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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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WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
SYS-CON Events announced today that BMC 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. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...