MILPITAS, Calif., July 28, 2016 /PRNewswire/ -- Intersil
Corporation (NASDAQ:ISIL), a leading provider of innovative power
management and precision analog solutions, today announced
financial results for the second quarter ended July 1, 2016. Second quarter revenue of
$134.0 million was up 3.7%
sequentially and 1.2% year-over-year.
Company Highlights
- Both Consumer and Computing (C&C) and Industrial and
Infrastructure (I&I) revenue were up year-over-year.
- I&I demand improved broadly, resulting in 7.8% sequential
growth.
- Gross margin increased sequentially again to 59.4% on a GAAP
basis and 59.6% on a non-GAAP basis.
- Planned closure of a portion of the company's manufacturing
operations resulted in restructuring charges of $13.5 million, lowering GAAP operating margin and
reducing GAAP earnings per share to $0.01.
- Non-GAAP operating margin and earnings per share increased on
both a sequential and year-over-year basis and were 21.1% and
$0.17 for the quarter.
- Cash and cash equivalents increased again to $257 million at quarter-end.
Quarterly Results
Revenue for the second quarter improved sequentially due to
strength in the company's I&I products. Aerospace revenue
achieved a recent record, while automotive revenue was near record
levels in the quarter. Both I&I power and industrial analog
were up again sequentially as a result of improving end market
demand. Second quarter C&C revenue decreased 3.6% sequentially
due to expected weakness in consumer demand, but was up 2%
year-over-year.
"With year-over-year growth in both of our key businesses, we're
encouraged with the progress in returning Intersil to a sustained
growth path," said Necip Sayiner,
president and CEO of Intersil. "An improving cost structure and
strong gross margins are providing for good earnings leverage as we
move closer to our long-term target operating model."
The breakdown by end market follows:
|
Q2
2016
|
|
Q1
2016
|
|
Q2
2015
|
End Market
Revenue
|
$M
|
|
%
|
|
$M
|
|
%
|
|
$M
|
|
%
|
Industrial &
Infrastructure
|
88.6
|
|
66%
|
|
82.2
|
|
64%
|
|
87.9
|
|
66%
|
Consumer &
Computing
|
45.4
|
|
34%
|
|
47.1
|
|
36%
|
|
44.5
|
|
34%
|
Total
Revenue
|
$134.0
|
|
|
|
$129.3
|
|
|
|
$132.4
|
|
|
Table 1. Intersil End Market Mix
Second quarter GAAP results include the impact of the plan to
decommission the company's 200 millimeter line at its Florida fab. As a result, second quarter GAAP
results include $10 million for
impairment of fixed assets and $3.5
million in severance and other restructuring charges. Second
quarter GAAP gross margin was up again to 59.4%, a 60 basis point
sequential increase. Total second quarter GAAP operating expenses
increased to $77.1 million and
included R&D expense of $34.2
million, SG&A expense of $25.2
million and other charges. GAAP operating income declined
sequentially and year-over-year to $2.5
million, or 2 percent of revenue. Q2 GAAP net income was
$1.4 million, resulting in earnings
per share of $0.01.
The following non-GAAP results exclude restructuring and related
costs, amortization of purchased intangibles, equity-based
compensation expense, provision for the TAOS litigation, acquisition-related charges,
gain on recovery of auction rate securities, as well as the related
tax effects.
On a non-GAAP basis, the company reported strong results with
gross margin improving again sequentially to 59.6% due to favorable
product mix. Non-GAAP operating expenses for the second quarter
were $51.6 million. Non-GAAP R&D
expense was $30.4 million and
non-GAAP SG&A expense was $21.2
million. Q2 non-GAAP operating income increased both
sequentially and year-over-year to $28.3
million. Non-GAAP operating margin was 21.1%, an improvement
of 110 basis points sequentially and 80 basis points
year-over-year. Non-GAAP net income increased to $23.6 million in Q2, resulting in a sequential
increase in non-GAAP earnings per share of 13% to $0.17.
For a complete reconciliation of GAAP and non-GAAP results,
please see the "Non-GAAP Results" tables included at the end of
this release.
Cash and cash equivalents increased to $257 million at the end of the second 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 or about
August 26, 2016 to stockholders of
record as of the close of business on August
16, 2016.
Third Quarter 2016 Outlook
The following
forward-looking guidance is for the third quarter ending
September 30, 2016, based on current
business trends and conditions:
|
GAAP
|
Non-GAAP
|
Revenue
|
$135 million to $140
million
|
Gross
margin
|
Up 50 basis
points
|
Operating
expenses
|
$58 to $62
million
|
$49 to $51
million
|
Earnings per
share
|
$0.11 to
$0.13
|
$0.18 to
$0.20
|
Table 2. Intersil Q3 2016 Outlook
Earnings Call Webcast
Intersil will be hosting a
webcast to discuss the quarterly results and outlook today at
2:00 p.m. Pacific Time. To access the
webcast, please visit the investor relations page of the company's
website at ir.intersil.com. Participants can also dial (888)
656-8682 or +1 (503) 343-6028 and enter the passcode 45994308. 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 (855) 859-2056, international dial +1 (404) 537-3406, using
the passcode 45994308.
About Intersil
Intersil Corporation is a leading
provider of innovative power management and precision analog
solutions. The company's products form the building blocks of
increasingly intelligent, mobile and power hungry electronics,
enabling advances in power management to improve efficiency and
extend battery life. With a deep portfolio of intellectual property
and a rich history of design and process innovation, Intersil is
the trusted partner to leading companies in some of the world's
largest markets, including industrial and infrastructure, mobile
computing, automotive and aerospace. For more information about
Intersil, visit our website at www.intersil.com.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this press release constitute
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, as
amended.. You should not place undue reliance on these statements.
These forward-looking statements include statements that reflect
the current expectations, estimates, beliefs, assumptions, and
projections of our senior management about future events with
respect to our business and our industry in general.
Statements that include 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 of a future or forward-looking nature
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.
Forward-looking statements include, but are not limited to,
statements in the quote from our CEO, including regarding our
future growth and progress towards our long-term target operating
model, statements under the caption "Third Quarter 2016 Outlook,"
that relate to our business, future revenues, future expenses,
future profits or losses, growth plans and other strategies,
product and customer initiatives, market growth projections, and
our industry in general. 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, there are or will be important factors that could cause
our actual results to differ materially and adversely from those
expressed in any forward-looking statement. We believe that the
factors that may affect our business, future operating results, and
financial condition include, but are not limited to, the following:
any faltering or uncertainty in global economic conditions; the
highly cyclical nature of the semiconductor industry; intense
competition in the semiconductor industry; unsuccessful product
development or failure to obtain market acceptance of our products;
downturns in the end markets we serve; failure to make or deliver
products in a timely manner; unavailability of raw materials,
services, supplies, or manufacturing capacity; delays in production
or in implementing new production techniques, product defects, or
unreliability of products; and adverse results in litigation
matters. For a more detailed discussion of how these and other
risks and uncertainties could cause our actual results to differ
materially from those indicated in our forward-looking statements,
see the information set forth under the caption "Risk Factors" and
elsewhere in our reports filed with the U.S. Securities and
Exchange Commission (which you may obtain for free at the SEC's
website at http://www.sec.gov or on our website at
http://ir.intersil.com), including our Annual Report on Form 10-K
for the year ended January 1, 2016.
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 earnings (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 charges, 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 charges. 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
charges primarily include:
- Amortization of purchased intangibles, which include purchased
intangibles such as purchased technology, patents, customer
relationships, trademarks, backlog and non-compete agreements.
- One-time charges associated with completing an acquisition
including contract termination costs.
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 these items 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 judgments, awards, or governmental fines or
penalties.
- Income from IP agreements.
- Restructuring and related costs, including asset impairment
charges.
- Write-offs (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.
Intersil
Corporation
|
Condensed
Consolidated Statements of Income
|
Unaudited
|
(In thousands,
except percentages and per share amounts)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jul.
1
|
|
Apr.
1,
|
|
Jul.
3
|
|
2016
|
|
2016
|
|
2015
|
|
Q2 2016
|
|
Q1 2016
|
|
Q2 2015
|
|
|
|
|
|
|
Revenue
|
$
134,009
|
|
$
129,279
|
|
132,441
|
Cost of
revenue
|
54,421
|
|
53,319
|
|
53,948
|
Gross
profit
|
79,588
|
|
75,960
|
|
78,493
|
Gross margin
%
|
59.4%
|
|
58.8%
|
|
59.3%
|
Expenses:
|
|
|
|
|
|
Research and
development
|
34,211
|
|
33,678
|
|
33,098
|
Selling, general and
administrative
|
25,248
|
|
23,549
|
|
25,194
|
Amortization of
purchased intangibles
|
2,867
|
|
3,528
|
|
4,026
|
Restructuring and
related costs
|
13,508
|
|
-
|
|
-
|
Provision for TAOS
litigation
|
1,255
|
|
-
|
|
-
|
Total
expenses
|
77,089
|
|
60,755
|
|
62,318
|
Operating
income
|
2,499
|
|
15,205
|
|
16,175
|
Other income
(expense) , net
|
(326)
|
|
(481)
|
|
(574)
|
Income before
income taxes
|
2,173
|
|
14,724
|
|
15,601
|
Income tax expense
(benefit)
|
784
|
|
2,973
|
|
(22,123)
|
Net
income
|
$
1,389
|
|
$
11,751
|
|
$
37,724
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
$
0.01
|
|
$
0.09
|
|
$
0.29
|
Diluted
|
$
0.01
|
|
$
0.09
|
|
$
0.28
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
Basic
|
135,086
|
|
132,857
|
|
131,916
|
Diluted
|
137,332
|
|
135,267
|
|
132,823
|
Intersil
Corporation
|
Condensed
Consolidated Balance Sheets
|
Unaudited
|
(in
thousands)
|
|
|
|
|
|
|
|
Jul.
1
|
|
Apr.
1,
|
|
Jul.
3
|
|
2016
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
256,864
|
|
$
253,606
|
|
$
224,962
|
Trade
receivables, net
|
53,578
|
|
49,000
|
|
55,972
|
Inventories
|
69,477
|
|
64,316
|
|
71,816
|
Prepaid
expenses and other current assets
|
6,162
|
|
12,843
|
|
6,563
|
Income taxes
receivable
|
7,573
|
|
7,608
|
|
1,073
|
Deferred
income tax assets
|
-
|
|
-
|
|
20,724
|
Total current
assets
|
393,654
|
|
387,373
|
|
381,110
|
Non-current
assets:
|
|
|
|
|
|
Property,
plant and equipment, net
|
57,520
|
|
69,069
|
|
74,224
|
Purchased
intangibles, net
|
26,112
|
|
28,979
|
|
24,813
|
Goodwill
|
571,770
|
|
571,770
|
|
565,424
|
Deferred
income tax assets
|
63,484
|
|
63,139
|
|
44,493
|
Other
non-current assets
|
32,053
|
|
32,238
|
|
33,574
|
Total non-current
assets
|
750,939
|
|
765,195
|
|
742,528
|
Total
assets
|
$
1,144,593
|
|
$1,152,568
|
|
$
1,123,638
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Trade
payables
|
24,245
|
|
23,137
|
|
23,419
|
Deferred
income
|
15,881
|
|
13,796
|
|
15,992
|
Income taxes
payable
|
5,587
|
|
6,275
|
|
1,761
|
Provision for
TAOS litigation
|
78,557
|
|
77,744
|
|
79,017
|
Other accrued
expenses
|
54,393
|
|
50,206
|
|
53,068
|
Total current liabilities
|
178,663
|
|
171,158
|
|
173,257
|
Non-current
liabilities:
|
|
|
|
|
|
Income taxes
payable
|
1,643
|
|
1,622
|
|
2,944
|
Other
non-current liabilities
|
13,316
|
|
14,627
|
|
12,244
|
Total non-current liabilities
|
14,959
|
|
16,249
|
|
15,188
|
Total shareholders'
equity
|
950,971
|
|
965,161
|
|
935,193
|
Total liabilities
and shareholders' equity
|
$
1,144,593
|
|
$1,152,568
|
|
$
1,123,638
|
Intersil
Corporation
|
Condensed
Consolidated Statements of Cash Flows
|
Unaudited
|
(In
thousands)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jul.
1
|
|
Apr.
1,
|
|
Jul.
3
|
|
2016
|
|
2016
|
|
2015
|
|
Q2 2016
|
|
Q1 2016
|
|
Q2 2015
|
Operating
activities:
|
|
|
|
|
|
Net income
|
$
1,389
|
|
$
11,751
|
|
$
37,724
|
Depreciation
|
3,467
|
|
3,579
|
|
3,607
|
Amortization of purchased intangibles
|
2,867
|
|
3,528
|
|
4,026
|
Equity-based compensation
|
8,122
|
|
6,482
|
|
6,689
|
Asset
impairment charges
|
9,998
|
|
-
|
|
-
|
Deferred
income taxes
|
(1,635)
|
|
-
|
|
(5,823)
|
Other
|
(847)
|
|
21
|
|
(64)
|
Net
changes in operating assets and liabilities
|
3,835
|
|
(7,691)
|
|
(21,933)
|
Net cash flows provided by operating activities
|
27,196
|
|
17,670
|
|
24,226
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Proceeds
from investments
|
42
|
|
28
|
|
-
|
Net
capital expenditures
|
(2,004)
|
|
(2,716)
|
|
(4,997)
|
Net cash flows used in investing activities
|
(1,962)
|
|
(2,688)
|
|
(4,997)
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Proceeds
from (tax payments for) equity-based awards, net
|
(3,168)
|
|
6,417
|
|
1,851
|
Dividends paid
|
(18,878)
|
|
(15,987)
|
|
(17,196)
|
Net cash flows used in
financing activities
|
(22,046)
|
|
(9,570)
|
|
(15,345)
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
70
|
|
791
|
|
178
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
3,258
|
|
6,203
|
|
4,062
|
|
|
|
|
|
|
Cash and cash
equivalents as of the beginning of the period
|
253,606
|
|
247,403
|
|
220,900
|
|
|
|
|
|
|
Cash and cash equivalents as of the end of the
period
|
$
256,864
|
|
$
253,606
|
|
$
224,962
|
Intersil
Corporation
|
Non-GAAP
Results
|
Unaudited
|
(In thousands,
except percentages)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jul.
1
|
|
Apr.
1,
|
|
Jul.
3
|
|
2016
|
|
2016
|
|
2015
|
|
Q2 2016
|
|
Q1 2016
|
|
Q2 2015
|
Non-GAAP gross
profit:
|
|
|
|
|
|
GAAP gross
profit
|
$
79,588
|
|
$
75,960
|
|
$
78,493
|
Equity-based
compensation COS
|
284
|
|
458
|
|
436
|
Non-GAAP gross
profit
|
$
79,872
|
|
$
76,418
|
|
$
78,929
|
|
|
|
|
|
|
Non-GAAP gross
margin:
|
|
|
|
|
|
GAAP gross
margin
|
59.4%
|
|
58.8%
|
|
59.3%
|
Excluded items
as a percent of revenue
|
0.2%
|
|
0.3%
|
|
0.3%
|
Non-GAAP gross
margin
|
59.6%
|
|
59.1%
|
|
59.6%
|
|
|
|
|
|
|
Non-GAAP R&D
expenses:
|
|
|
|
|
|
GAAP R&D
expenses
|
$
34,211
|
|
$
33,678
|
|
$
33,098
|
Equity-based
compensation
|
(3,834)
|
|
(3,103)
|
|
(2,658)
|
Non-GAAP R&D
expenses:
|
$
30,377
|
|
$
30,575
|
|
$
30,440
|
|
|
|
|
|
|
Non-GAAP SG&A
expenses:
|
|
|
|
|
|
GAAP SG&A
expenses
|
$
25,248
|
|
$
23,549
|
|
$
25,194
|
Equity-based
compensation
|
(4,004)
|
|
(2,921)
|
|
(3,595)
|
Acquisition-related costs
|
-
|
|
(585)
|
|
-
|
Non-GAAP SG&A
expenses:
|
$
21,244
|
|
$
20,043
|
|
$
21,599
|
|
|
|
|
|
|
Non-GAAP operating
expenses:
|
|
|
|
|
|
GAAP operating
expenses
|
$
77,089
|
|
$
60,755
|
|
$
62,318
|
Restructuring
and related costs
|
(13,508)
|
|
-
|
|
-
|
Provision for
TAOS litigation
|
(1,255)
|
|
-
|
|
-
|
Equity-based
compensation (excl. COS)
|
(7,838)
|
|
(6,024)
|
|
(6,253)
|
Amortization
of purchased intangibles
|
(2,867)
|
|
(3,528)
|
|
(4,026)
|
Acquisition-related costs
|
-
|
|
(585)
|
|
-
|
Non-GAAP operating
expenses
|
$
51,621
|
|
$
50,618
|
|
$
52,039
|
|
|
|
|
|
|
Non-GAAP operating
income:
|
|
|
|
|
|
GAAP operating
income
|
$
2,499
|
|
$
15,205
|
|
$
16,175
|
Restructuring
and related costs
|
13,508
|
|
-
|
|
-
|
Provision for
TAOS litigation
|
1,255
|
|
-
|
|
-
|
Equity-based
compensation
|
8,122
|
|
6,482
|
|
6,689
|
Amortization
of purchased intangibles
|
2,867
|
|
3,528
|
|
4,026
|
Acquisition-related costs
|
-
|
|
585
|
|
-
|
Non-GAAP operating
income
|
$
28,251
|
|
$
25,800
|
|
$
26,890
|
|
|
|
|
|
|
Non-GAAP operating
margin:
|
|
|
|
|
|
GAAP operating
margin
|
1.9%
|
|
11.8%
|
|
12.2%
|
Excluded items
as a percent of revenue
|
19.2%
|
|
8.2%
|
|
8.1%
|
Non-GAAP operating
margin
|
21.1%
|
|
20.0%
|
|
20.3%
|
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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SOURCE Intersil Corporation