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Intersil Corporation Reports Solid Fourth Quarter Results

Stocks in this article: ISIL

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.

Company Highlights

  • 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%
Personal computing  30.5  21%  28.2  18%  28.6  21%
Consumer  28.4  19%  36.6  24%  30.3  22%
Revenue  $ 146.0   $ 152.6    $ 137.5  

Financial Results

The year-end financial results showed steadily improving fundamentals which enabled the company to close 2013 as a more stable and profitable company with one of the highest dividend yields in its sector. Over the course of the year, the company successfully restructured expenses to enable better profitability while providing a platform for continued investment in strategic R&D projects. A focused product strategy, improved financial discipline and a reduction in product costs were behind the gross and operating margin improvements.

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