MILPITAS, CA — (Marketwired) — 04/24/13 — Intersil Corporation (NASDAQ: ISIL), a leader in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors, today announced results for the quarter ended March 29, 2013.
Revenue of $131.7 million for the first quarter of 2013 compares to $137.5 million in the fourth quarter of 2012 and $156.0 million for the same quarter last year. Revenue by end market is summarized below.
Note: Dollars in millions; totals and percentages may not calculate precisely due to rounding.
On a GAAP basis, the gross margin was 53.8%. Operating expenses were $91.1 million, including restructuring-related costs of $16.8 million, resulting in an operating loss of $20.1 million. After recording a tax benefit of $22.8 million, augmented by the reinstatement of the R&D tax credit, net income for the quarter was $2.5 million or $0.02 per diluted share.
The following non-GAAP results exclude the impact of equity-based compensation, deferred compensation expense, amortization of purchased intangibles, restructuring-related costs and related tax effects. Gross margin was 54.1% for the quarter. Operating expenses were $62.2 million, which was below guidance due to actions taken during the quarter. Operating income, therefore, was better than expected at $9.1 million, or 6.9% of revenue. Net income was $7.2 million and earnings per share was $0.06 per diluted share.
Cash flow from operations for the period was $16.2 million, contributing to cash and short-term investment balances of $161.2 million at the end of March 2013.
Intersil-s Board of Directors has authorized the payment of a quarterly dividend of $0.12 per share of common stock. The payment of this dividend will be made on May 24, 2013 to shareholders of record as of the close of business on May 14, 2013.
“In February, Intersil initiated a restructuring plan to more closely align its cost structure to current sales levels. With me joining in March, we will now focus our attention on achieving strategic alignment, as we reposition our investments in areas where we can compete more effectively and profitably,” said Necip Sayiner, President and CEO.
Note: Fiscal second quarter will include 14 weeks (one additional week than normal).
Intersil will discuss its first quarter 2013 financial results during its scheduled conference call following market close on April 24, 2013. To participate in the conference call, please dial (800) 798-2864 and international participants please dial (617) 614-6206, using the password 67562029 at approximately 1:40 p.m. Pacific Time. You may also listen to the call via webcast on Intersil-s investor relations website: . A copy of the prepared remarks and presentation accompanying the conference call are also available on Intersil-s investor relations website.
A replay of the earnings conference call will be available on Intersil-s website, or may be accessed for two weeks by dialing (888) 286-8010, international dial (617) 801-6888, using the password 39991257.
is a leader in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors. The Company-s products address some of the largest markets within the industrial and infrastructure, personal computing and high-end consumer markets. For more information about Intersil or to find out how to become a member of our winning team, visit our website and career page at .
The presentation of non-GAAP financial information is intended to be considered together with the financial information prepared and presented in accordance with GAAP. For more information on non-GAAP financial measures, please see the reconciliations of such measures in the tables of this release. Management uses non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that non-GAAP financial measures provide meaningful supplemental information regarding Intersil-s performance and liquidity by excluding certain expenses and expenditures that may not be indicative of recurring core business operating results.
Intersil Corporation press releases and other related comments may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon Intersil-s management-s current expectations, estimates, beliefs, assumptions and projections about Intersil-s business and industry. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “potential,” “continue,” “goals,” “targets” and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Intersil does not adopt and is not responsible for any forward-looking statements and projections made by others in this press release. Intersil-s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and other Intersil filings with the U.S. Securities and Exchange Commission (which you may obtain for free at the SEC-s web site at ) discuss some of the important risk factors that may affect our business, results of operations and financial condition. These forward-looking statements are made only as of the date of this communication and Intersil undertakes no obligation to update or revise these forward-looking statements.
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