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LSI Reports Fourth Quarter and Full-Year 2010 Results

MILPITAS, Calif. Jan. 26, 2011 December 31, 2010

Fourth Quarter and Full-Year 2010 News Release Summary

  • $664 million
  • 2 cents
  • 14 cents
  • $112 million
  • $2.6 billion

First Quarter 2011 Business Outlook

  • $605 million to $635 million
  • ($0.03) to $0.07
  • $0.07 to $0.13

*

Generally Accepted Accounting Principles.

**

Excludes goodwill and other intangible asset impairment, stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, and gain/loss on sale/write-down of investments. It also excludes the income tax effect associated with the above mentioned items.

$664 million $638 million $629 million

$13 million 2 cents $65 million 10 cents $23 million 4 cents $103 million $48 million $40 million $15 million

$90 million 14 cents $124 million 18 cents $79 million 13 cents

$677 million $32 million $250 million

Abhi Talwalkar

$2.57 billion $2.22 billion $40 million 6 cents $48 million 7 cents $293 million $161 million $66 million $59 million $7 million

$333 million 52 cents $232 million 35 cents

Bryon Look $112 million $367 million $677 million

LSI First Quarter 2011 Business Outlook

GAAP*

Special Items

Non-GAAP**

Revenue

$605 million to $635 million

$605 million to $635 million

Gross Margin

41.5% – 45.5%

$20 million to $30 million

46.5% – 48.5%

Operating Expenses

$245 million to $265 million

$20 million to $30 million

$225 million to $235 million

Net Other (Loss)/Income

$3 million

$3 million

Tax

Approximately $7 million

Approximately $7 million

Net (Loss)/Income Per Share

($0.03) to $0.07

($0.06) to ($0.10)

$0.07 to $0.13

Diluted Share Count

625 million

625 million

Capital spending is projected to be around $15 million in the first quarter and approximately $60 million in total for 2011.

Depreciation and software amortization is projected to be around $26 million in the first quarter and approximately $105 million in total for 2011.

LSI Conference Call Information

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

Forward-Looking Statements:

About LSI

www.lsi.com

Editor’s Notes:

  1. http://www.lsi.com
  2. LSI and the LSI & Design logo are trademarks or registered trademarks of LSI Corporation.
  3. 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)

December 31,

October 3,

December 31,

Assets

2010

2010

2009

Current assets:

   Cash and short-term investments

$            676.6

$      600.8

$            962.1

   Accounts receivable, net

326.6

313.9

339.0

   Inventories

186.8

220.1

169.3

   Prepaid expenses and other current assets

73.8

103.4

115.1

       Total current assets

1,263.8

1,238.2

1,585.5

Property and equipment, net

223.2

208.8

219.0

Goodwill and identified intangible assets, net

749.8

807.2

927.9

Other assets

188.1

221.4

235.5

       Total assets

$         2,424.9

$   2,475.6

$         2,967.9

Liabilities and Stockholders’ Equity

Current liabilities:

   Current portion of long-term debt

$                  –

$            –

$            350.0

   Other current liabilities

484.6

499.3

504.4

       Total current liabilities

484.6

499.3

854.4

Pension, tax and other liabilities

622.8

599.9

652.4

       Total liabilities

1,107.4

1,099.2

1,506.8

Stockholders’ equity:

   Common stock and additional paid-in capital

6,004.3

6,003.9

6,149.2

   Accumulated deficit

(4,368.5)

(4,355.1)

(4,408.5)

   Accumulated other comprehensive loss

(318.3)

(272.4)

(279.6)

       Total stockholders’ equity

1,317.5

1,376.4

1,461.1

       Total liabilities and stockholders’ equity

$         2,424.9

$   2,475.6

$         2,967.9

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Year Ended

December 31,

October 3,

December 31,

December 31,

December 31,

2010

2010

2009

2010

2009

Revenues

$        664,476

$  628,984

$        637,796

$     2,570,047

$     2,219,159

   Cost of revenues

345,542

319,061

335,792

1,327,734

1,228,776

   Purchase accounting effect on inventory

56

4,498

   Amortization of acquisition-related intangibles

31,367

31,288

33,448

125,231

135,102

   Stock-based compensation expense

2,104

2,109

1,650

8,217

7,382

      Total cost of revenues

379,013

352,458

370,946

1,461,182

1,375,758

Gross profit

285,463

276,526

266,850

1,108,865

843,401

   Research and development

159,267

158,558

146,526

639,308

580,333

   Stock-based compensation expense

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