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Components | April 26, 2012

Intersil reports financial results

Intersil Corporation has reported financial results for its first quarter ended March 30, 2012.
Net revenue for the first quarter of 2012 was $156.0 million, a 21.6% decrease from $198.9 million in the first quarter of 2011, and a 5.9% decrease from $165.8 million in the fourth quarter of 2011.

Operating margin was a loss of 1.4% during the first quarter. Net loss for the first quarter of 2012 was $3.3 million, or a loss of $0.03 per share, compared with net income of $14.1 million, or $0.11 per diluted share, in the same quarter last year, and net income of $24.1 million, or $0.19 per diluted share, in the fourth quarter of 2011. First quarter GAAP results include $1.5 million of restructuring expenses.

Non-GAAP operating income during the first quarter of 2012 was $12.7 million, or 8.1% of revenue. Non-GAAP net income for the first quarter of 2012 was $8.2 million, or $0.06 per diluted share.

"The first quarter of 2012 marked the bottom of the cycle for Intersil and business conditions gradually improved during the quarter. Backlog continues to increase and our book-to-bill ratio remained above one throughout the first quarter," said Dave Bell, President and Chief Executive Officer.

Second Quarter 2012 Outlook

-Revenue is expected to be between $162 million and $170 million (+4% to +9% sequentially)
-R&D expenses are expected to be approximately $48 million ($44 million excluding equity-based compensation)
-SG&A expenses are expected to be approximately $35 million ($31 million excluding equity-based compensation)
-Total equity-based compensation is expected to be approximately $9.3 million
-Amortization of intangibles is expected to be approximately $7.2 million
-GAAP earnings (loss) per diluted share are expected to be between $(0.02) and $0.01
-Non-GAAP earnings per diluted share are expected to be between $0.08 and $0.11

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