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Intersil Corporation Reports Fourth Quarter & Fiscal Year 2012 Results

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%
----------------------------------------------------------------------------
R&D                                    $41 million ($38.4 excl. equity comp)
----------------------------------------------------------------------------
SG&A                                   $30 million ($27.7 excl. equity comp)
----------------------------------------------------------------------------
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.

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Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
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19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.