|
LSI CORPORATION | |||||
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Consolidated Statements of Operations (GAAP) | |||||
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(In thousands, except per share amounts) | |||||
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(Unaudited) | |||||
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|
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Three Months Ended | ||||
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|
March 31, |
|
December 31, |
|
April 1, |
|
|
2013 |
|
2012 |
|
2012 |
|
|
|
|
|
|
|
|
Revenues |
$ 568,636 |
|
$ 600,128 |
|
$ 622,424 |
|
|
|
|
|
|
|
|
Cost of revenues |
256,511 |
|
275,538 |
|
296,152 |
|
Amortization of acquisition-related intangibles |
19,746 |
|
21,318 |
|
21,390 |
|
Purchase accounting effect on inventory |
- |
|
- |
|
14,458 |
|
Stock-based compensation expense |
2,875 |
|
2,858 |
|
3,512 |
|
Total cost of revenues |
279,132 |
|
299,714 |
|
335,512 |
|
|
|
|
|
|
|
|
Gross profit |
289,504 |
|
300,414 |
|
286,912 |
|
|
|
|
|
|
|
|
Research and development |
158,896 |
|
165,758 |
|
157,563 |
|
Stock-based compensation expense |
12,409 |
|
11,613 |
|
12,308 |
|
Total research and development |
171,305 |
|
177,371 |
|
169,871 |
|
|
|
|
|
|
|
|
Selling, general and administrative |
69,350 |
|
64,919 |
|
66,419 |
|
Amortization of acquisition-related intangibles |
9,883 |
|
8,667 |
|
8,667 |
|
Stock-based compensation expense |
10,262 |
|
10,291 |
|
15,014 |
|
Total selling, general and administrative |
89,495 |
|
83,877 |
|
90,100 |
|
|
|
|
|
|
|
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Restructuring of operations and other items, net |
20,452 |
|
22,917 |
|
15,462 |
|
|
|
|
|
|
|
|
Income from operations |
8,252 |
|
16,249 |
|
11,479 |
|
|
|
|
|
|
|
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Interest income and other, net |
7,880 |
|
7,606 |
|
14,656 |
|
|
|
|
|
|
|
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Income before income taxes |
16,132 |
|
23,855 |
|
26,135 |
|
(Benefit from)/provision for income taxes |
(2,300) |
|
1,202 |
|
(49,062) |
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Net income |
$ 18,432 |
|
$ 22,653 |
|
$ 75,197 |
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Net income per share: |
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|
|
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|
Basic |
$ 0.03 |
|
$ 0.04 |
|
$ 0.13 |
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|
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|
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Diluted |
$ 0.03 |
|
$ 0.04 |
|
$ 0.13 |
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Shares used in computing per share amounts: |
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|
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|
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|
Basic |
550,227 |
|
552,761 |
|
566,709 |
|
|
|
|
|
|
|
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Diluted |
567,092 |
|
568,611 |
|
590,556 |
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Reconciliations of certain GAAP measures to non-GAAP measures are included below. |
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| |||
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Three Months Ended | ||||
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|
March 31, |
|
December 31, |
|
April 1, |
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Reconciliation of GAAP net income to non-GAAP net income: |
2013 |
|
2012 |
|
2012 |
|
|
|
|
|
|
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|
GAAP net income |
$ 18,432 |
|
$ 22,653 |
|
$ 75,197 |
|
|
|
|
|
|
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Special items: |
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|
|
|
|
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a) Stock-based compensation expense - cost of revenues |
2,875 |
|
2,858 |
|
3,512 |
|
b) Stock-based compensation expense - R&D |
12,409 |
|
11,613 |
|
12,308 |
|
c) Stock-based compensation expense - SG&A |
10,262 |
|
10,291 |
|
15,014 |
|
d) Amortization of acquisition-related intangibles - cost of revenues |
19,746 |
|
21,318 |
|
21,390 |
|
e) Amortization of acquisition-related intangibles - SG&A |
9,883 |
|
8,667 |
|
8,667 |
|
f) Purchase accounting effect on inventory |
- |
|
- |
|
14,458 |
|
g) Restructuring of operations and other items, net |
20,452 |
|
22,917 |
|
15,462 |
|
h) Gain on re-measurement of a pre-acquisition equity interest to fair value |
- |
|
- |
|
(5,765) |
|
i) Income tax effect |
- |
|
833 |
|
(43,198) |
|
Total special items |
75,627 |
|
78,497 |
|
41,848 |
|
|
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Non-GAAP net income |
$ 94,059 |
|
$ 101,150 |
|
$ 117,045 |
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Non-GAAP income per share: |
|
|
|
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|
Basic |
$ 0.17 |
|
$ 0.18 |
|
$ 0.21 |
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|
|
|
|
|
|
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Diluted |
$ 0.17 |
|
$ 0.18 |
|
$ 0.20 |
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|
|
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|
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Shares used in computing non-GAAP per share amounts: |
|
|
|
|
|
|
Basic |
550,227 |
|
552,761 |
|
566,709 |
|
|
|
|
|
|
|
|
Diluted |
567,092 |
|
568,611 |
|
590,556 |
