Intersil Corporation Reports Strong Third Quarter Results

MILPITAS, Calif., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Intersil Corporation (Nasdaq:ISIL), a leading provider of innovative power management and precision analog solutions, today announced financial results for the third quarter ended October 4, 2013.

Quarterly Highlights
  • Revenue of $152.6 million increased 5% sequentially, and 1% year over year.
  • Non-GAAP gross margin improved 30 bps sequentially and 140 bps year over year.
  • Non-GAAP operating margin improved to 20%.
  • $0.06 per share GAAP loss was driven primarily by one-time events, while non-GAAP EPS increased by 43% sequentially and 100% year over year to $0.20.

Revenue for the third quarter was $152.6 million, a slight increase compared to the same period last year. Intersil's industrial and infrastructure revenue grew sequentially, which was better than expected due to healthy demand in automotive and aerospace. Consumer revenue increased 25% sequentially reflecting seasonal strength particularly for products sold into handsets, tablets and gaming consoles. Computing revenue remained stable, also reflecting seasonal strength. The breakdown by end market was as follows:
       
  Q3 2013 Q2 2013 Q3 2012
End Market:  Revenue $M % of Revenue  Revenue $M % of Revenue Revenue $M % of Revenue
Industrial & infrastructure  $ 87.8 58%  $ 87.0 60%  $ 85.6 57%
Personal computing 28.2 18% 28.6 20% 33.3 22%
Consumer 36.6 24% 29.2 20% 32.5 21%
Revenue  $ 152.6    $ 144.8    $ 151.4  

Financial Results

On a GAAP basis, gross margin of 55.4% improved from 54.1% in the same period last year. GAAP operating expenses were $79.5 million resulting in income from operations of $5.1 million or 3.3% of revenue for the quarter. An unusually high tax provision resulted in a GAAP net loss for the quarter of $0.06 per diluted share.

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