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LSI Corp. Reports Operating Results (10-Q)

November 09, 2010 | About:
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10qk

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LSI Corp. (LSI) filed Quarterly Report for the period ended 2010-10-03.

Lsi Corp. has a market cap of $3.59 billion; its shares were traded at around $5.59 with a P/E ratio of 12.2 and P/S ratio of 1.6. LSI is in the portfolios of Louis Moore Bacon of Moore Capital Management, LP, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Mario Gabelli of GAMCO Investors, Paul Tudor Jones of The Tudor Group, Wilbur Ross of Invesco Private Capital, Inc., George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Our revenues for the three months ended October 3, 2010 were $629.0 million, an increase of $50.6 million, or 8.7%, as compared to $578.4 million for the three months ended October 4, 2009. Our revenues for the nine months ended October 3, 2010 were $1,905.6 million, an increase of $324.2 million, or 20.5%, as compared to $1,581.4 million for the nine months ended October 4, 2009. The increase during the nine months ended October 3, 2010 was primarily attributable to an increase in demand for semiconductors used in storage and networking product applications and an increase in demand for storage systems and server RAID adapters.

We reported net income of $23.4 million, or $0.04 per diluted share, for the three months ended October 3, 2010 as compared to $52.5 million, or $0.08 per diluted share, for the three months ended October 4, 2009. We reported net income of $53.4 million, or $0.08 per diluted share, for the nine months ended October 3, 2010 as compared to a net loss of $112.5 million, or $0.17 per basic share, for the nine months ended October 4, 2009. During the three and nine months ended October 3, 2010, we recorded restructuring of operations and other items, net, of $3.7 million and $10.4 million, respectively, as compared to $4.7 million and $36.0 million, respectively, for the three and nine months ended October 4, 2009. For the three and nine months ended October 3, 2010, we recorded an income tax provision of $8.1 million and a benefit of $1.6 million, respectively, as compared to income tax benefits of $65.2 million and $52.0 million, respectively, for the three and nine months ended October 4, 2009. The $1.6 million benefit for income taxes during the nine months ended October 3, 2010 was primarily the result of $28.0 million of reversals of liabilities due to the expiration of statutes of limitations in multiple jurisdictions.

Cash, cash equivalents and short-term investments were $600.9 million as of October 3, 2010 as compared to $962.1 million as of December 31, 2009. For the three and nine months ended October 3, 2010, we generated $82.1 million and $255.5 million, respectively, in cash from operating activities, as compared to $68.7 million and $127.7 million, respectively, for the three and nine months ended October 4, 2009. During the nine months ended October 3, 2010, we repaid all of the $350 million of our outstanding 4% Convertible Subordinated Notes upon their maturity on May 15, 2010 and repurchased 45.8 million shares of our common stock for $217.7 million in cash.

Read the The complete Report

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