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LSI Reports Fourth Quarter and Full Year 2012 Results

23% revenue growth year-over-year

SAN JOSE, Calif., Jan. 23, 2013 /PRNewswire/ -- LSI Corporation (NASDAQ: LSI) today reported results for its fourth quarter and full year ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120222/SF57952LOGO)

Fourth Quarter and Full Year 2012 Highlights

  • Fourth quarter 2012 revenues from continuing operations* of $600 million, up 15% year-over-year
  • Fourth quarter 2012 GAAP** income from continuing operations of $0.05 per diluted share
  • Fourth quarter 2012 non-GAAP*** income from continuing operations of $0.18 per diluted share
  • Fourth quarter 2012 operating cash flows of $95 million
  • Full year 2012 revenues of $2.51 billion, up 23% year over year

First Quarter 2013 Business Outlook

  • Projected revenues from continuing operations* of $535 million to $575 million
  • GAAP** income from continuing operations in the range of ($0.03) to $0.06 per share
  • Non-GAAP*** income from continuing operations in the range of $0.09 to $0.15 per share

*

On May 6, 2011, LSI completed the sale of its external storage systems business. The financial results of the external storage systems business have been classified as discontinued operations in LSI's financial statements. Our ongoing business is referred to as "continuing operations."

**

Generally Accepted Accounting Principles.

***

Excludes stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, gain on remeasurement of a pre-acquisition equity interest to fair value, gain/loss on sale/write-down of investments and, in the case of non-GAAP net income, gain from the sale of the external storage systems business. It also excludes the income tax effect associated with the above-mentioned items.

"2012 was a year of exciting progress for LSI as we delivered 23% revenue growth, strong expansion in operating margin and earnings per share from continuing operations, and record design wins. We introduced several important new products, and customers are increasingly looking to new LSI solutions for mega datacenters, mobile networks and flash," said Abhi Talwalkar, LSI's president and CEO. "LSI's intelligent silicon offers proven solutions as businesses turn to the cloud and look for new ways to accelerate their ability to quickly analyze, store, share and protect data. While there is uncertainty in the macro environment and softness in some end markets, we are centered in dynamic new growth cycles that are expected to drive long-term growth in our flash, server and networking businesses."

Fourth quarter 2012 revenues from continuing operations were $600 million, in line with guidance, compared to $523 million generated from continuing operations in the fourth quarter of 2011, and compared to $624 million generated from continuing operations in the third quarter of 2012.

Fourth quarter 2012 GAAP** income from continuing operations was $29 million or $0.05 per diluted share, compared to fourth quarter 2011 GAAP income from continuing operations of $11 million or $0.02 per diluted share. Third quarter 2012 GAAP income from continuing operations was $40 million or $0.07 per diluted share. Fourth quarter 2012 GAAP income from continuing operations included a net charge of $72 million from special items, consisting primarily of approximately $30 million of amortization of acquisition-related items, $25 million of stock-based compensation expense, $16 million of net restructuring and other items, and $1 million income tax effect.

Fourth quarter 2012 non-GAAP*** income from continuing operations was $101 million or $0.18 per diluted share, compared to fourth quarter 2011 non-GAAP income from continuing operations of $73 million or $0.13 per diluted share. Third quarter 2012 non-GAAP income from continuing operations was $99 million or $0.17 per diluted share.

Cash and short-term investments totaled approximately $676 million at quarter end. The company completed fourth-quarter purchases of approximately 7 million shares of its common stock for approximately $46 million. In 2012 the company purchased approximately 36 million shares of its common stock for approximately $273 million.

LSI recorded full-year 2012 revenues from continuing operations of $2.51 billion, a 23% increase compared to $2.04 billion in 2011.

"We delivered solid profitability and results in 2012, making good progress on our gross margin targets and generating strong cash flows," said Bryon Look, LSI's CFO. "With a strong balance sheet, zero debt and $479 million remaining on our share buyback authorization, we are in a good position to continue to return capital to our shareholders."

LSI 1Q2013 Business Outlook for Continuing Operations


GAAP**

Special Items

Non-GAAP***

Revenue

$535 million to $575 million


$535 million to $575 million

Gross Margin

48% to 52%

$18 million to $28 million

53% to 55%

Operating Expenses

$257 million to $277 million

$32 million to $42 million

$225 million to $235 million

Net Other Income

$4 million


$4 million

Tax

Approximately $8 million


Approximately $8 million

(Loss)/Income from Continuing Operations Per Share

($0.03) to $0.06

($0.09) to ($0.12)

$0.09 to $0.15

Diluted Share Count

570 million


570 million

Capital spending is projected to be around $25 million in the first quarter and approximately $80 million in total for 2013.

Depreciation and software amortization is projected to be around $15 million in the first quarter and approximately $60 million in total for 2013.

LSI Conference Call Information
LSI will hold a conference call today at 2 p.m. PST to discuss fourth quarter and full year 2012 financial results and the first quarter 2013 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward-Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements 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's actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: our ability to successfully integrate and manage the SandForce business and retain its key employees; our ability to achieve anticipated synergies and to develop integrated new products following our acquisition of SandForce; our ability to repurchase our common stock at prices we believe to be advantageous; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; and general industry and macro-economic conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company's most recent reports on Form 10-K and 10-Q. LSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About LSI
LSI Corporation (NASDAQ: LSI) designs semiconductors and software that accelerate storage and networking in datacenters, mobile networks and client computing. Our technology is the intelligence critical to enhanced application performance, and is applied in solutions created in collaboration with our partners. More information is available at www.lsi.com.

LSI, the LSI & Design logo and the Storage.Networking.Accelerated. tagline are trademarks or registered trademarks of LSI Corporation.
All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI CORPORATION

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)




















December 31,


September 30,


December 31,

Assets

2012


2012


2011







Current assets:






    Cash and short-term investments

$           676.0


$             643.0


$           935.5

    Accounts receivable, net

264.1


256.5


246.5

    Inventories

206.3


209.1


180.0

    Prepaid expenses and other current assets

87.2


64.6


60.7







        Total current assets

1,233.6


1,173.2


1,422.7







Property and equipment, net

269.7


250.2


180.6

Goodwill and identified intangible assets, net

741.1


771.9


506.2

Other assets

113.2


108.1


122.6







        Total assets

$        2,357.6


$          2,303.4


$        2,232.1













Liabilities and Stockholders' Equity












Current liabilities

$           506.9


$             476.8


$           460.9







Pension, tax and other liabilities

684.6


628.6


712.2







        Total liabilities

1,191.5


1,105.4


1,173.1







Stockholders' equity:






    Common stock and additional paid-in capital

5,578.7


5,579.6


5,629.2

    Accumulated deficit

(3,834.3)


(3,863.4)


(4,037.0)

    Accumulated other comprehensive loss

(578.3)


(518.2)


(533.2)







        Total stockholders' equity

1,166.1


1,198.0


1,059.0







        Total liabilities and stockholders' equity

$        2,357.6


$          2,303.4


$        2,232.1







    

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)












Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


December 31,


2012


2012


2011


2012


2011











Revenues

$             600,128


$               623,962


$             523,140


$          2,506,087


$          2,043,958











    Cost of revenues

275,538


287,390


264,364


1,162,414


991,914

    Amortization of acquisition-related intangibles

21,318


21,348


20,354


85,404


82,659

    Purchase accounting effect on inventory

-


-


-


14,458


-

    Stock-based compensation expense

2,858


2,573


1,597


11,946


6,921

       Total cost of revenues

299,714


311,311


286,315


1,274,222


1,081,494











Gross profit 

300,414


312,651


236,825


1,231,865


962,464











    Research and development

165,758


156,318


139,061


643,230


552,342

    Stock-based compensation expense

11,613


11,170


5,360


47,064


23,646

       Total research and development

177,371


167,488


144,421


690,294


575,988











    Selling, general and administrative

64,919


69,722


63,705


270,965


241,820

    Amortization of acquisition-related intangibles

8,667


8,667


8,319


34,668


33,276

    Stock-based compensation expense

10,291


13,643


4,881


49,290


20,343

       Total selling, general and administrative

83,877


92,032


76,905


354,923


295,439











    Restructuring of operations and other items, net

16,480


4,221


21,033


42,654


23,719











Income/(loss) from operations

22,686


48,910


(5,534)


143,994


67,318











    Interest income and other, net

7,606


5,855


8,124


37,711


26,472











Income from continuing operations before income taxes 

30,292


54,765


2,590


181,705


93,790

Provision for/(benefit from) income taxes 

1,202


15,100


(8,818)


(20,960)


3,778











Income from continuing operations

29,090


39,665


11,408


202,665


90,012











(Loss)/income from discontinued operations, net of taxes 

-


-


(13,194)


-


241,479











Net income/(loss)

$               29,090


$                 39,665


$               (1,786)


$             202,665


$             331,491











Basic income/(loss) per share:










    Income from continuing operations 

$                   0.05


$                     0.07


$                   0.02


$                   0.36


$                   0.15

    (Loss)/income from discontinued operations 

$                       -


$                         -


$                 (0.02)


$                       -


$                   0.42

    Net income/(loss)

$                   0.05


$                     0.07


$                   0.00


$                   0.36


$                   0.57











Diluted income/(loss) per share:










    Income from continuing operations 

$                   0.05


$                     0.07


$                   0.02


$                   0.35


$                   0.15

    (Loss)/income from discontinued operations 

$                       -


$                         -


$                 (0.02)


$                       -


$                   0.40

    Net income/(loss)

$                   0.05


$                     0.07


$                   0.00


$                   0.35


$                   0.55











Shares used in computing per share amounts:










    Basic

552,761


555,197


563,721


559,459


585,704











    Diluted

568,611


572,022


573,018


580,548


600,893











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















Three Months Ended


Year Ended


December 31,

2012


September 30,

2012


December 31,

2011


December 31,

2012


December 31,

2011

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















GAAP income from continuing operations

$               29,090


$                 39,665


$               11,408


$             202,665


$               90,012











Special items:










a)   Stock-based compensation expense - cost of revenues

2,858


2,573


1,597


11,946


6,921

b)   Stock-based compensation expense - R&D

11,613


11,170


5,360


47,064


23,646

c)   Stock-based compensation expense - SG&A

10,291


13,643


4,881


49,290


20,343

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

21,318


21,348


20,354


85,404


82,659

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

8,667


8,667


8,319


34,668


33,276

f)   Purchase accounting effect on inventory

-


-


-


14,458


-

g)   Restructuring of operations and other items, net

16,480


4,221


21,033


42,654


23,719

h)  Gain on sale of investments

-


(2,550)


-


(2,550)


-

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

-


-


-


(5,765)


-

j)   Income tax effect

833


-


-


(42,365)


-

     Total special items from continuing operations

72,060


59,072


61,544


234,804


190,564











Non-GAAP income from continuing operations

$             101,150


$                 98,737


$               72,952


$             437,469


$             280,576











Non-GAAP income from continuing operations per share: 










    Basic

$                   0.18


$                     0.18


$                   0.13


$                   0.78


$                   0.48











    Diluted 

$                   0.18


$                     0.17


$                   0.13


$                   0.75


$                   0.47











GAAP net income/(loss)

$               29,090


$                 39,665


$               (1,786)


$             202,665


$             331,491











Special items:










a)   Total special items from continuing operations

72,060


59,072


61,544


234,804


190,564

b)   Stock-based compensation expense - discontinued operations

-


-


-


-


(592)

c)   Amortization of acquisition-related intangibles - discontinued operations

-


-


-


-


886

d)   Restructuring of operations - discontinued operations

-


-


(67)


-


40,863

e)   Gain on sale of business

-


-


-


-


(260,066)











Non-GAAP net income

$             101,150


$                 98,737


$               59,691


$             437,469


$             303,146











Non-GAAP net income per share:










    Basic

$                   0.18


$                     0.18


$                   0.11


$                   0.78


$                   0.52











    Diluted 

$                   0.18


$                     0.17


$                   0.10


$                   0.75


$                   0.50











Shares used in computing non-GAAP per share amounts:










    Basic

552,761


555,197


563,721


559,459


585,704











    Diluted

568,611


572,022


573,018


580,548


600,893











     

LSI CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)












Three Months Ended


Year Ended


December 31,


September 30,


December 31,


December 31,


December 31,


2012


2012


2011


2012


2011

Operating activities:










Net income/(loss)

$         29,090


$           39,665


$          (1,786)


$       202,665


$       331,491

Adjustments:










    Depreciation and amortization 

44,166


45,671


43,357


180,484


189,200

    Stock-based compensation expense

24,762


27,386


11,838


108,300


50,318

    Non-cash restructuring of operations and other items, net

221


698


4,747


5,960


35,282

    Gain on sale of investments/write-down of investment 

-


(2,550)


183


(2,550)


183

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

-


-


-


(5,765)


-

    Gain on sale of business

-


-


-


-


(260,066)

    (Gain)/loss on sale of property and equipment

(46)


2,644


78


2,528


(465)

    Unrealized foreign exchange (gain)/loss

(518)


2,655


(2,215)


(598)


(2,015)

    Deferred taxes 

(10,743)


(72)


(9,894)


(53,989)


(28,838)

    Changes in assets and liabilities, net of assets acquired and liabilities 










        assumed in business combination:










        Accounts receivable

(7,620)


40,348


1,850


(6,689)


80,065

        Inventories

2,748


(5,091)


30,399


(2,116)


(29,804)

        Prepaid expenses, assets held for sale and other assets

(13,308)


1,110


(526)


(14,028)


(10,782)

        Accounts payable

23,208


(25,186)


(2,179)


27,543


(3,879)

        Accrued and other liabilities

2,895


(15,471)


(20,436)


(67,586)


(103,915)

Net cash provided by operating activities

94,855


111,807


55,416


374,159


246,775











Investing activities:










    Purchases of debt securities available-for-sale

(37,206)


(22,087)


(12,284)


(131,662)


(50,967)

    Proceeds from maturities and sales of debt securities available-for-sale 

28,320


11,767


5,472


57,843


37,460

    Purchases of other investments

(500)


-


-


(500)


(4,000)

    Proceeds from sale of other investments

-


2,550


-


2,550


-

    Purchases of property and equipment

(27,494)


(25,667)


(14,079)


(130,779)


(60,920)

    Proceeds from sale of property and equipment

67


1,374


22,683


1,693


23,622

    Acquisition of business, net of cash acquired 

-


-


-


(319,231)


-

    Proceeds from sale of business, net of transaction costs 

-


-


-


-


475,150

    Proceeds from maturity of a note receivable 

-


-


10,000


-


10,000

Net cash (used in)/provided by investing activities

(36,813)


(32,063)


11,792


(520,086)


430,345











Financing activities:










   Issuance of common stock

20,985


8,515


14,980


111,628


81,040

   Purchases of common stock under repurchase program

(46,338)


(50,062)


(26,999)


(272,585)


(498,786)

Net cash used in financing activities

(25,353)


(41,547)


(12,019)


(160,957)


(417,746)











Effect of exchange rate changes on cash and cash equivalents

(1,668)


166


(528)


(1,399)


(1,349)











Net change in cash and cash equivalents

31,021


38,363


54,661


(308,283)


258,025











Cash and cash equivalents at beginning of period

440,507


402,144


725,150


779,811


521,786











Cash and cash equivalents at end of period

$       471,528


$         440,507


$       779,811


$       471,528


$       779,811











 

SOURCE LSI Corporation

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Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that Tufin, the market-leading provider of Security Policy Orchestration Solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. As the market leader of Security Policy Orchestration, Tufin automates and accelerates network configuration changes while maintaining security and compliance. Tufin's award-winning Orchestration Suite™ gives IT organizations the power and agility to enforce security policy across complex, multi-vendor enterprise networks. With more than 1...
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables cloud service providers and enterprises to build reliable, affordable and scalable cloud storage solu...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.