, |
Dec. 28, |
|
2014 |
2013 |
2012 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and short-term investments |
$ 194,787 |
$ 166,800 |
$ 163,561 |
Trade receivables, net |
49,466 |
57,641 |
54,684 |
Inventories |
62,408 |
66,362 |
74,868 |
Prepaid expenses and other current
assets |
9,752 |
10,983 |
14,504 |
Income taxes receivable |
1,091 |
4,243 |
-- |
Deferred income tax assets |
22,328 |
18,832 |
20,006 |
Total current
assets |
339,832 |
324,861 |
327,623 |
Non-current assets: |
|
|
|
Property, plant and equipment, net |
81,867 |
83,538 |
85,374 |
Purchased intangibles, net |
56,641 |
62,203 |
82,998 |
Goodwill |
565,424 |
565,424 |
565,424 |
Deferred income tax assets |
73,008 |
74,700 |
85,526 |
Other non-current assets |
74,624 |
75,910 |
80,841 |
Total non-current
assets |
851,564 |
861,775 |
900,163 |
Total assets |
$ 1,191,396 |
$ 1,186,636 |
$ 1,227,786 |
|
|
|
|
Liabilities and shareholders'
equity |
|
|
|
Current liabilities: |
|
|
|
Trade payables |
$ 26,248 |
$ 26,075 |
$ 22,220 |
Deferred income |
11,936 |
10,226 |
9,572 |
Income taxes payable |
14,588 |
5,750 |
1,293 |
Other accrued expenses |
77,117 |
78,256 |
67,227 |
Total current
liabilities |
129,889 |
120,307 |
100,312 |
Non-current liabilities: |
|
|
|
Income taxes payable |
90,102 |
88,450 |
111,724 |
Other non-current liabilities |
13,603 |
15,488 |
21,142 |
Total non-current
liabilities |
103,705 |
103,938 |
132,866 |
Total shareholders'
equity |
957,802 |
962,391 |
994,608 |
Total liabilities and shareholders'
equity |
$ 1,191,396 |
$ 1,186,636 |
$ 1,227,786 |
|
|
Intersil
Corporation |
Condensed Consolidated
Statements of Cash Flows |
Unaudited |
(In
thousands) |
|
|
|
|
|
|
|
Quarter
Ended |
Year
Ended |
|
Jan. 3, |
Oct. 4, |
Dec. 28, |
Jan. 3, |
Dec. 28, |
|
2014 |
2013 |
2012 |
2014 |
2012 |
|
Q4 2013 |
Q3 2013 |
Q4 2012 |
|
|
Operating activities: |
|
|
|
|
|
Net income (loss) |
$ 7,509 |
$ (8,178) |
$ (21,820) |
$ 2,855 |
$ (37,649) |
Depreciation |
4,210 |
4,380 |
4,879 |
18,950 |
19,467 |
Amortization of purchased
intangibles |
5,561 |
6,080 |
7,646 |
24,579 |
29,185 |
Equity-based compensation |
3,868 |
4,287 |
5,320 |
19,091 |
24,607 |
Non-cash portion of restructuring
charges |
-- |
1,012 |
-- |
7,184 |
-- |
Other |
(123) |
(220) |
(264) |
(1,236) |
362 |
Deferred income taxes |
(1,804) |
12,028 |
3,672 |
10,196 |
14,003 |
Net changes in operating assets and
liabilities |
27,049 |
185 |
23,741 |
25,095 |
(14,404) |
Net cash flows from operating
activities |
46,270 |
19,574 |
23,174 |
106,714 |
35,571 |
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
Proceeds from investments |
-- |
2,991 |
-- |
5,616 |
26,500 |
Net capital expenditures |
(2,809) |
(3,461) |
(6,735) |
(18,581) |
(12,220) |
Net cash flows from investing
activities |
(2,809) |
(470) |
(6,735) |
(12,965) |
14,280 |
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
Proceeds from and tax payments on
equity-based awards |
82 |
3,260 |
(333) |
4,353 |
3,754 |
Fees on credit facilities |
-- |
-- |
-- |
-- |
(855) |
Repayments of long-term debt |
-- |
-- |
(150,000) |
-- |
(200,000) |
Repurchase of common stock |
-- |
-- |
(8,864) |
-- |
(15,262) |
Dividends paid |
(15,366) |
(15,339) |
(15,239) |
(61,920) |
(62,057) |
Net cash flows from financing
activities |
(15,284) |
(12,079) |
(174,436) |
(57,567) |
(274,420) |
|
|
|
|
|
|
Effect of exchange rates on cash and cash
equivalents |
(190) |
859 |
(303) |
(205) |
(314) |
|
|
|
|
|
|
Net change in cash and cash
equivalents |
27,987 |
7,884 |
(158,300) |
35,977 |
(224,883) |
|
|
|
|
|
|
Cash and cash equivalents as of the beginning
of the period |
166,800 |
158,916 |
317,110 |
158,810 |
383,693 |
|
|
|
|
|
|
Cash and cash equivalents as of
the end of the period |
$ 194,787 |
$ 166,800 |
$ 158,810 |
$ 194,787 |
$ 158,810 |
|
|
Intersil
Corporation |
Non-GAAP
Results |
Unaudited |
(In thousands, except
percentages) |
|
|
|
|
|
|
|
Quarter
Ended |
Year
Ended |
|
Jan. 3, |
Oct. 4, |
Dec. 28, |
Jan. 3, |
Dec. 28, |
|
2014 |
2013 |
2012 |
2014 |
2012 |
|
Q4 2013 |
Q3 2013 |
Q4 2012 |
|
|
|
|
|
|
|
|
Non-GAAP gross margin: |
|
|
|
|
|
GAAP gross margin |
$ 81,145 |
$ 84,636 |
$ 74,269 |
$ 316,607 |
$ 330,166 |
Equity-based compensation COS |
298 |
324 |
343 |
1,387 |
1,634 |
Non-GAAP gross
margin |
$ 81,443 |
$ 84,960 |
$ 74,612 |
$ 317,994 |
$ 331,800 |
|
|
|
|
|
|
Non-GAAP gross margin: |
|
|
|
|
|
GAAP gross margin |
55.6% |
55.4% |
54.0% |
55.0% |
54.3% |
Equity-based compensation COS |
0.2% |
0.2% |
0.3% |
0.3% |
0.3% |
Non-GAAP gross
margin |
55.8% |
55.6% |
54.3% |
55.3% |
54.6% |
|
|
|
|
|
|
Non-GAAP operating
expenses: |
|
|
|
|
|
GAAP operating
expenses |
$ 59,958 |
$ 79,541 |
$ 78,362 |
$ 303,147 |
$ 326,461 |
Restructuring and related costs |
-- |
(9,067) |
(652) |
(28,694) |
(10,490) |
Provision for export compliance
settlement |
-- |
(6,000) |
-- |
(6,000) |
-- |
Income from IP agreement |
-- |
-- |
1,000 |
-- |
14,412 |
Equity-based compensation (excl.
COS) |
(3,570) |
(3,963) |
(4,977) |
(17,704) |
(22,973) |
Amortization of purchased
intangibles |
(5,561) |
(6,080) |
(7,646) |
(24,579) |
(29,185) |
Non-GAAP operating
expenses |
$ 50,827 |
$ 54,431 |
$ 66,087 |
$ 226,170 |
$ 278,225 |
|
|
|
|
|
|
Non-GAAP operating
income: |
|
|
|
|
|
GAAP operating income
(loss) |
$ 21,187 |
$ 5,095 |
$ (4,093) |
$ 13,460 |
$ 3,705 |
Restructuring and related costs |
-- |
9,067 |
652 |
28,694 |
10,490 |
Provision for export compliance
settlement |
-- |
6,000 |
-- |
6,000 |
-- |
Income from IP agreement |
-- |
-- |
(1,000) |
-- |
(14,412) |
Equity-based compensation |
3,868 |
4,287 |
5,320 |
19,091 |
24,607 |
Amortization of purchased
intangibles |
5,561 |
6,080 |
7,646 |
24,579 |
29,185 |
Non-GAAP operating
income |
$ 30,616 |
$ 30,529 |
$ 8,525 |
$ 91,824 |
$ 53,575 |
|
|
|
|
|
|
Non-GAAP operating
margin: |
|
|
|
|
|
GAAP operating
margin |
14.5 % |
3.3 % |
(3.0)% |
2.3 % |
0.6 % |
Excluded items as a percent of
revenue |
6.5 % |
16.7 % |
9.2 % |
13.7 % |
8.2 % |
Non-GAAP operating
margin |
21.0 % |
20.0 % |
6.2 % |
16.0 % |
8.8 % |
|
|
Intersil
Corporation |
Non-GAAP
Results |
Unaudited |
(In thousands, except
per share amounts) |
|
|
|
|
|
|
|
Quarter
Ended |
Year
Ended |
|
Jan. 3, |
Oct. 4, |
Dec. 28, |
Jan. 3, |
Dec. 28, |
|
2014 |
2013 |
2012 |
2014 |
2012 |
|
Q4 2013 |
Q3 2013 |
Q4 2012 |
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss): |
|
|
|
|
|
GAAP net income
(loss) |
$ 7,509 |
$ (8,178) |
$ (21,820) |
$ 2,855 |
$ (37,649) |
Tax adjustments from non-cash and
discrete items |
8,570 |
8,816 |
7,055 |
(3,452) |
16,955 |
Restructuring and related costs |
-- |
9,067 |
652 |
28,694 |
10,490 |
Provision for export compliance
settlement |
-- |
6,000 |
-- |
6,000 |
-- |
Income from IP agreement |
-- |
-- |
(1,000) |
-- |
(14,412) |
Gain on recovery from auction rate
securities |
-- |
(241) |
-- |
(866) |
-- |
Equity-based compensation |
3,868 |
4,287 |
5,320 |
19,091 |
24,607 |
Amortization of purchased
intangibles |
5,561 |
6,080 |
7,646 |
24,579 |
29,185 |
Non-GAAP net income
(loss) |
$ 25,508 |
$ 25,831 |
$ (2,147) |
$ 76,901 |
$ 29,176 |
|
|
|
|
|
|
GAAP weighted average shares -
diluted |
129,158 |
127,339 |
126,470 |
127,998 |
127,032 |
Non-GAAP adjustment |
2,423 |
3,288 |
2,512 |
2,689 |
2,583 |
Non-GAAP diluted shares
outstanding |
131,581 |
130,627 |
128,982 |
130,687 |
129,615 |
|
|
|
|
|
|
Non-GAAP earnings (loss) per diluted
share: |
|
|
|
|
|
GAAP earnings (loss) per diluted
share |
$ 0.06 |
$ (0.06) |
$ (0.17) |
$ 0.02 |
$ (0.30) |
Excluded items per share impact |
0.13 |
0.26 |
0.15 |
0.57 |
0.53 |
Non-GAAP earnings (loss) per
diluted share |
$ 0.19 |
$ 0.20 |
$ (0.02) |
$ 0.59 |
$ 0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation
expense by classification: |
|
|
|
|
Cost of revenue ("COS") |
$ 298 |
$ 324 |
$ 343 |
$ 1,387 |
$ 1,634 |
Research and development |
1,642 |
1,691 |
2,227 |
7,777 |
11,304 |
Selling, general and
administrative |
1,928 |
2,272 |
2,750 |
9,927 |
11,669 |
CONTACT: Media Contact:
Shannon Pleasant
Intersil Corporation
(512) 382-8444
spleasant@intersil.com
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