Product category:
Analogue and Mixed Signal ICs
News Release from: Intersil
Edited by the Electronicstalk Editorial
Team on 29 October 2003
Strong performance follows wireless sale
Intersil Corp has reported financial results for the third quarter ended 3rd October 2003.
Intersil Corp has reported financial results for the third quarter ended 3rd October 2003 On a generally accepted accounting principles (GAAP) basis, net revenue was $130.5 million, an increase of 4% from the second quarter of 2003, and 22% up over the same quarter last year
This article was originally published on Electronicstalk on 8 Oct 2008 at 8.00am (UK)
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GAAP net income from continuing operations was $2.7 million or $0.02 per diluted share of common stock for the third quarter of 2003.
"Intersil reported another strong quarter of growth", said Rich Beyer, Intersil's President and CEO.
"Our continuing product groups grew 22% over the previous year and both our Elantec and Power Management product groups reached record revenue levels this quarter, due to strength in the DVD recordable and computing markets.
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We expect this momentum to continue and be driven by demand for our new high performance analogue products.
Multiple new products, including power management devices for notebooks and handholds, and next generation optical and video solutions, are being designed into many diverse markets and applications".
Excluding amortisation of intangibles and other items not related to on-going operations, non-GAAP net income for the third quarter was $22.7 million or $0.16 per diluted share of common stock.
This compares with non-GAAP net income of $15.7 million or $0.11 per share for the third quarter of 2002 and non-GAAP net income of $20.1 million or $0.14 per diluted share for the second quarter of 2003.
As a percentage of sales, Power Management represented approximately 51% of the total third quarter sales, Elantec represented approximately 26% and Standard Analogue represented approximately 23%.
Gross margins improved in the third quarter to 56.5%, driven primarily by strong growth in the Elantec product group and product cost reduction efforts across all groups.
Non-GAAP operating income increased from 20.1% of sales in the second quarter to 21.3% in the third quarter, due to the improvement in gross margin and reduced selling, general and administrative expenses.
During the quarter, the sale of the Wireless Networking Product Group was completed.
With the proceeds from the sale and strong cash flow from continuing operations, the company exited the quarter with $917 million in cash and investments.
As a result of Intersil's solid profitability, strong cash position and business outlook, the company's board of directors approved in September a $100 million stock repurchase programme, and declared a quarterly dividend of $0.03 per share of common stock.
Payment of the dividend will be made on 24th November 2003 to shareholders of record on 3rd November 2003.
Looking ahead, Beyer said: "Intersil saw record levels in units and revenue for power management desktop and notebook, as well as DVD-R products.
Based on improving demand, we expect these markets to provide continued growth in the fourth quarter.
We now expect our revenue to grow between 4-5% from the third quarter, to approximately $136 million.
With our expectation of improved operating margins, we anticipate increasing our earnings per share to $0.18 for the fourth quarter".
"We were very pleased with Intersil's financial performance during the third quarter.
We grew our revenue, gross margins and operating income, and we exceeded our guidance on earnings per share", Beyer continued.
"With the sale of the Wireless Networking Product Group completed, we are solidly positioned as one of the top tier high performance analogue companies.
We're expanding our addressable markets to enable continued growth in the future.
During the third quarter, Intersil introduced approximately 100 new products targeted at attractive new markets such as power control for notebooks and battery chargers for handheld devices, optical storage drivers and high-speed operational amplifiers.
Our leadership positions in some of the most attractive analogue market segments should enable us to achieve continued revenue and earnings growth".
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