Exhibit 99.1
FOR IMMEDIATE RELEASE | JULY 27, 2005 | |
Investor Relations Contact: | Media Relations Contact: | |
Diana Matley | Tara Yingst | |
408-433-4365 | 408-433-7139 | |
diana@lsil.com | tara@lsil.com | |
CC05-75 |
LSI LOGIC REPORTS STRONG Q2 REVENUE AND PROFIT GROWTH
Second Quarter News Release Summary
n Revenues of $481 million, up 7 percent sequentially.
n Revenues up 7 percent compared to Q2 2004.
n GAAP* net income of 6 cents per diluted share, compared to 2 cents in Q2 2004.
n Net income, excluding special items**, of 11 cents per diluted share, compared to 7 cents in Q2 2004.
n Gross margin expands to 44 percent.
n Generated positive operating cash flow for 13th consecutive quarter.
Third Quarter Business Outlook
n Projected revenue of $470 million to $500 million.
n GAAP* net income range of 5 — 7 cents per diluted share.
n Net income, excluding special items**, in the range of 10 — 12 cents per diluted share.
* Generally Accepted Accounting Principles.
** Acquisition-related amortization, restructuring and other special items.
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LSI Logic Reports Q2 2005 Financial Results July 27, 2005 | Page 2 of 4 |
STORAGE COMPONENTS AND STORAGE SYSTEMS LEAD
LSI LOGIC Q2 REVENUE GROWTH
LSI LOGIC Q2 REVENUE GROWTH
Milpitas, California —LSI Logic Corporation (NYSE: LSI) today reported second quarter 2005 revenues of $481 million, a 7 percent sequential increase compared to the $450 million reported in the first quarter of 2005, and a 7 percent increase compared to the $448 million reported in the second quarter of 2004.
Second quarter 2005 GAAP* net income improved to $25 million or 6 cents per diluted share compared to first quarter 2005 GAAP net income of $5 million or 1 cent per diluted share. Second quarter 2004 GAAP net income was $7 million or 2 cents per diluted share.
Second quarter 2005 net income, excluding special items**, increased to $45 million or 11 cents per diluted share compared to first quarter 2005 net income, excluding special items, of $25 million or 6 cents per diluted share. Excluding special items, second quarter 2004 net income was $28 million or 7 cents per diluted share.
“Increased customer demand for LSI Logic’s Storage Components and Storage Systems product offerings provided the momentum for LSI Logic to report a solid second quarter,” said Abhi Talwalkar, LSI Logic president and chief executive officer. “Storage Components, comprised of Storage ASICs, Storage Standard Products and RAID Storage Adapters, set the pace for the company with a record second quarter. Our Engenio storage systems subsidiary benefited from the successful introduction of its higher-end product line. Growth in Communications reflected stronger than anticipated demand from enterprise networking customers. In Consumer, we were pleased with the revenue strength in DoMiNo®-based DVD-recorder and cable set-top box markets, as well as digital audio products, which was balanced by the seasonal decline in game console revenues.
“LSI Logic generated significant sequential and year-over-year revenue growth,” said Bryon Look, LSI Logic chief financial officer. “Our gross margins increased over the prior quarter. Profitability improved, both on a GAAP and excluding special items basis. We generated $60 million in cash from operations, reduced convertible debt by $150 million and ended the second quarter of 2005 with $782 million in cash and short-term investments.”
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LSI Logic Reports Q2 2005 Financial Results July 27, 2005 | Page 3 of 4 |
LSI Logic Third Quarter Business Outlook
GAAP* | Special Items** | Excluding Special Items | ||||
Revenues | $470 million to $500 million | $470 million to $500 million | ||||
Gross Margin | 43-44 percent | 43-44 percent | ||||
Operating Expenses | $175 million to $179 million | Approximately $19 million** | $156 million to $160 million | |||
Net Other Income/(Expense) | $(2) to $(3) million | $(2) to $(3) million | ||||
Tax Provision | $6.25 million | $6.25 million | ||||
Net Income Per Share | $0.05 to $0.07 | Approximately $0.05 | $0.10 to $0.12 | |||
Diluted Share Count | 406 million | 406 million |
Capital spending is projected to be around $20 million in the third quarter, and approximately $60 million in total for 2005.
Third quarter depreciation and software amortization is expected to be approximately $23 million.
* Generally Accepted Accounting Principles
** Acquisition-related amortization, restructuring and other special items.
NOTE: The company’s financial guidance will be limited to the comments made on today’s public conference call and contained in the Third Quarter Business Outlook section of this news release.
LSI Logic Conference Call Information
LSI Logic will hold a conference call today at 2 p.m. PDT to discuss second quarter financial results and the third quarter business outlook. The number is 1-303-262-2052. Internet users can access the conference call by visitinghttp://www.lsilogic.com/investors. A replay of the call will be available today at approximately 4:30 p.m. PDT and will be available for 48 hours. The replay access numbers are 1-800-405-2236 within the U.S. and 1-303-590-3000 for all other locations, passcode 11034680#.
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LSI Logic Reports Q2 2005 Financial Results July 27, 2005 | Page 4 of 4 |
Safe Harbor for Forward-Looking Statements:This news release contains forward-looking statements, which include the following: projected revenues for the third quarter of 2005, projected GAAP net income for the third quarter of 2005, projected net income, excluding special items, for the third quarter of 2005, projected capital spending in the third quarter of 2005 and for the year, and expected third quarter of 2005 depreciation and software amortization. Forward-looking statements also include projections of gross margins, operating expenses, net other income/(expense), tax provisions, earnings per share and diluted share count. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made and 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 Logic’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: fluctuations in the timing and volumes of customer demand, the company’s ability to achieve revenue objectives, the company’s ability to meet financial targets and failure to execute on its financial plan, the company’s ability to generate positive operating cash flow, control operating expenses or drive sustained revenue growth, the company’s ability to leverage technology marketplace advantages and the availability of appropriate levels of manufacturing capacity. For additional information, readers are referred to the documents filed by LSI Logic with the SEC, and specifically the risk factors set forth in the company’s most recent reports on Form 10-K, 10-Q and 8-K.
About LSI Logic
LSI Logic Corporation (NYSE: LSI) focuses on the design and production of high-performance semiconductors for Consumer, Communications and Storage applications that access, interconnect and store data, voice and video. LSI Logic engineers incorporate reusable, industry-standard intellectual property building blocks that serve as the heart of leading-edge systems. LSI Logic serves its global OEM, channel and distribution customers with standard-cell ASICs, Platform ASICs, standard products, host bus adapters, RAID controllers and software. In addition, the company supplies storage network solutions for the enterprise. LSI Logic is headquartered at 1621 Barber Lane, Milpitas, CA 95035. http://www.lsilogic.com.
# # #
Editor’s Notes:
1. | All LSI Logic 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.lsilogic.com. | |
2. | The LSI Logic logo design is a registered trademark of LSI Logic Corporation. | |
3. | All other brand or product names may be trademarks or registered trademarks of their respective companies. |
LSI LOGIC CORPORATION
Consolidated Condensed Statements of Operations Excluding Special Items
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2005 | 2005 | 2004 | 2005 | 2004 | ||||||||||||||||
Revenues | $ | 481,292 | $ | 450,007 | $ | 447,897 | $ | 931,299 | $ | 900,254 | ||||||||||
Cost of revenues | 269,531 | 259,740 | 239,081 | 529,271 | 490,006 | |||||||||||||||
Gross profit | 211,761 | 190,267 | 208,816 | 402,028 | 410,248 | |||||||||||||||
Research and development | 99,659 | 99,237 | 110,098 | 198,896 | 219,039 | |||||||||||||||
Selling, general and administrative | 59,872 | 58,140 | 62,750 | 118,012 | 123,908 | |||||||||||||||
Income from operations | 52,230 | 32,890 | 35,968 | 85,120 | 67,301 | |||||||||||||||
Interest expense | (6,320 | ) | (6,710 | ) | (6,067 | ) | (13,030 | ) | (11,979 | ) | ||||||||||
Interest income and other, net | 5,062 | 5,390 | 3,674 | 10,452 | 9,488 | |||||||||||||||
Income before income taxes | 50,972 | 31,570 | 33,575 | 82,542 | 64,810 | |||||||||||||||
Provision for income taxes | 6,250 | 6,250 | 6,000 | 12,500 | 12,000 | |||||||||||||||
Net income excluding special items | $ | 44,722 | $ | 25,320 | $ | 27,575 | $ | 70,042 | $ | 52,810 | ||||||||||
Income per share excluding special items: | ||||||||||||||||||||
Basic | $ | 0.11 | $ | 0.07 | $ | 0.07 | $ | 0.18 | $ | 0.14 | ||||||||||
Diluted | $ | 0.11 | $ | 0.06 | $ | 0.07 | $ | 0.18 | $ | 0.14 | ||||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||
Basic | 389,088 | 387,664 | 383,522 | 388,371 | 382,571 | |||||||||||||||
Diluted | 393,427 | 390,458 | 388,586 | 391,954 | 389,102 | |||||||||||||||
Statements of operations excluding special items are intended to present the Company’s operating results, excluding special items described below, for the periods presented.
During the three and six month periods ended June 30, 2005, the special items represented amortization of acquisition related items including intangibles and non-cash deferred stock compensation, and restructuring of operations and other items, net, and other special items. The other special items consisted of gains on certain equity securities, and gains associated with the repurchase of a portion of the Company’s Convertible Subordinated Notes.
During the three month period ended March 31, 2005, the special items represented amortization of acquisition related items including intangibles and non-cash deferred stock compensation, and restructuring of operations and other items, net.
During the three and six month periods ended June 30, 2004, the special items represented amortization of acquisition related items including intangibles and non-cash deferred stock compensation, restructuring of operations and other items, net, and other special items. The other special items consisted of gains on certain equity securities, offset in part by fees related to the proposed initial public offering and our separation from Engenio.
For the three month periods ended June 30, 2005, March 31, 2005 and June 30, 2004, the statements excluding special items are prepared using the Company’s calculated tax expense of $6,250, $6,250 and $6,000, respectively when excluding special items. For the six month periods ended June 30, 2005 and 2004, the statements excluding special items are prepared using the Company’s calculated tax expense of $12,500 and $12,000, respectively when excluding special items.
For the three month periods ended June 30, 2005, March 31, 2005 and June 30, 2004, 4,339, 2,794 and 5,064 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share excluding special items. For the six month periods ended June 30, 2005 and 2004, 3,583 and 6,531 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share excluding special items.
A reconciliation from net income excluding special items to the reported results is presented on the following page.
The format presented above is not intended to be in accordance with Generally Accepted Accounting Principles.
LSI LOGIC CORPORATION
Reconciliation of Net Income Excluding Special Items to GAAP Results
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2005 | 2005 | 2004 | 2005 | 2004 | ||||||||||||||||
Net income excluding special items | $ | 44,722 | $ | 25,320 | $ | 27,575 | $ | 70,042 | $ | 52,810 | ||||||||||
Special items: | ||||||||||||||||||||
Amortization of acquisition related items including intangibles and non-cash deferred stock compensation | (18,785 | ) | (19,068 | ) | (21,401 | ) | (37,853 | ) | (41,501 | ) | ||||||||||
Restructuring of operations and other items, net | (7,156 | ) | (1,533 | ) | (3,029 | ) | (8,689 | ) | (2,431 | ) | ||||||||||
Other special items | 6,481 | — | 4,097 | 6,481 | 7,449 | |||||||||||||||
Total special items | (19,460 | ) | (20,601 | ) | (20,333 | ) | (40,061 | ) | (36,483 | ) | ||||||||||
Net income | $ | 25,262 | $ | 4,719 | $ | 7,242 | $ | 29,981 | $ | 16,327 | ||||||||||
Basic income per share: | ||||||||||||||||||||
Net income excluding special items | $ | 0.11 | $ | 0.07 | $ | 0.07 | $ | 0.18 | $ | 0.14 | ||||||||||
Special items ** | (0.05 | ) | (0.06 | ) | (0.05 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
Net income | $ | 0.06 | $ | 0.01 | $ | 0.02 | $ | 0.08 | $ | 0.04 | ||||||||||
Diluted income per share*: | ||||||||||||||||||||
Net income excluding special items | $ | 0.11 | $ | 0.06 | $ | 0.07 | $ | 0.18 | $ | 0.14 | ||||||||||
Special items ** | (0.05 | ) | (0.05 | ) | (0.05 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
Net income | $ | 0.06 | $ | 0.01 | $ | 0.02 | $ | 0.08 | $ | 0.04 | ||||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||
Basic | 389,088 | 387,664 | 383,522 | 388,371 | 382,571 | |||||||||||||||
Diluted | 393,427 | 390,458 | 388,586 | 391,954 | 389,102 | |||||||||||||||
* | For the three month periods ended June 30, 2005, March 31, 2005 and June 30, 2004, 4,339, 2,794 and 5,064 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share. For the six month periods ended June 30, 2005 and 2004, 3,583 and 6,531 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share. | |
** | This line item includes rounding adjustments. |
LSI LOGIC CORPORATION
Consolidated Condensed Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2005 | 2005 | �� | 2004 | 2005 | 2004 | |||||||||||||||
Revenues | $ | 481,292 | $ | 450,007 | $ | 447,897 | $ | 931,299 | $ | 900,254 | ||||||||||
Cost of revenues | 269,531 | 259,740 | 239,081 | 529,271 | 490,006 | |||||||||||||||
Gross profit | 211,761 | 190,267 | 208,816 | 402,028 | 410,248 | |||||||||||||||
Research and development | 99,659 | 99,237 | 110,098 | 198,896 | 219,039 | |||||||||||||||
Selling, general and administrative | 59,872 | 58,140 | 63,757 | 118,012 | 124,915 | |||||||||||||||
Restructuring of operations and other items, net | 7,156 | 1,533 | 3,029 | 8,689 | 2,431 | |||||||||||||||
Amortization of acquisition related items including intangibles and non-cash deferred stock compensation * | 18,785 | 19,068 | 21,401 | 37,853 | 41,501 | |||||||||||||||
Income from operations | 26,289 | 12,289 | 10,531 | 38,578 | 22,362 | |||||||||||||||
Interest expense | (6,320 | ) | (6,710 | ) | (6,067 | ) | (13,030 | ) | (11,979 | ) | ||||||||||
Interest income and other, net | 11,543 | 5,390 | 8,778 | 16,933 | 17,944 | |||||||||||||||
Income before income taxes | 31,512 | 10,969 | 13,242 | 42,481 | 28,327 | |||||||||||||||
Provision for income taxes | 6,250 | 6,250 | 6,000 | 12,500 | 12,000 | |||||||||||||||
Net income | $ | 25,262 | $ | 4,719 | $ | 7,242 | $ | 29,981 | $ | 16,327 | ||||||||||
Income per share: | ||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.01 | $ | 0.02 | $ | 0.08 | $ | 0.04 | ||||||||||
Diluted ** | $ | 0.06 | $ | 0.01 | $ | 0.02 | $ | 0.08 | $ | 0.04 | ||||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||
Basic | 389,088 | 387,664 | 383,522 | 388,371 | 382,571 | |||||||||||||||
Diluted | 393,427 | 390,458 | 388,586 | 391,954 | 389,102 | |||||||||||||||
* | The amortization of acquisition related items including intangibles and non-cash deferred stock compensation for the three month period ended June 30, 2005 are comprised of the following items: |
Amortization of intangibles | $ | 17,613 | ||
Amortization of non-cash deferred stock compensation | 1,172 | |||
$ | 18,785 | |||
** | For the three month periods ended June 30, 2005, March 31, 2005 and June 30, 2004, 4,339, 2,794 and 5,064 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share. For the six month periods ended June 30, 2005 and 2004, 3,583 and 6,531 shares, respectively were considered dilutive common stock equivalents and included in the computation of diluted income per share. |
LSI LOGIC CORPORATION
Consolidated Condensed Balance Sheets
(In millions)
(Unaudited)
(In millions)
(Unaudited)
June 30, | March 31, | December 31, | ||||||||||
2005 | 2005 | 2004 | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and short-term investments | $ | 782.0 | $ | 865.9 | $ | 814.6 | ||||||
Accounts receivable, net | 284.9 | 259.5 | 272.1 | |||||||||
Inventories | 185.7 | 203.4 | 218.9 | |||||||||
Prepaid expenses and other current assets | 61.0 | 58.9 | 59.7 | |||||||||
Total current assets | 1,313.6 | 1,387.7 | 1,365.3 | |||||||||
Property and equipment, net | 288.5 | 301.6 | 311.9 | |||||||||
Goodwill and other intangibles | 1,038.7 | 1,058.2 | 1,081.6 | |||||||||
Other assets | 106.7 | 115.2 | 115.2 | |||||||||
Total assets | $ | 2,747.5 | $ | 2,862.7 | $ | 2,874.0 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Other current liabilities | $ | 394.5 | $ | 386.5 | $ | 396.2 | ||||||
Current portion of long-term obligations | — | — | 0.1 | |||||||||
Total current liabilities | 394.5 | 386.5 | 396.3 | |||||||||
Long-term debt | 626.0 | 779.8 | 781.9 | |||||||||
Tax related liabilities and other | 75.3 | 77.0 | 77.6 | |||||||||
Total liabilities | 1,095.8 | 1,243.3 | 1,255.8 | |||||||||
Minority interest in subsidiary | 0.2 | 0.3 | 0.3 | |||||||||
Stockholders’ equity: | ||||||||||||
Common stock | 2,990.1 | 2,980.8 | 2,973.4 | |||||||||
Deferred stock compensation | (10.6 | ) | (13.6 | ) | (8.9 | ) | ||||||
Accumulated deficit | (1,354.3 | ) | (1,379.6 | ) | (1,384.3 | ) | ||||||
Accumulated other comprehensive income | 26.3 | 31.5 | 37.7 | |||||||||
Total stockholders’ equity | 1,651.5 | 1,619.1 | 1,617.9 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,747.5 | $ | 2,862.7 | $ | 2,874.0 | ||||||
LSI LOGIC CORPORATION
Statement of Cash Flows
(In thousands, except where noted)
(Unaudited)
(In thousands, except where noted)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2005 | 2005 | 2004 | 2005 | 2004 | ||||||||||||||||
Operating Activities: | ||||||||||||||||||||
Net income | $ | 25,262 | $ | 4,719 | $ | 7,242 | $ | 29,981 | $ | 16,327 | ||||||||||
Adjustments: | ||||||||||||||||||||
Depreciation & amortization * | 41,528 | 40,765 | 46,325 | 82,293 | 92,441 | |||||||||||||||
Amortization of non-cash deferred stock compensation | 1,172 | 1,455 | 2,003 | 2,627 | 3,829 | |||||||||||||||
Non-cash restructuring and other items | 501 | 849 | 4,156 | 1,350 | 6,385 | |||||||||||||||
Gain on sale and exchange of equity securities | (2,311 | ) | — | (5,104 | ) | (2,311 | ) | (8,104 | ) | |||||||||||
Gain on repurchase of Convertible Subordinated Notes | (4,123 | ) | — | — | (4,123 | ) | — | |||||||||||||
Loss/(gain) on sales of property and equipment | 51 | (54 | ) | (836 | ) | (3 | ) | (3,937 | ) | |||||||||||
Changes in deferred tax assets and liabilities | 17 | 37 | 105 | 54 | 625 | |||||||||||||||
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ||||||||||||||||||||
Accounts receivable | (25,429 | ) | 12,576 | (41,612 | ) | (12,853 | ) | (56,980 | ) | |||||||||||
Inventories | 17,626 | 15,534 | (5,511 | ) | 33,160 | (11,701 | ) | |||||||||||||
Prepaid expenses and other assets | (3,045 | ) | (5,115 | ) | (18,306 | ) | (8,160 | ) | (5,777 | ) | ||||||||||
Accounts payable | 7,088 | (9,466 | ) | 23,024 | (2,378 | ) | 10,263 | |||||||||||||
Accrued and other liabilities | 1,476 | (1,969 | ) | 16,600 | (493 | ) | (5,178 | ) | ||||||||||||
Net cash provided by operating activities | 59,813 | 59,331 | 28,086 | 119,144 | 38,193 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Purchases of debt securities available-for-sale | (150,207 | ) | (112,325 | ) | (225,316 | ) | (262,532 | ) | (454,756 | ) | ||||||||||
Maturities and sales of debt securities available-for-sale | 180,870 | 102,313 | 150,418 | 283,183 | 339,458 | |||||||||||||||
Purchases of equity securities | — | — | — | — | (2,250 | ) | ||||||||||||||
Proceeds from sales of equity securities | 3,871 | — | 10,518 | 3,871 | 10,518 | |||||||||||||||
Purchases of property, equipment and software | (10,987 | ) | (8,433 | ) | (13,661 | ) | (19,420 | ) | (25,218 | ) | ||||||||||
Proceeds from sale of property and equipment | 1,804 | 1,411 | 1,822 | 3,215 | 5,836 | |||||||||||||||
Decrease in non-current assets and deposits | — | — | 11,880 | — | 39,633 | |||||||||||||||
Increase in non-current assets and deposits | — | — | (17 | ) | — | (40 | ) | |||||||||||||
Acquisitions of companies, net of cash acquired | — | — | (31,710 | ) | — | (36,487 | ) | |||||||||||||
Adjustment to goodwill acquired in a prior year for resolution of a pre-acquisition income tax contingency | 1,870 | 5,792 | 4,462 | 7,662 | 4,462 | |||||||||||||||
Decrease in a payable for an acquisition of a company | — | — | (17,592 | ) | — | — | ||||||||||||||
Net cash provided by/(used in) investing activities | 27,221 | (11,242 | ) | (109,196 | ) | 15,979 | (118,844 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Issuance of common stock | 11,472 | 1,354 | 14,262 | 12,826 | 17,810 | |||||||||||||||
Repurchase of Convertible Subordinated Notes | (148,126 | ) | — | — | (148,126 | ) | — | |||||||||||||
Purchase of minority interest in subsidiary | — | — | (6,394 | ) | — | (7,453 | ) | |||||||||||||
Repayment of debt obligations | (32 | ) | (97 | ) | (94 | ) | (129 | ) | (216 | ) | ||||||||||
Net cash (used in)/provided by financing activities | (136,686 | ) | 1,257 | 7,774 | (135,429 | ) | 10,141 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,626 | ) | (3,335 | ) | (1,675 | ) | (6,961 | ) | (769 | ) | ||||||||||
(Decrease)/increase in cash and cash equivalents | (53,278 | ) | 46,011 | (75,011 | ) | (7,267 | ) | (71,279 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 264,734 | 218,723 | 273,414 | 218,723 | 269,682 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 211,456 | $ | 264,734 | $ | 198,403 | $ | 211,456 | $ | 198,403 | ||||||||||
* | Depreciation of fixed assets, amortization of intangible assets, software, capitalized intellectual property, debt issuance costs and deferred gains on cancelled interest rate swaps. |
LSI LOGIC CORPORATION
Selected Financial Information (GAAP)
(In millions, except where noted)
(Unaudited)
(In millions, except where noted)
(Unaudited)
Three Months Ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2005 | 2005 | 2004 | ||||||||||
Semiconductor revenues | $ | 362.4 | $ | 343.6 | $ | 335.6 | ||||||
Storage Systems revenues | $ | 118.9 | $ | 106.4 | $ | 112.3 | ||||||
Total revenues | $ | 481.3 | $ | 450.0 | $ | 447.9 | ||||||
Percentage change in revenues-qtr./qtr. (a) | 7.0 | % | 7.2 | % | -1.0 | % | ||||||
Percentage change in revenues-yr./yr. (b) | 7.5 | % | -0.5 | % | 10.0 | % | ||||||
Days sales outstanding | 53 | 52 | 58 | |||||||||
Days of inventory | 62 | 70 | 79 | |||||||||
Current ratio | 3.3 | 3.6 | 3.7 | |||||||||
Quick ratio | 2.7 | 2.9 | 2.9 | |||||||||
R&D as a percentage of revenues | 20.7 | % | 22.1 | % | 24.6 | % | ||||||
SG&A as a percentage of revenues | 12.4 | % | 12.9 | % | 14.2 | % | ||||||
Gross margin as a percentage of revenues | 44.0 | % | 42.3 | % | 46.6 | % | ||||||
Employees (c) | 4,342 | 4,307 | 4,846 | |||||||||
Revenues per employee (in thousands) (d) | $ | 443.4 | $ | 417.9 | $ | 369.7 | ||||||
Diluted shares (in thousands) | 393,427 | 390,458 | 388,586 | |||||||||
Selected Cash Flow information | ||||||||||||
Purchases of property and equipment (e) | $ | 8.2 | $ | 7.1 | $ | 12.5 | ||||||
Depreciation / amortization (f) | $ | 22.3 | $ | 22.2 | $ | 24.8 |
(a) | Represents sequential quarter growth in revenues. | |
(b) | Represents growth 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) | Revenue per employee is calculated by annualizing revenue 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. |