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LSI Corp. Reports Operating Results (10-Q)

November 06, 2012 | About:
10qk

10qk

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LSI Corp. (LSI) filed Quarterly Report for the period ended 2012-09-30.

Lsi Corporation has a market cap of $3.84 billion; its shares were traded at around $7.095 with a P/E ratio of 11.7 and P/S ratio of 1.9. Lsi Corporation had an annual average earning growth of 2.2% over the past 5 years.

Highlight of Business Operations:

During the third quarter of 2012, we reported revenues of $624.0 million, compared to $546.9 million for the third quarter of 2011. For the nine months ended September 30, 2012, we reported revenues of $1,906.0 million, compared to $1,520.8 million for the nine months ended October 2, 2011. For the third quarter of 2012, we reported net income of $39.7 million, or $0.07 per diluted share, compared to $29.3 million, or $0.05 per diluted share, for the third quarter of 2011. For the nine months ended September 30, 2012, we reported net income of $173.6 million, or $0.30 per diluted share, compared to $333.3 million, or $0.55 per diluted share, for the nine months ended October 2, 2011. Net income for the nine months ended October 2, 2011 included a $260.1 million gain on the sale of our external storage systems business.

Revenues increased by $77.1 million, or 14.1%, for the three months ended September 30, 2012 as compared to the three months ended October 2, 2011, driven by higher unit sales of semiconductors used in storage applications as a result of the ramping of new products to existing customers and $49.9 million of revenue from flash storage processors due to the acquisition of SandForce. These increases were offset in part by a decrease in unit sales of semiconductors used in older networking applications.

Revenues in North America and Asia increased by $27.2 million, or 19.9%, and $54.2 million, or 15.0%, respectively, for the three months ended September 30, 2012 as compared to the three months ended October 2, 2011. The increases were primarily attributable to higher unit sales of semiconductors used in storage applications as a result of the ramping of new products to existing customers and higher unit sales of flash storage processors as a result of the acquisition of SandForce. The increases were offset in part by a decrease in unit sales of semiconductors used in older networking applications.

Revenues in North America and Asia increased by $96.9 million, or 25.5%, and $299.2 million, or 30.1%, respectively, for the nine months ended September 30, 2012 as compared to the nine months ended October 2, 2011. The increases were primarily attributable to higher unit sales of semiconductors used in storage applications, such as hard disk drives as that industry recovered from the flooding in Thailand in late 2011, and the ramping of new products to existing customers. The increases were also due to higher unit sales of flash storage processors as a result of the acquisition of SandForce. The increases were offset in part by a decrease in unit sales of semiconductors used in older networking applications.

Revenues from networking products decreased by $11.1 million, or 9.5%, and $34.7 million, or 10.0%, respectively, for the three and nine months ended September 30, 2012 as compared to the three and nine months ended October 2, 2011. The decreases were primarily the result of lower unit sales of semiconductors used in older networking applications.

Read the The complete Report

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