Intersil Corporation Reports First Quarter Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except per share amounts)








Quarter Ended


Apr. 1,


Jan. 1,


Apr. 3, 


2016


2016


2015


Q1 2016


Q4 2015


Q1 2015







Non-GAAP net income:






GAAP net income (loss)

$ 11,751


$ 21,302


$(68,824)

  Equity-based compensation

6,482


5,148


5,756

  Amortization of purchased intangibles

3,528


4,261


5,561

  Provision for TAOS litigation

-


-


81,100

  Acquisition-related costs

585


-


-

  Gain on recovery from auction rate securities

(28)


(150)


(588)

  Tax impact of Non-GAAP adjustments

(1,117)


(2,668)


(71)

Non-GAAP net income

$ 21,201


$ 27,893


$  22,934







GAAP weighted average shares - diluted

135,267


134,288


130,513

  Non-GAAP adjustment

3,680


4,314


6,798

Non-GAAP weighted average shares - diluted

138,947


138,602


137,311







Non-GAAP earnings per diluted share:






GAAP earnings per diluted share

$     0.09


$     0.16


$    (0.53)

  Excluded items per share impact

0.06


0.04


0.70

Non-GAAP earnings per diluted share

$     0.15


$     0.20


$      0.17







Equity-based compensation expense by classification:





Cost of revenue ("COS")

$      458


$      268


$       392

Research and development 

$   3,103


$   2,368


$    2,751

Selling, general and administrative 

$   2,921


$   2,512


$    2,613


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