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Components | August 01, 2012

Intersil: Cutting expanses important goal

"Two important goals were accomplished during the second quarter," said Dave Bell, President and Chief Executive Officer.

0"We focused nearly all our development resources on our carefully chosen Top Ten Growth Drivers that we're confident will drive significant growth beginning in 2013. We also reduced annual operating expenses by $40 million to enable us to achieve our target operating model at a lower revenue level." Net revenue for the second quarter of 2012 was $163.0 million, a 22.0% decrease from $209.1 million in the second quarter of 2011, and a 4.5% increase from $156.0 million in the first quarter of 2012. Gross margin for the second quarter of 2012 was 54.5%, compared with gross margin of 58.2% in the same quarter last year, and slightly lower than the first quarter of 2012 at 54.6%, primarily due to product mix.  Operating margin was negative 5.7% during the second quarter. Net loss for the second quarter of 2012 was $14.5 million, or $0.11 per share, compared with net income of $21.8 million, or $0.17 per diluted share, in the same quarter last year, and net loss of $3.3 million, or $0.03 per share, in the first quarter of 2012. GAAP earnings per share were adversely affected by an $8.3 million restructuring charge. Non-GAAP operating income during the second quarter of 2012 was $14.4 million, or 8.8% of revenue. Non-GAAP net income for the second quarter of 2012 was $9.6 million, or $0.08 per diluted share. Third Quarter 2012 Outlook "Our bookings rate grew during most of the second quarter, but began to deteriorate in June. We closed the second quarter with a book-to-bill ratio slightly less than one," said Bell. "Given continued uncertainty about the worldwide economy, we are forecasting sub-seasonal revenue for the third quarter. However, our significantly reduced operating expenses will drive strong EPS improvement in the third quarter."
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