Product category:
Communications ICs (Wired)
News Release from: Intersil
Edited by the Electronicstalk Editorial
Team on 27 July 2001
Intersil results better than industry
average
Intersil has reported financial results for the quarter ended 29th June 2001.
Intersil has reported financial results for the quarter ended 29th June 2001 Compared with the previous quarter, sales declined 7% to $118.3 million, a 14% decrease from the same quarter of the prior year
This article was originally published on Electronicstalk on 8 Oct 2008 at 8.00am (UK)
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Adjusted net income was $9.0 million or $0.08 per diluted share of common stock.
Net income including amortisation was $1.2 million or $0.01 per diluted share of common stock.
Intersil's gross margins for the second quarter increased to 50.3%, a 230 basis point gain from the previous quarter, with improvement across all product groups.
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The company also continued to strengthen its balance sheet, increasing its cash position by $27 million to $633 million.
"We emerge from the second quarter with a strong balance sheet and we continue to generate profit and cash from operations", said Intersil President and CEO Greg Williams.
"We are encouraged by our market share gains, improvement in gross margins and strong cash flow despite difficult industry conditions.
As a result, Intersil is able to invest at record levels in research and development in our focus areas of wireless networking and analogue, which should position us for significant growth when industry conditions improve".
"During a quarter in which the semiconductor industry declined 20% sequentially according to World Semiconductor Trade Statistics (WSTS), Intersil outperformed the industry as a result of our strong, proprietary positions in analogue and wireless", added Williams.
"Customer design activities continue to grow for wireless home networking and video products and have now been expanded to include PDAs and other handheld devices.
Intersil continues to gain market share in desktop PC power management and revenue from these products is expected to increase with the ramp up of Intel's new Pentium 4 processor".
Intersil's wireless access sales increased 9% from the second quarter of 2000 to $32.4 million, down 10% from the previous quarter.
Continued soft conditions in the enterprise networking market were offset in part by strength in consumer and small business markets.
The company's communications analogue sales were $39.8 million during the second quarter, down 7% from the previous quarter.
The power management portion of the analogue business showed strength due to continued market share gains in desktop PCs, growing sequentially from the first quarter during a difficult PC market.
Sales of Intersil's other analogue products were $46.1 million during the second quarter of 2001, down only 7% from the previous quarter due to strong seasonal demand for military products.
The previously announced Findlay, Ohio plant closure and the exit of the company's automotive business remain on track for completion by the middle of 2002.
"We expect our focus areas of wireless access and power management to be sequentially flat in revenue in the third quarter", said Williams.
"We anticipate total company revenue for the third quarter to be down between 5-9% sequentially, primarily because of seasonal and market softness in our other analogue business.
We anticipate gross margins of 50% based on continued cost improvements and expect earnings per share between $0.06 to $0.08 during our third quarter".
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