Product category:
Intellectual Property Cores
News Release from: LSI Europe
Edited by the Electronicstalk Editorial
Team on 30 January 2006
LSI logs 15th consecutive positive
quarter
LSI Logic has reported fourth quarter 2005 revenues of $506 million, a sequential increase of 5% compared with the $482 million reported in the third quarter of 2005.
LSI Logic has reported fourth quarter 2005 revenues of $506 million, a sequential increase of 5% compared with the $482 million reported in the third quarter of 2005, and a 21% increase compared with the $420 million reported in the fourth quarter of 2004 The company generated $63 million in cash from operations in the fourth quarter of 2005, representing the 15th consecutive quarter of positive operating cash flow
This article was originally published on Electronicstalk on 23 May 2001 at 8.00am (UK)
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Net cash from operations nearly tripled to $260 million for 2005 compared with $91 million for 2004.
Cash and short-term investments grew 15% to $939 million in 2005 from $815 million in 2004.
Fourth quarter 2005 GAAP net income was $38 million or 9 cents per diluted share, compared with third quarter GAAP net loss of $73 million or 19 cents per diluted share, which included a $91 million restructuring charge associated with the planned sale of the company's Gresham, Oregon manufacturing facility.
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Fourth quarter 2004 GAAP net loss was $197 million or 51 cents per diluted share, which included a $178 million noncash charge associated with the Gresham facility.
Fourth quarter 2005 net income, excluding special items, was $51 million or 13 cents per diluted share compared with a net income, excluding special items, of $45 million or 11 cents per diluted share in the third quarter.
Excluding special items, fourth quarter 2004 net income was $15 million or 4 cents per diluted share.
"A strong 2005 performance in our storage and consumer businesses was capped off by record fourth quarter and full year revenues for our Engenio Storage Group, fuelled by the continuing demand for high-performance 4Gbit/s Fibre Channel systems", said Abhi Talwalkar, LSI President and Chief Executive Officer.
"Revenues from our storage semiconductors grew in the fourth quarter and we extended our lead in SAS (serial attached SCSI) by introducing a number of new products".
"Consumer revenues met our fourth quarter expectations and grew 34% for the full year 2005".
"Entering 2006, our strong position in enterprise storage and the industry-projected growth of consumer electronics products are expected to be the primary growth drivers for the company".
"We are well positioned to capitalise on these opportunities with our leadership technology".
LSI recorded 2005 revenues of $1.92 billion, a 13% increase compared with $1.70 billion in 2004.
The company reported GAAP 2005 net loss of $6 million or 1 cent per diluted share, which includes $91 million in charges associated with the planned sale of the Gresham manufacturing facility.
The 2004 GAAP net loss was $464 million or $1.21 per diluted share, which included a $384 million noncash charge associated with the impairment of the Gresham manufacturing facility.
Net income for 2005, excluding special items, grew to $166 million or 42 cents per diluted share compared with 2004 net income, excluding special items, of $43 million or 11 cents per diluted share.
LSI reduced its convertible debt to $624 million in 2005 through open market purchases, compared with convertible debt of $782 million in 2004.
"During 2005, we grew revenues significantly, reduced operating expenses by $28 million compared with the previous year and nearly quadrupled net profit, excluding special items", said Bryon Look, LSI Chief Financial Officer.
"Building on our balance sheet strength, our net cash to debt position increased to $315 million".
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