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On April 22, 2009, Intersil ( ISIL) reported that its Q1 FY09 earnings slumped 96.4%, hurt by a decline in revenue and declining sales in some market segments. Net income for the quarter plummeted to $2.40 million, or $0.02 per share, from $67.10 million, or $0.53 per share, a year ago. The quarterly earnings beat analysts' estimates, which called for a $0.03 loss.

Revenue plunged 42.0% to $118.20 million from $203.70 million in the prior year's quarter, due to a fall in segmental revenue. High-end consumer sales that accounted for around 21.2% of revenue, decreased 60.0% year-over-year. Computing, which contributed 31.1% of sales, fell 43.0% year-over-year. The industrial segment dipped 42.0% during Q1 FY09. Sales from the communications segment decreased by 24.0%. Further, cost of revenue slipped 43.7% to $53.00 million from $94.10 million. Research and development costs dropped 6.6% to $32.80 million, while selling, general, and administrative costs declined 6.2% year-over-year to $25.80 million.

The company declared a quarterly dividend of $0.12 per share payable on May 22, 2009. Intersil announced the appointment of Jonathan Kennedy as senior vice president and chief financial officer. In addition, the company also launched ISL54214 dual SP3T (Single Pole/Triple Throw) and ISL54217 dual SP3T switches to eliminate congestion in handheld-device connectors.

Looking forward to Q2 FY09, the company anticipates GAAP loss per share of $0.01 to profit of $0.03 per share. Moreover, ISIL expects revenue to be in the range of $123.00 to $132.00 million. Despite loss, ISIL forecasts continued positive free cash flow.

(As originally published, this article erroneously stated that Intersil missed analysts' expectations. In fact, the company exceeded the Thomson Reuters consensus estimate. The Street.com regrets the error.)

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