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Intersil's CEO Discusses Q1 2012 Results - Earnings Call Transcript

During the quarter, we modified the composition of our reported end markets to better reflect the different characteristics of the market we serve. The industrial and communications markets have been combined and together with our computing server business now form the industrial and infrastructure end market. The new I&I end market category includes applications such as base stations, network switchers and routers, network attached storage and servers. It continues to include traditional industrial categories such as automotive, security surveillance, military, medical and factory automation. The average margin profile for the industrial and infrastructure market is above our corporate average, with product lines such as radiation-hardened and military delivering gross margins about 80%.

The former computing end market has been renamed personal computing and is now comprised of notebook computers, ultrabooks, desktop PCs and PC peripherals. With servers moving to the I&I market, this segment now accurately represents Intersil’s participation in the highly competitive PC market and as expected, it delivers gross margins below our corporate average.

The consumer market will remain the same as before and includes smartphones, tablets, displays and gaming. Gross margins in the consumer market are at or slightly below our corporate average.

In just a few minutes I'll go over the percentage of sales in each end market as well as an apples-to-apples comparison with the fourth quarter of 2011. We've included historical detail of our revenue since 2007, allocated to the adjusted end markets, which is available in the press release on page nine and in the Investor Relation section of our website.

We are passionate about building a great company where our employees are inspired to create innovative products that will deliver shareholder value. Our Board of Directors is also committed to sustaining shareholder returns and is authorized a quarterly dividend of $0.12 per share of common stop.

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