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| January 30, 2013 04:05 PM EST |
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MILPITAS, CA -- (Marketwire) -- 01/30/13 -- Intersil Corporation (NASDAQ: ISIL), a world leader in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors, today announced revenue of $137.5 million for the quarter ended December 28, 2012. Operating loss, net loss and loss per share for the quarter were $4.1 million, $21.8 million and $0.17 per share, respectively.
Non-GAAP operating income, net income, and earnings per share were $11.7 million, $7.3 million, and $0.06 per share, respectively.
Intersil's end market product mix is summarized below.
----------------------------------------------------------------------------
Q4 2012 Q3 2012 Q4 2011
Q4 2012 % of Q3 2012 % of Q4 2011 % of
End Market: Revenue Revenue Revenue Revenue Revenue Revenue
----------------------------------------------------------------------------
Industrial &
infrastructure $ 78.6 57% $ 85.6 57% $ 90.4 55%
----------------------------------------------------------------------------
Personal computing 28.6 21% 33.3 22% 40.1 24%
----------------------------------------------------------------------------
Consumer 30.3 22% 32.5 21% 35.3 21%
----------------------------------------------------------------------------
Revenue $ 137.5 $ 151.4 $ 165.8
----------------------------------------------------------------------------
Note: Dollars in millions; percentages may not calculate precisely due to
rounding. 2011 end market data has been reclassified to conform with current
quarter presentation.
Intersil's Board of Directors has authorized the payment of a quarterly dividend of $0.12 per share of common stock. The payment of this dividend will be made on February 22, 2013 to shareholders of record as of the close of business on February 12, 2013.
"As expected, fourth quarter demand continued to be weak, nevertheless we achieved the mid-point of our revenue and non-GAAP earnings guidance," said Jim Diller, Interim Chief Executive Officer.
First Quarter 2013 Outlook
----------------------------------------------------------------------------
Outlook
----------------------------------------------------------------------------
Revenue $131 - $138 million
----------------------------------------------------------------------------
Gross margin Approximately 54%
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R&D $41 million ($38.4 excl. equity comp)
----------------------------------------------------------------------------
SG&A $30 million ($27.7 excl. equity comp)
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Equity-based compensation $5.3 million
----------------------------------------------------------------------------
Amortization of intangibles $6.5 million
----------------------------------------------------------------------------
GAAP (loss)/earnings per share $(0.02) to $0.01
----------------------------------------------------------------------------
Non-GAAP earnings per diluted share $0.02 to $0.05
----------------------------------------------------------------------------
Note: As in prior quarters, our outlook does not include the potential
impact of any transactions typically excluded in the determination of Non-
GAAP financial results.
"As market conditions remain uncertain, our near term focus will be on earnings, protection of our strong balance sheet and completing our CEO search," continued Diller.
Intersil will discuss its fourth quarter 2012 financial results during its scheduled conference call following market close on January 30, 2013. To participate in the conference call, please dial (866) 202-1971, and international participants please dial (617) 213-8842, using the password 41188306 at approximately 1:40 p.m. Pacific Time. You may also listen to the call via webcast on Intersil's investor relations website: ir.intersil.com. A copy of the prepared remarks and presentation accompanying the conference call are also available on Intersil's investor relations website.
A replay of the earnings conference call will be available on Intersil's website, or may be accessed for two weeks by dialing (888) 286-8010, international dial (617) 801-6888, using the password 69967218.
Intersil Corporation
Condensed Consolidated Statements of Operations
Unaudited
(In millions, except percentages and per share amounts)
Quarter Ended Year Ended
------------------------------- --------------------
Dec. 28, Dec. 30, Sep. 28, Dec. 28, Dec. 30,
2012 2011 2012 2012 2011
--------- --------- --------- --------- ---------
Q4 2012 Q4 2011 Q3 2012 YTD YTD
Revenue $ 137.5 $ 165.8 $ 151.4 $ 607.9 $ 760.5
Cost of revenue 63.2 71.8 69.5 277.7 323.2
--------- --------- --------- --------- ---------
Gross profit 74.3 94.0 81.9 330.2 437.3
Gross margin 54.0% 56.7% 54.1% 54.3% 57.5%
Expenses:
Research and
development 37.6 42.3 38.7 166.9 185.5
Selling, general
and administrative 33.5 34.6 30.2 134.3 140.3
Amortization of
purchased
intangibles 7.6 6.7 7.1 29.2 26.8
Restructuring-
related costs 0.7 1.6 - 10.5 4.1
Income from IP
agreements (1.0) - (13.4) (14.4) -
--------- --------- --------- --------- ---------
Operating (loss)
income (4.1) 8.7 19.2 3.7 80.7
Gain (loss) on
deferred comp
investments - 0.5 0.7 0.9 (0.5)
Loss on sale of
investments - (6.5) - - (6.5)
Loss on
extinguishment of
debt - - - - (8.4)
Interest income 0.1 0.5 0.1 0.5 2.7
Interest expense
and fees (7.0) (2.0) (2.0) (12.8) (14.5)
--------- --------- --------- --------- ---------
(Loss) income before
income taxes (11.0) 1.2 18.0 (7.7) 53.4
Income tax expense
(benefit) 10.9 (22.9) 16.0 30.0 (13.7)
--------- --------- --------- --------- ---------
Net (loss) income $ (21.8) $ 24.1 $ 2.0 $ (37.6) $ 67.2
========= ========= ========= ========= =========
(Loss) earnings per
share:
Basic $ (0.17) $ 0.19 $ 0.02 $ (0.30) $ 0.53
========= ========= ========= ========= =========
Diluted $ (0.17) $ 0.19 $ 0.02 $ (0.30) $ 0.53
========= ========= ========= ========= =========
Weighted average
shares outstanding:
Basic 126.5 126.5 127.5 127.0 125.7
========= ========= ========= ========= =========
Diluted 126.5 126.8 127.6 127.0 126.0
========= ========= ========= ========= =========
Note: Totals and percentages may not add or calculate precisely due to
rounding.
Intersil Corporation
Condensed Consolidated Balance Sheets
Unaudited
(In millions)
Dec. 28, Dec. 30,
2012 2011
--------- ---------
Assets
Current assets:
Cash and short-term investments $ 163.6 $ 410.2
Trade receivables, net 54.7 64.9
Inventories 74.9 97.9
Prepaid expenses and other current assets 14.5 16.1
Deferred income tax asset 20.0 47.0
--------- ---------
Total current assets 327.6 636.1
--------- ---------
Non-current assets:
Property, plant and equipment, net 85.4 91.0
Purchased intangibles, net 83.0 112.2
Goodwill 565.4 565.4
Deferred income tax asset 85.5 73.8
Long-term investments - 4.8
Other 80.8 85.9
--------- ---------
Total non-current assets 900.2 933.1
--------- ---------
Total assets $ 1,227.8 $ 1,569.2
========= =========
Liabilities and shareholders' equity
Current liabilities:
Trade payables $ 22.2 $ 27.9
Deferred income 9.6 8.6
Income taxes payable 1.3 60.6
Other accrued items 67.2 69.0
--------- ---------
Total current liabilities 100.3 166.1
--------- ---------
Non-current liabilities:
Long-term debt - 200.0
Income taxes payable 111.7 93.8
Other non-current liabilities 21.1 28.6
--------- ---------
Total non-current liabilities 132.9 322.4
--------- ---------
Total shareholders' equity 994.6 1,080.7
--------- ---------
Total liabilities and shareholders' equity $ 1,227.8 $ 1,569.2
========= =========
Note: Totals may not add precisely due to rounding.
Intersil Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited
(In millions)
Quarter Ended Year Ended
------------------------------- --------------------
Dec. 28, Dec. 30, Sep. 28, Dec. 28, Dec. 30,
2012 2011 2012 2012 2011
--------- --------- --------- --------- ---------
Q4 2012 Q4 2011 Q3 2012 YTD YTD
Operating activities:
Net (loss) income $ (21.8) $ 24.1 $ 2.0 $ (37.6) $ 67.2
Depreciation 4.9 5.1 4.8 19.5 22.1
Amortization of
purchased
intangibles 7.6 6.7 7.1 29.2 26.8
Equity-based
compensation 5.3 6.9 5.3 24.6 30.3
Provision for
inventory
obsolescence 4.4 2.1 2.2 9.7 7.8
Settlement of
interest rate
swap - - - - (3.0)
Loss on sale of
investment - 6.5 - - 6.5
Loss on
extinguishment
of debt - - - - 8.4
Other (0.3) (4.2) 0.1 0.4 (4.3)
Deferred income
taxes 3.7 (14.1) (1.5) 14.0 (10.1)
Net changes in
operating assets
and liabilities 19.4 (3.2) 2.5 (24.1) (13.5)
--------- --------- --------- --------- ---------
Net cash flows
from operating
activities 23.2 29.9 22.6 35.6 138.3
--------- --------- --------- --------- ---------
Investing activities:
Purchases of
investments - (2.5) - - (36.3)
Proceeds from
investments - 56.9 - 26.5 67.0
Net capital
expenditures (6.7) (1.0) (0.9) (12.2) (9.8)
--------- --------- --------- --------- ---------
Net cash flows
from investing
activities (6.7) 53.4 (0.9) 14.3 21.0
--------- --------- --------- --------- ---------
Financing activities:
Proceeds from and
tax impacts of
equity-based
awards (0.3) 0.1 3.0 3.8 4.4
Proceeds from
issuance of long-
term debt - - - - 278.2
Fees on credit
facilities - (0.1) (0.4) (0.9) (3.2)
Repayments of long-
term debt (150.0) (78.2) - (200.0) (376.7)
Repurchase of
common shares (8.9) - (6.4) (15.3) -
Dividends paid (15.2) (15.3) (15.4) (62.1) (61.5)
--------- --------- --------- --------- ---------
Net cash flows
from financing
activities (174.4) (93.5) (19.2) (274.4) (158.8)
--------- --------- --------- --------- ---------
Effect of exchange
rates on cash and
cash equivalents (0.3) (0.4) 0.5 (0.3) 0.2
--------- --------- --------- --------- ---------
Net change in
cash and cash
equivalents (158.3) (10.6) 3.0 (224.9) 0.7
Cash and cash
equivalents as of
the beginning of the
period 317.1 394.3 314.1 383.7 383.0
--------- --------- --------- --------- ---------
Cash and cash
equivalents as
of the end of
the period $ 158.8 $ 383.7 $ 317.1 $ 158.8 $ 383.7
========= ========= ========= ========= =========
Note: Totals may not add precisely due to rounding. Cash and cash
equivalents does not include short-term investments as presented on the
balance sheet.
Intersil Corporation
Additional Financial Information
Unaudited
(In millions)
Quarter Ended Year Ended
------------------------------ -------------------
Dec. 28, Dec. 30, Sep. 28, Dec. 28, Dec. 30,
2012 2011 2012 2012 2011
--------- --------- --------- --------- ---------
Q4 2012 Q4 2011 Q3 2012 YTD YTD
EBITDA:
Operating (loss) income $ (4.1) $ 8.7 $ 19.2 $ 3.7 $ 80.7
Depreciation 4.9 5.1 4.8 19.5 22.1
Amortization of
purchased intangibles 7.6 6.7 7.1 29.2 26.8
Equity-based
compensation 5.3 6.9 5.3 24.6 30.3
--------- --------- --------- --------- ---------
EBITDA $ 13.7 $ 27.4 $ 36.5 $ 77.0 $ 159.9
========= ========= ========= ========= =========
Six-month backlog at list
price $ 114.6 $ 134.8 $ 118.5
========= ========= =========
Equity-based compensation
expense by
classification:
Cost of revenue $ 0.3 $ 0.4 $ 0.4 $ 1.6 $ 1.9
Research and
development 2.2 3.2 2.3 11.3 16.2
Selling, general and
administrative 2.8 3.3 2.6 11.7 12.2
Revenue by end market:
Industrial and
infrastructure $ 78.6 $ 90.4 $ 85.6 $ 346.8 $ 402.4
Personal computing 28.6 40.1 33.3 141.3 191.5
Consumer 30.3 35.3 32.5 119.7 166.6
--------- --------- --------- --------- ---------
Total revenue $ 137.5 $ 165.8 $ 151.4 $ 607.9 $ 760.5
========= ========= ========= ========= =========
Free cash flow:
Cash flows from
operations $ 23.2 $ 29.9 $ 22.6 $ 35.6 $ 138.3
Net capital
expenditures 6.7 1.0 0.9 12.2 9.8
--------- --------- --------- --------- ---------
Free cash flow $ 16.4 $ 28.9 $ 21.7 $ 23.4 $ 128.6
========= ========= ========= ========= =========
Note: Totals may not add precisely due to rounding. 2011 revenue by end
market has been reclassified to conform with current quarter presentation.
Intersil Corporation
Non-GAAP Results
Unaudited
(In millions, except percentages and per share amounts)
Quarter Ended Year Ended
------------------------------- --------------------
Dec. 28, Dec. 30, Sep. 28, Dec. 28, Dec. 30,
2012 2011 2012 2012 2011
--------- --------- --------- --------- ---------
Q4 2012 Q4 2011 Q3 2012 YTD YTD
Non-GAAP operating
income:
GAAP operating
(loss) income $ (4.1) $ 8.7 $ 19.2 $ 3.7 $ 80.7
Restructuring-
related costs 0.7 1.6 - 10.5 4.1
Deferred
compensation
expense (benefit) 0.1 0.6 0.7 1.1 (0.1)
Equity-based
compensation 5.3 6.9 5.3 24.6 30.3
Amortization of
purchased
intangibles 7.6 6.7 7.1 29.2 26.8
Income from IP
agreements (1.0) - (13.4) (14.4) -
CEO severance costs 3.1 - - 3.1 -
--------- --------- --------- --------- ---------
Non-GAAP
operating income $ 11.7 $ 24.5 $ 18.9 $ 57.8 $ 141.8
========= ========= ========= ========= =========
Revenue $ 137.5 $ 165.8 $ 151.4 $ 607.9 $ 760.5
========= ========= ========= ========= =========
Non-GAAP operating
margin:
GAAP operating
margin (3.0)% 5.3% 12.7% 0.6% 10.6%
Excluded items as a
percent of revenue 11.5% 9.5% (0.2)% 8.9% 8.0%
--------- --------- --------- --------- ---------
Non-GAAP
operating margin 8.5% 14.8% 12.5% 9.5% 18.6%
========= ========= ========= ========= =========
Non-GAAP net income:
GAAP net (loss)
income $ (21.8) $ 24.1 $ 2.0 $ (37.6) $ 67.2
Tax adjustments
from non-cash and
discrete items 7.5 (26.0) 12.2 13.6 (31.5)
Restructuring-
related costs 0.7 1.6 - 10.5 4.1
Loss on sale of
investments - 6.5 - - 6.5
Loss on interest
rate swaps 5.9 - - 5.9 -
Loss on
extinguishment of
debt - - - - 8.4
Equity-based
compensation 5.3 6.9 5.3 24.6 30.3
Amortization of
purchased
intangibles 7.6 6.7 7.1 29.2 26.8
Income from IP
agreements (1.0) - (13.4) (14.4) -
CEO severance costs 3.1 - - 3.1 -
--------- --------- --------- --------- ---------
Non-GAAP net
income $ 7.3 $ 19.8 $ 13.1 $ 34.8 $ 111.7
========= ========= ========= ========= =========
Diluted shares
outstanding 126.5 126.8 127.6 127.0 126.0
========= ========= ========= ========= =========
Non-GAAP earnings per
diluted share:
GAAP (loss)
earnings per
diluted share $ (0.17) $ 0.19 $ 0.02 $ (0.30) $ 0.53
Excluded items per
share impact 0.23 (0.03) 0.08 0.57 0.36
--------- --------- --------- --------- ---------
Non-GAAP earnings
per diluted
share $ 0.06 $ 0.16 $ 0.10 $ 0.27 $ 0.89
========= ========= ========= ========= =========
Note: Totals and percentages may not add or calculate precisely due to
rounding.
About Intersil
Intersil Corporation is a leader in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors. The Company's products address some of the fastest growing markets within the industrial and infrastructure, personal computing and high-end consumer markets. For more information about Intersil or to find out how to become a member of our winning team, visit our website and career page at www.intersil.com.
About Non-GAAP Financial Results
The presentation of non-GAAP financial information is intended to be considered together with the financial information prepared and presented in accordance with GAAP. For more information on non-GAAP financial measures, please see the reconciliations of such measures in the tables of this release. Management uses non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that non-GAAP financial measures provide meaningful supplemental information regarding Intersil's performance and liquidity by excluding certain expenses and expenditures that may not be indicative of recurring core business operating results. During the quarter ended July 1, 2011, we revised current quarter and historical presentation of non-GAAP financial information to exclude equity-based compensation in addition to previously excluded intangible amortization, acquisition charges, certain tax adjustments and one-time costs. Management believes this change aligns our non-GAAP presentation with that of our closest peers and increases comparability of our results with published earnings estimates widely available on the Internet.
FORWARD-LOOKING STATEMENTS
Intersil Corporation press releases and other related comments may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon Intersil's management's current expectations, estimates, beliefs, assumptions and projections about Intersil's business and industry. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "potential," "continue," "goals," "targets" and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Intersil does not adopt and is not responsible for any forward-looking statements and projections made by others in this press release. Intersil's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other Intersil filings with the U.S. Securities and Exchange Commission (which you may obtain for free at the SEC's web site at http://www.sec.gov) discuss some of the important risk factors that may affect our business, results of operations and financial condition. These forward-looking statements are made only as of the date of this communication and Intersil undertakes no obligation to update or revise these forward-looking statements.
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.
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Unfortunately, we've seen this movie before, and we know how it ends: badly.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Commvault, discussed how to cut costs, scale easily, and unleash insight with CommVault ...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Last year was another banner year for security breaches, sad but true. At times it felt like a week did not go by without the announcement of another large corporate security breach (that usually happened sometime in the past) and the personal information of millions of people was potentially at risk. One breach in particular stands out to me. The Equifax breach that occurred last September. Approximately 145 million individuals' personal information had potentially been acquired by the hackers.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. In this session, learn how today's business leaders are managing finance in the cloud and the essent...
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