MILPITAS, Calif., Jan. 29, 2014 (GLOBE NEWSWIRE) -- Intersil Corporation (Nasdaq:ISIL), a leading provider of innovative power management and precision analog solutions, today announced financial results for the fourth quarter and year ended January 3, 2014.
- Revenue of $146 million was up 6% compared to the fourth quarter of 2012.
- Fourth quarter gross margin improved 160 basis points (bps) compared to the same quarter of 2012.
- Operating income increased significantly from the prior year, resulting in a non-GAAP operating margin of 21% for the quarter and 16% for the full year.
- GAAP earnings of $0.06 for the fourth quarter resulted in a return to profitability for the full year. Non-GAAP earnings more than doubled to $0.59 for 2013.
- Balance sheet metrics continued to improve, and cash and investment balances increased by $28 million in the quarter to $195 million.
Revenue for the fourth quarter of $146 million declined seasonally, as anticipated, but increased 6 percent compared to the same period last year. Intersil's industrial and infrastructure revenue was down slightly sequentially, but up 11 percent year over year due to growth in power, automotive and aerospace products. Computing revenue increased sequentially and year over year due to better than expected demand. Consumer revenue declined in the fourth quarter primarily due to lower demand sequentially for gaming consoles. The breakdown by end market was as follows:
|Q4 2013||Q3 2013||Q4 2012|
|End Market:||Revenue $M||% of Revenue||Revenue $M||% of Revenue||Revenue $M||% of Revenue|
|Industrial & infrastructure||$ 87.1||60%||$ 87.8||58%||$ 78.6||57%|
|Revenue||$ 146.0||$ 152.6||$ 137.5|