If David's old thesis still stands, this may as good a opprotunity as any to partcipate. Close 9.98 off recent high of 10.52:
http://stockcharts.com/gallery/?lsi
Could be a momo play for tomorrow night earnings. Company did guide the street higher earlier this month. Should be interesting. Price still sitting at 9.90.
http://www.stockta.com/cgi-bin/analysis.pl?symb=LSI&num1=3&cobrand=&mode=stock
73 readers, no comments. Oh well, I guess I'm just talking to myself, just like at when I'm at home with wife and kids.
Well, here goes....
"Tom, did you see that article about LSI's earnings being guided higher?"
'No, not really, haven't had the time.'
"Here it is, I hope you find it interesting."
'I'd better, or you know what I'll do to you,....you little *@#!'
LSI Logic Raises Q2 2005 Revenue Range
LSI Logic Corporation(LSI) Quote, Chart, News
All PRNewswire New- Storage Components Lead Sales Growth
MILPITAS, Calif., June 10 /PRNewswire-FirstCall/ -- LSI Logic Corporation LSI today increased its second quarter 2005 revenue guidance to a range of $465 million to $475 million. LSI Logic previously forecasted second quarter revenue in the range of $450 million to $465 million.
"Strength in Storage Components is the primary driver for the greater-than-anticipated growth of our second quarter revenues," said Abhi Talwalkar, LSI Logic president and chief executive officer. "We are also seeing better-than-expected growth in our DVD recorder and overall ASIC products."
LSI Logic will not hold a conference call today about this news release. The company will report its second quarter financial results, provide its third quarter 2005 business outlook and hold its quarterly conference call on Wednesday, July 27, 2005.
Notwithstanding this news release, it continues to be the company's policy to not comment on financial analyst estimates or to provide periodic financial guidance updates.
Hold thru the earnings report + CC ??
Number One, let me be the first to give you an applaud. You've been around awhile, you deserve more, and you responded to my post. Hell, we're brothers now.
I thought I would just speculate a little here today, bought 2000 @ 10.00 pre-market. If things don't heat up, I'll hold on to close. If it drops below, say, 9.70, I'll sell.
Although semis are strong right now, everyone seems to want to sell on the news. That sucks.
You have any estimates on the earnings ???
They guided up an additional 10 million in rev. (see my post). Any over that would be a positive.
Chips Snap: PMC-Sierra, LSI Logic Surge
Monday October 16, 3:33 pm ET
By Betsy Schiffman, AP Business Writer
Despite Little News, PMC-Sierra, LSI Logic and Marvell Enjoy a Run-Up
NEW YORK (AP) -- Chip stocks charged ahead in Monday's trading, with PMC-Sierra Inc., Marvell Technology Group Ltd. and LSI Logic Corp. leading the group.
Although the company had no news to report, PMC-Sierra Inc. shares shot up 33 cents, or 5 percent, to $6.99 on the Nasdaq, ahead of the company's third-quarter results.
The company, which makes integrated circuits used in the telecom industry, is scheduled to release earnings on Thurs., Oct. 19.
Similarly, Marvell Technology Group Ltd. shares jumped 76 cents, or 4.4 percent, to $18.06, although there was no news from the company. Some investors on speculated that the stock was moving in conjunction with an analyst's prediction that Apple Computer Inc. would introduce an iPhone at a MacWorld conference as early as January 2007.
"Based on our recent checks, we expect Apple to unveil two models of its widely anticipated cell phones in early calendar year 2007," said Prudential analyst Jesse Tortora, in a note to clients.
While Marvell's integrated circuits are used in Apple's iPods, Stifel Nicolaus & Co. analyst Cody Acree dismisses the idea that the Apple phone rumor could move Marvell shares.
"Marvell is already in Apple iPods -- if the stock is going to move 4 percent on something, you would think it would be news," Acree said. "Marvell is one of the most beaten up stocks in the group and it's one of the higher quality names. It's more likely that buyers are just getting back into the space."
Elsewhere in the sector, shares of Asyst Technology Inc., a maker of equipment used to transport semiconductor wafers in the manufacturing process, surged in afternoon trading on Monday after the company said it narrowed its first-quarter loss and posted an operating profit that topped Wall Street expectations.
The stock, which has traded between $3.84 and $11.20 over the last year, was up 74 cents, or 9.3 percent, at $8.70 in afternoon trading on the Nasdaq.
LSI Logic Corp. was another mover, rising 31 cents, or 3.6 percent, to $8.90 on the New York Stock Exchange.
Another good stuff right here.... ;) :D
LSI
Quote from: Terliso on October 17, 2006, 01:57:45 AM
Another good stuff right here.... ;) :D
Ohhh yeah, definitely a good stuff....ha ha ha.. ;D ;D ;D ;D
It is so fun, every stock is going up, weeeeeeeee :D
By the way this is the news of the jump ;)
LSI Shares Jump on 3Q Profit
Thursday October 26, 12:26 pm ET
LSI Shares Jump on 3rd-Quarter Profit; Positive Trends Seen Continuing Into 4th-Quarter
NEW YORK (AP) -- Shares of LSI Logic Corp., an integrated circuit and data storage chip designer, rallied on Thursday after the company impressed investors with earnings and acquisition news.
LSI said late Wednesday it swung to a third-quarter profit of $43.6 million, or 11 cents per share, buoyed by growth in its storage business. The company also said it agreed to buy StoreAge Networking Technologies Ltd., an Israeli maker of data protection software, for $50 million in cash.
ADVERTISEMENT
ThinkEquity analyst Eric Ross, who has an "Accumulate" rating on the stock, noted that the company's storage business made up for softness in the consumer business, and predicted current trends would continue in the fourth quarter.
"Storage systems is headed for its strongest seasonal quarter, while consumer (business) slows," Ross wrote in a note to clients. "Although not a sexy, fast-growing stock, we believe LSI could continue to see stable gains."
Merrill Lynch analyst has a slightly more skeptical take on LSI's consumer business.
"Company performance continues to be dragged down by the consumer business, which showed a 28 percent sequential decline," Osha wrote in a note to investors.
"The good news is that as the business continues to shrink, it impacts LSI's overall performance less and less. The bad news is that LSI's management still seems committed to the consumer business, and even has hinted that scale would be an asset. We believe that market would take a dim view of any LSI acquisition in the consumer semiconductor space."
Shares of LSI, which have traded between $7.41 and $11.81 over the last year, were up $1.37, or 16.4 percent, at $9.72 in afternoon trading on the New York Stock Exchange
20% in two days, take that profit above 10.00 @ the right shoulder.... It could be now or around $10.40 ;D
LSI Media Processor Architecture Wins Prestigious CES Innovations Award
Wednesday November 8, 8:00 am ET
LSI Domino[X] Architecture Wins the 2006 International Consumer Electronics Show Innovations Design and Engineering Award for Enabling Technologies
MILPITAS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- LSI Logic Corporation (NYSE: LSI - News), the pioneer in media processing technology, today announced that the Consumer Electronics Association (CEA) has selected the LSI Domino[X](TM) media processor architecture as the winner of the International Consumer Electronics Show (CES) Innovations Design and Engineering Award for Enabling Technologies. The Domino[X] architecture will be displayed in the LSI booth #15200 at the International CES, held January 8-11, 2007, in Las Vegas.
Each year the CEA honors the most innovative consumer electronics products with the International CES Innovations Design and Engineering Award. The award has become a hallmark for the best designed products in consumer technology. A preeminent panel of judges evaluates products based on the following criteria: user value; unique and novel features; contributions to the quality of life; and aesthetic and design qualities.
"We are excited and pleased that the CEA has awarded the prestigious International CES Innovations and Design Award to the new Domino[X] architecture," said Umesh Padval, executive vice president, Consumer Products Group, LSI Logic. "The CEA's recognition validates the importance and impact of this new architecture for next-generation consumer electronics and professional broadcast products, as the industry transitions from MPEG-2 to H.264/VC-1."
The Domino[X] architecture is based on many years of experience in providing professional-grade, Emmy Award-winning video compression technology. The architecture has an innovative multi-core media processor approach that is flexible and scalable enough to address high-performance professional codec solutions, as well as cost-sensitive consumer electronics products. Benefits of the Domino[X] architecture include:
-- Optimal balance between hardware and software that enables new
applications at right price points;
-- Robust software that preserves software investment and reduces product
development risk and system-level costs;
-- Encoding, decoding and transcoding of DV, MPEG-1/2/4, H.264 and VC-1
video compression standards and associated audio standards for
interoperability and backward compatibility between products;
-- Transcrypting (content security) to enable content sharing while
maintaining content owner rights; and
-- Patented DVFX(TM) (www.dvfx.com) technologies for high-quality video
LSI Processor Enables 3D Graphics, 3D Sound, and Mobile Video for Sub-$100 Consumer Electronics
Monday November 13, 8:00 am ET
ZEVIO 1020 Processor Provides Best-in-Class Cost, Power and Performance for the Expanding Digital Consumer Appliance Market, Including eToys and Portable Navigation Devices
MILPITAS, Calif., Nov. 13 /PRNewswire-FirstCall/ -- LSI Logic Corporation (NYSE: LSI - News), the pioneer in media processing technology, today announced the ZEVIO(TM) 1020 multimedia application processor, the first LSI standard product IC based on the ZEVIO architecture, announced earlier this year.
With the new ZEVIO 1020 application processor and complete development support tools, manufacturers can quickly design cost-sensitive consumer electronics products that require low-power consumption, advanced graphics, and digital audio and video processing. The ZEVIO 1020 processor is highly optimized for electronic toys, navigation systems and other innovative consumer electronics products.
"LSI has designed the ZEVIO 1020 processor to enable the optimal balance of cost, power, and performance for a variety of portable multimedia applications priced under $100," said Melvin Hirata, director of marketing for ZEVIO products, Consumer Products Group, LSI Logic. "Providing a production- ready application processor and key development tools reduces complexity and accelerates time to market. This complete package gives our customers a significant advantage in the highly competitive consumer electronics market."
The ZEVIO 1020 solution is designed to achieve best-in-class cost performance with lowest power consumption by distributing the tasks among multiple processors running at optimal speeds. The ZEVIO 1020 processor is highly integrated and includes an ARM9 core for general purpose processing, a ZSP400 for multimedia processing (such as H.264 BP video decoding), a 3D graphics core, and a 2D/3D MIDI sound core. It also integrates a video DAC (digital-to-analog converter) for direct TV output and an SDIO (secure digital input/output) card slot for data storage or additional peripheral expansion.
To enable longer battery life for portable consumer electronics products, the ZEVIO 1020 processor is optimized for low power-consumption, typically consuming less than 150mW. Co-developed by mobile entertainment design experts from KOTO CO. Ltd, the 3D graphics core is designed with a focus on low cost, low power and ease-of-programmability (as is the LSI 3D sound core).
"Application processors that can effectively address the unique requirements of digital consumer appliances priced under $100 -- a key price point for mass market adoption -- will succeed in this growing market," said Stephanie Ethier, industry analyst, In-Stat. "With the Zevio 1020 processor's feature-performance combination and software ecosystem, LSI is strategically positioned to enable digital consumer appliance products, which are expected to reach 81 million units worldwide by 2010."
LSI has engaged with a number of software development partners to provide complete solutions for the ZEVIO family of products including: ACCESS CO., Ltd.; HI CORPORATION; and Techno Mathematical Co., Ltd. ACCESS's flagship NetFront(TM) web browser and uMore(TM) real-time operating system, HI's real- time 3D graphics middleware MascotCapsule®, and TMC's low-power mobile video decoding algorithms all contribute to faster time-to-market and low power consumption for products built with the ZEVIO 1020 processor.
The ZEVIO 1020 application processor is based on the LSI ZEVIO architecture that enables system designers to cost-effectively design complex, low-power and highly integrated System-on-a-Chip solutions. The multi-core architecture allows seamless integration of IP cores for product-specific customization to address unique customer requirements. The ZEVIO 1020 solution is the first standard product available from the ZEVIO multimedia application processor family.
Chips Snap: LTX Slips, LSI Logic Jumps
Friday November 17, 3:07 pm ET
LTX Slips on Weak 2nd-Quarter Forecast, While LSI Shares Surge
NEW YORK (AP) -- Semiconductor stocks edged down Friday, with LTX Corp. taking one of the biggest hits due to disappointing guidance, and LSI Logic Corp. surging on bullish comments from a Wall Street analyst.
LTX Corp., a maker of semiconductor testing equipment, said Thursday it swung to a first-quarter profit, but its second-quarter forecast fell short of Wall Street expectations.
Shares of LTX fell 23 cents, or 4.4 percent, to $4.96 in afternoon trading on the Nasdaq. They have traded between $3.66 and $8 over the past year.
Shares of LSI Logic Corp., a designer of semiconductors used in storage systems, shot up in afternoon trading after Bank of America analyst Sumit Dhanda said the stock is underappreciated by the market, and reiterated a "Buy" rating.
"We believe that Street views on LSI's revenue growth for 2007 are conservative, particularly in light of the growth opportunities set to benefit LSI in coming quarters," Dhanda wrote in a note to investors. "To wit, we now believe that LSI is likely to win some share within Dell's low-end storage system business, which is additive to our consensus revenue assumptions for the year."
LSI shares, which have traded between $7.41 and $11.81 over the last year, were up 45 cents, or 4.3 percent, at $11 in afternoon trading on the New York Stock Exchange.
Bought LSI this morning to test my trading system
Here is the link
http://www.3stocksonfire.org/trading/index.php?topic=11073.0 (http://www.3stocksonfire.org/trading/index.php?topic=11073.0)
MILPITAS, Calif., April 23, 2008 /PRNewswire-FirstCall via COMTEX/ -- LSI Corporation (LSI, Trade) today reported results for its first quarter ended March 30, 2008.
First Quarter News Release Summary
-- First quarter 2008 revenues of $661 million, exceeding guidance
-- First quarter 2008 GAAP* net loss of 2 cents per share
-- First quarter 2008 non-GAAP** net income of 10 cents per diluted
share, exceeding guidance
-- First quarter operating cash flows of $96 million
-- Cash and short-term investments of $1.2 billion
Second Quarter 2008 Business Outlook
-- Projected revenues of $650 million to $680 million
-- GAAP* net loss in the range of 0 to 8 cents per share
-- Non-GAAP** net income in the range of 8 to 12 cents per diluted
share
* Generally Accepted Accounting Principles.
** Excludes goodwill impairment, stock-based compensation, amortization
of acquisition-related intangibles, restructuring of operations and
other items, net, purchase accounting effect on inventory, loss on
write-down of equity securities and acquired in-process research and
development. It also excludes the income tax effect associated with
the above mentioned items.
STRENGTH IN STORAGE SEMICONDUCTORS DRIVES BETTER THAN EXPECTED SEASONAL
PERFORMANCE
First quarter 2008 revenues were $661 million, a 42% increase year-over- year compared to $465 million reported in the first quarter of 2007, and down 11% sequentially compared to $741 million reported in the fourth quarter of 2007 [1]. Adjusting for the sale of the mobility business, first quarter revenues declined 7% sequentially compared to the fourth quarter of 2007. The first quarter revenue decline was less than expected on better than expected sales of semiconductors for storage applications.
First quarter 2008 GAAP* net loss was $14 million or 2 cents per share, compared to first quarter 2007 GAAP net income of $30 million or 7 cents per diluted share. First quarter 2008 GAAP results compare to fourth quarter 2007 GAAP net loss of $2 billion or $2.87 per share, which included a $2 billion non-cash charge for impairment of goodwill. First quarter 2008 GAAP net loss included a net charge of $78 million from special items, including $55.7
million of amortization of acquisition-related items, $4.6 million of restructuring costs, and $17.8 million of stock-based compensation expense.
First quarter 2008 non-GAAP** net income was $64 million or 10 cents per diluted share, compared to first quarter 2007 non-GAAP net income of $44 million or 11 cents per diluted share. Fourth quarter 2007 non-GAAP net income was $94 million or 13 cents per diluted share.
Cash and short-term investments totaled approximately $1.2 billion at quarter end. LSI also announced today that it has completed the purchase of approximately 147 million shares of its common stock for approximately $1 billion under two repurchase authorizations.
"Our first quarter results mark the third consecutive quarter of revenues that have exceeded expectations and reflect continuing strength in our core business," said Abhi Talwalkar, LSI president and chief executive officer. "Stronger than expected sales of our SAS and SAN silicon partially offset the effects of normal seasonality while the longer-term benefits of our strategic steps and sharp focus on storage and networking continued to grow."
"During the quarter we also won significant new silicon designs in the hard disk drive and server spaces and announced an innovative new family of single-chip, low-cost content inspection processors for security and networking applications which is receiving strong interest," added Talwalkar.
Bryon Look, LSI chief financial officer, said, "In the first quarter we continued to generate strong operating cash flows and effectively managed our expenses, delivering a solid financial performance. Our balance sheet remains strong and despite continuing macro-economic uncertainty we remain confident in the health of our business."
[1] The Company merged with Agere Systems on April 2, 2007.
LSI Second Quarter 2008 Business Outlook
GAAP* Special Items Non-GAAP**
Revenue $650 million $650 million to $680
to $680 million
million
Gross Margin 37 - 40% $45 to $55 million 45 - 47%
Operating $270 million $35 to $45 million $235 million to $245
Expenses to $290 million
million
Net Other Income $0 million $0 million
Tax Approximately Approximately 8%
$8 million
Net (Loss)/Income ($0.08) to ($0.12) to ($0.17) $0.08 to $0.12
Per Share ($0.00)
Diluted Share
Count 640 million 645 million
Capital spending is projected to be around $15 million in the second quarter and approximately $60 million in total for 2008.
Second quarter depreciation and software amortization is expected to be approximately $25 million.
LSI Conference Call Information
LSI will hold a conference call today at 2 p.m. PDT to discuss first quarter financial results and the second quarter 2008 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: timely completion of our planned acquisition of the hard disk drive semiconductor business of Infineon Technologies AG; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; our ability to achieve anticipated synergies following our acquisition of Agere Systems; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; our ability to successfully and timely transition our assembly and test operations to third parties; and general industry and market 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 report on Form 10-K. 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 (LSI, Trade) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage and Networking markets. More information is available at http://www.lsi.com.
Editor's Notes:
1. All LSI news releases (financial, acquisitions, manufacturing,
products, technology etc.) are issued exclusively by PR Newswire and
are immediately thereafter posted on the company's external website,
http://www.lsi.com.
2. The LSI logo design is a trademark of LSI Corporation.
3. 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)
March 30, December 31, April 1,
Assets 2008 2007 2007
Current assets:
Cash and short-term investments $1,236.8 $1,397.6 $1,016.6
Accounts receivable, net 332.1 406.4 303.4
Inventories 258.6 240.8 229.1
Prepaid expenses and other
current assets 158.6 147.8 62.3
Total current assets 1,986.1 2,192.6 1,611.4
Property and equipment, net 235.2 229.7 89.2
Goodwill and other intangible assets,
net 1,665.9 1,724.7 997.8
Other assets 252.5 249.4 103.4
Total assets $4,139.7 $4,396.4 $2,801.8
Liabilities and Stockholders' Equity
Current liabilities $729.0 $762.5 $383.7
Long-term debt 717.2 718.0 350.0
Pension, tax and other liabilities 407.0 430.7 131.5
Total liabilities 1,853.2 1,911.2 865.2
Minority interest in subsidiary 0.3 0.2 0.2
Stockholders' equity:
Common stock and additional paid-
in capital 5,959.2 6,159.2 3,121.0
Accumulated deficit (3,752.1) (3,738.5) (1,198.1)
Accumulated other comprehensive
income 79.1 64.3 13.5
Total stockholders' equity 2,286.2 2,485.0 1,936.4
Total liabilities and
stockholders' equity $4,139.7 $4,396.4 $2,801.8
LSI CORPORATION
Consolidated Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 30, December 31, April 1,
2008 2007 2007
Revenues $660,747 $740,874 $465,415
Cost of revenues 356,878 394,730 263,670
Amortization of acquisition
related intangibles 42,255 33,842 5,285
Stock-based compensation expense 2,061 2,795 1,944
Total cost of revenues 401,194 431,367 270,899
Gross profit 259,553 309,507 194,516
Research and development 161,894 158,021 99,130
Stock-based compensation expense 7,823 9,132 4,717
Total research and development 169,717 167,153 103,847
Selling, general and
administrative 77,708 86,158 57,087
Amortization of acquisition
related intangibles 13,434 4,752 -
Stock-based compensation expense 7,911 9,568 4,523
Total selling, general and
administrative 99,053 100,478 61,610
Restructuring of operations and
other items, net 4,564 29,050 (8,080)
Goodwill and intangible
impairment charges* - 2,021,463 -
Acquired in-process research and
development - 5,972 6,500
(Loss)/income from operations (13,781) (2,014,609) 30,639
Interest expense (8,978) (9,048) (3,890)
Interest income and other, net 14,631 13,629 10,531
(Loss)/income before income taxes (8,128) (2,010,028) 37,280
Provision/(benefit) for income taxes 5,500 (11,830) 7,456
Net (loss)/income $(13,628) $(1,998,198) $29,824
Net (loss)/income per share:
Basic $(0.02) $(2.87) $0.07
Diluted $(0.02) $(2.87) $0.07
Shares used in computing per share
amounts:
Basic 661,984 695,624 404,230
Diluted 661,984 695,624 409,808
* During the fourth quarter of 2007, the Company determined that based
on the then market conditions in the semiconductor industry, the
carrying amount of the Company's goodwill was no longer recoverable.
The Company recognized $2,019.9 million of a goodwill impairment
charge and $1.6 million in charges for the impairment of certain
amortizable intangible assets in the Semiconductor segment.
A reconciliation of net (loss)/income on a GAAP basis to a non-GAAP net income is included below.
Three Months Ended
Reconciliation of GAAP net
(loss)/income to Non-GAAP net March 30, December 31, April 1,
income: 2008 2007 2007
GAAP net (loss)/income $(13,628) $(1,998,198) $29,824
Special items:
a) Stock-based compensation expense
- cost of revenues 2,061 2,795 1,944
b) Stock-based compensation expense
- R&D 7,823 9,132 4,717
c) Stock-based compensation expense
- SG&A 7,911 9,568 4,523
d) Amortization of acquisition
related intangibles - cost of
revenues 42,255 33,842 5,285
e) Amortization of acquisition
related intangibles - SG&A 13,434 4,752 -
f) Restructuring of operations and
other items, net 4,564 29,050 (8,080)
g) Goodwill and intangible
impairment charges* - 2,021,463 -
h) Acquired in-process research and
development - 5,972 6,500
i) Income tax effect (94) (24,158) (369)
Total special items 77,954 2,092,416 14,520
Non-GAAP net income $64,326 $94,218 $44,344
Non-GAAP net income per share:
Basic $0.10 $0.14 $0.11
Diluted** $0.10 $0.13 $0.11
Shares used in computing Non-GAAP per
share amounts:
Basic 661,984 695,624 404,230
Diluted 662,485 726,710 409,808
** In computing non-GAAP diluted earnings per share for the three month
period ended December 31, 2007, net income was increased by $3,500
for interest, net of taxes, on the $350 million convertible notes
considered dilutive common stock equivalents.
Three Months Ended
Reconciliation of GAAP to Non-GAAP
shares used in the calculation of March 30, December 31, April 1,
diluted per share amounts: 2008 2007 2007
Diluted shares used in per-share
calculation - GAAP 661,984 695,624 409,808
Dilutive stock awards 501 5,006 -
Effect of $350 million convertible
notes considered dilutive - 26,080 -
Diluted shares used in per-share
calculation - Non-GAAP 662,485 726,710 409,808
LSI CORPORATION
Consolidated Statement of Cash Flows
(In thousands, except where noted)
(Unaudited)
Three Months Ended
March 30, December 31, April 1,
2008 2007 2007
Operating Activities:
Net (loss)/income $(13,628) $(1,998,198) $29,824
Adjustments:
Depreciation and amortization * 78,328 61,822 18,576
Stock-based compensation expense 17,795 21,495 11,184
Non-cash restructuring and other
items (3,291) 10,555 228
Goodwill and intangible
impairment charges ** - 2,021,463 -
Acquired in-process research and
development - 5,972 6,500
(Gain)/loss on sale of property
and equipment, including assets
held-for-sale (12) 114 (9,662)
Non-cash foreign exchange loss 12,918 986 389
Changes in deferred tax assets
and liabilities 2,115 3,178 31
Changes in assets and
liabilities, net of assets
acquired and liabilities
assumed in business
combinations:
Accounts receivable, net 74,272 30,964 45,450
Inventories (17,719) (20,440) (19,654)
Prepaid expenses and other
assets (4,317) (13,504) 24,565
Accounts payable (39,432) 95,459 (36,469)
Accrued and other liabilities (10,828) (109,543) (14,980)
Net cash provided by operating
activities 96,201 110,323 55,982
Investing activities:
Purchases of debt securities
available-for-sale (44,151) (149,320) (60,630)
Proceeds from maturities and
sales of debt securities
available-for-sale 50,904 123,195 174,392
Purchases of equity securities (3,500) - -
Purchases of property, equipment
and software (35,230) (25,837) (20,503)
Proceeds from sale of property
and equipment 6,333 2,376 12,511
Proceeds from sale of Mobility
Products Group,
net of transaction costs - 445,500 -
Proceeds from sale of
semiconductor operations in
Thailand,
net of transaction costs - 49,600 -
Acquisitions of companies, net of
cash acquired - (80,751) (52,079)
Adjustment to goodwill acquired
in a prior year for
resolution of a pre-acquisition
income tax contingency 4,821 788 2,442
Net cash (used in)/provided by
investing activities (20,823) 365,551 56,133
Financing activities:
Issuance of common stock 346 17,286 5,671
Purchase of common stock under
repurchase programs (229,231) (221,639) -
Net cash (used in)/provided by
financing activities (228,885) (204,353) 5,671
Effect of exchange rate changes on
cash and cash equivalents 1,816 115 (65)
(Decrease)/increase in cash and cash
equivalents (151,691) 271,636 117,721
Cash and cash equivalents at
beginning of period 1,021,569 749,933 327,800
Cash and cash equivalents at end of
period $869,878 $1,021,569 $445,521
* Depreciation of fixed assets and amortization of intangible assets,
software, capitalized intellectual property, debt issuance costs and
accrued debt premium.
** During the fourth quarter of 2007, the Company determined that based
on the then market conditions in the semiconductor industry, the
carrying amount of the Company's goodwill was no longer recoverable.
The Company recognized $2,019.9 million of a goodwill impairment
charge and $1.6 million in charges for the impairment of certain
amortizable intangible assets in the Semiconductor segment.
LSI CORPORATION
Selected Financial Information (GAAP)
(In millions, except where noted)
(Unaudited)
Three Months Ended
March 30, December 31, April 1,
2008 2007 2007
Semiconductor revenues $458.8 $491.7 $272.4
Storage Systems revenues $201.9 $249.2 $193.0
Total revenues $660.7 $740.9 $465.4
Percentage change in revenues-
qtr./qtr. ( a ) -10.8% 1.9% -11.1%
Percentage change in revenues-
yr./yr. ( b ) 42.0% 41.5% -2.2%
Days sales outstanding 45 49 59
Days of inventory 58 50 76
Current ratio 2.7 2.9 4.2
Quick ratio 2.2 2.4 3.4
Gross margin as a percentage of
revenues 39.3% 41.8% 41.8%
R&D as a percentage of revenues 25.7% 22.6% 22.3%
SG&A as a percentage of revenues 15.0% 13.6% 13.2%
Employees ( c ) 5,351 6,193 4,082
Revenues per employee (in
thousands) ( d ) $493.9 $478.5 $456.1
Selected Cash Flow information:
Purchases of property and
equipment ( e ) $21.1 $13.6 $14.4
Depreciation and amortization ( f ) $21.9 $21.9 $11.0
( a ) Represents sequential quarter growth in revenues.
( b ) Represents growth in revenues in the quarter presented as
compared to the same quarter of the previous year.
( c ) Actual number of employees at the end of each period presented.
( d ) Revenues per employee is calculated by annualizing revenues for
each quarter presented and dividing it by the number of
employees.
( e ) Excludes purchases of software.
( f ) Represents depreciation of fixed assets and amortization of
software.
LSI CORPORATION
Reconciliations of Non-GAAP to GAAP measures
(In thousands)
(Unaudited)
Three Months Ended
March 30, 2008 December 31, 2007
Consolidated revenues $660,747 $740,874
Mobility revenues - 29,202
Consolidated revenues excluding
Mobility $660,747 $711,672
% change in revenues Qtr./Qtr. -7%
SOURCE LSI Corporation
http://www.lsi.com
Copyright (C) 2008 PR Newswire. All rights reserved
Hi, setravis:
No need to put so much known info on this thread. You need to make money from your own DD.
This stock was in my test run as seen in my previous post.
I bought 20K two days ago once more at $4.86 and I knew that the stock will be above $5.6 after earning report. I already mode more than 50k on this stock alone in last 2 months.
LSI earned 0.07 last quarter and the stock jumped from 4->5.5 and has been in 5-5.5 for two months.
Any price under 5 is a bargin.
If you looked at its chart, the low since 1995 has been $4. Whenever it touched 4, it will double within one year.
The chart pattern is similar to 2004 10 - 2005 2. After jumped from 4 -> 5.70, that stock had been in 5 - 5.50 then broke out to go to 6.5. Then pulled back to 6 and up to 11 eventually.
That is the reason why I bought it on its weakness.