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LSI Reports First Quarter 2012 Results

MILPITAS, Calif. April 25, 2012 April 1, 2012

http://photos.prnewswire.com/prnh/20120222/SF57952LOGO

First Quarter 2012 Highlights

  • $622 million
  • 13 cents
  • 20 cents
  • $50 million

  Second Quarter 2012 Business Outlook

  • $630 million to $670 million
  • $0.03 to $0.13
  • $0.15 to $0.21

*

On May 6, 2011, LSI completed the sale of its external storage systems business. The financial results of the external storage systems business have been classified as discontinued operations in LSI’s financial statements. Our ongoing business is referred to as "continuing operations."

 

** 

Generally Accepted Accounting Principles.

 

***

 

Excludes stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, gain on remeasurement of a pre-acquisition equity interest to fair value and gain/loss on sale/write-down of investments. It also excludes the income tax effect associated with the above-mentioned items. It also excludes, in the case of non-GAAP net income, gain from the sale of the external storage systems business.

Abhi Talwalkar

$622 million $473 million $523 million

$75 million 13 cents $19 million 3 cents $11 million 2 cents $42 million $31 million $30 million $15 million $14 million $43 million $6 million

$117 million 20 cents $65 million 10 cents $73 million 13 cents

$623 million $38 million $537 million $750 million

Bryon Look

LSI 2Q2012 Business Outlook for Continuing Operations

GAAP**

Special Items

Non-GAAP***

Revenue

$630 million to $670 million

$630 million to $670 million

Gross Margin

47% – 51%

$20 million to $30 million

52% – 54%

Operating Expenses

$255 million to $275 million

$30 million to $40 million

$225 million to $235 million

Net Other Income

$3 million

$3 million

Tax

Approximately $11 million

Approximately $11 million

(Loss)/Income from Continuing Operations Per Share

$0.03 to $0.13

($0.08) to ($0.12)

$0.15 to $0.21

Diluted Share Count

600 million

600 million

$20 million $125 million

$16 million $65 million

LSI Conference Call Information

2 p.m. PDT http://www.lsi.com/webcast

Forward-Looking Statements: Thailand

About LSI

www.lsi.com

LSI and the LSI & Design logo are trademarks or registered trademarks of LSI Corporation.

All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI CORPORATION

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

April 1,

December 31,

April 3,

Assets

2012

2011

2011

Current assets:

    Cash and short-term investments

$               623.1

$               935.5

$               682.3

    Accounts receivable, net

302.1

246.5

286.1

    Inventories

200.8

180.0

155.0

    Prepaid expenses, assets held for sale

      and other current assets

62.4

60.7

304.7

        Total current assets

1,188.4

1,422.7

1,428.1

Property and equipment, net

235.1

180.6

188.0

Goodwill and identified intangible assets, net

832.0

506.2

592.0

Other assets

111.6

122.6

146.8

        Total assets

$            2,367.1

$            2,232.1

$            2,354.9

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