Intersil Corporation Reports First Quarter Results

  • Equity-based compensation expense.
  • Legal judgments, awards, or governmental fines or penalties.
  • Income from IP agreements.
  • Restructuring and related costs.
  • Write-offs (recoveries) related to Auction Rate Securities.
  • Tax effects of non-GAAP adjustments.
  • Diluted weighted average shares non-GAAP adjustment - for purposes of calculating non-GAAP diluted earnings per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of equity-based compensation expense attributable to future services not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

Comparability. The above criteria has been consistently applied when calculating the non-GAAP financial measures for all periods presented in this press release and accompanying tables.

Intersil Corporation

Condensed Consolidated Statements of Income

Unaudited

(In thousands, except percentages and per share amounts)








Quarter Ended


Apr. 1,


Jan. 1,


Apr. 3, 


2016


2016


2015


Q1 2016


Q4 2015


Q1 2015







Revenue

$    129,279


$     126,626


$     134,153

Cost of revenue

53,319


53,707


53,827

Gross profit

75,960


72,919


80,326

Gross margin %

58.8%


57.6%


59.9%

Expenses:






Research and development 

33,678


29,983


32,017

Selling, general and administrative 

23,549


22,784


25,453

Amortization of purchased intangibles

3,528


4,261


5,561

Provision for TAOS litigation

-


-


81,100

Total expenses

60,755


57,028


144,131

Operating income (loss)

15,205


15,891


(63,805)

Other income (expense)

(481)


(257)


516

Income (loss) before income taxes

14,724


15,634


(63,289)

Income tax (benefit) expense

2,973


(5,668)


5,535

Net income (loss)

$      11,751


$       21,302


$      (68,824)







Earnings per share: 






Basic

$          0.09


$           0.16


$          (0.53)

Diluted

$          0.09


$           0.16


$          (0.53)







Weighted average shares outstanding:






Basic

132,857


132,608


130,513

Diluted

135,267


134,288


130,513


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