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LSI Reports Second Quarter 2011 Results

MILPITAS, Calif. July 27, 2011 July 3, 2011

May 6, 2011

Second Quarter 2011 News Release Summary

  • $501 million
  • 5 cents
  • 10 cents
  • $38 million

Third Quarter 2011 Business Outlook

  • $535 million to $565 million
  • $0.01 to $0.11
  • $0.11 to $0.17

* 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. It also excludes, in the case of non-GAAP net income, gain from the sale of the external storage systems business.

Abhi Talwalkar

$501 million $473 million $473 million

$28 million 5 cents $3 million $19 million 3 cents $31 million $29 million $14 million $11 million

$294 million 48 cents $7 million 1 cent $260 million 43 cents $10 million 2 cents

$60 million 10 cents $61 million 9 cents $65 million 10 cents

$79 million 13 cents $71 million 11 cents $82 million 13 cents

$907 million $300 million $397 million $750 million

Bryon Look

LSI Third Quarter 2011 Business Outlook

For Continuing Operations

GAAP*

Special Items

Non-GAAP**

Revenue

$535 million to $565 million

$535 million to $565 million

Gross Margin

45.5% – 49.5%

$20 million to $30 million

51.0% – 53.0%

Operating Expenses

$213 million to $233 million

$15 million to $25 million

$198 million to $208 million

Net Other Income

$5 million

$5 million

Tax

Approximately $10 million

Approximately $10 million

Income From Continuing Operations Per Share

$0.01 to $0.11

($0.06) to ($0.10)

$0.11 to $0.17

Diluted Share Count

575 million

575 million

$20 million $55 million

$16 million $75 million

LSI Conference Call Information

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

Forward-Looking Statements: Japan

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)

July 3,

April 3,

December 31,

Assets

2011

2011

2010

Current assets:

   Cash and short-term investments

$    906.5

$    682.3

$            676.6

   Accounts receivable, net

234.1

286.1

326.6

   Inventories

193.8

155.0

186.8

   Prepaid expenses and other current assets

73.8

68.4

73.3

   Assets held for sale

18.6

236.3

0.5

       Total current assets

1,426.8

1,428.1

1,263.8

Property and equipment, net

178.5

188.0

223.2

Goodwill and identified intangible assets, net

563.4

592.0

749.8

Other assets

147.2

146.8

188.1

       Total assets

$ 2,315.9

$ 2,354.9

$         2,424.9

Liabilities and Stockholders’ Equity

Current liabilities

$    447.7

$    484.3

$            484.6

Pension, tax and other liabilities

567.5

611.0

622.8

       Total liabilities

1,015.2

1,095.3

1,107.4

Stockholders’ equity:

   Common stock and additional paid-in capital

5,678.4

5,932.3

6,004.3

   Accumulated deficit

(4,064.5)

(4,358.3)

(4,368.5)

   Accumulated other comprehensive loss

(313.2)

(314.4)

(318.3)

       Total stockholders’ equity

1,300.7

1,259.6

1,317.5

       Total liabilities and stockholders’ equity

$ 2,315.9

$ 2,354.9

$         2,424.9

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

July 3,

April 3,

July 4,

July 3,

July 4,

2011

2011

2010

2011

2010

Revenues

$ 500,644

$ 473,264

$ 473,447

$ 973,908

$ 946,119

   Cost of revenues

240,692

225,459

217,859

466,151

445,486

   Amortization of acquisition-related intangibles

20,281

21,818

28,835

42,099

57,670

   Stock-based compensation expense

2,051

1,813

1,985

3,864

3,401

      Total cost of revenues

263,024

249,090

248,679

512,114

506,557

Gross profit

237,620

224,174

224,768

461,794

439,562

   Research and development

139,220

136,124

136,121

275,344

268,963

   Stock-based compensation expense

6,653

6,223

6,750

12,876

12,770

      Total research and development

145,873

142,347

142,871

288,220

281,733

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