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LSI Logic Upbeat on Revenue

The company will record more special items than originally expected, though.

LSI Logic

(LSI) - Get Life Storage, Inc. Report

offered optimistic estimates on its second-quarter financial results and said it plans to sell its Tsukuba, Japan, manufacturing facility.

The semiconductor company expects second-quarter revenue to increase about 9% sequentially, near the high end of its previous growth guidance. However, LSI now plans to report $140 million to $160 million in special items, compared with an earlier forecast of $50 million to $70 million in special items.

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That will lead to a loss, when calculated using generally accepted accounting principles, of 43 cents to 50 cents a share, wider than the earlier projected loss of 23 cents to 31 cents.

On a pro forma basis, the company's second-quarter loss expectation (excluding special items) improved by 4 cents, thanks to better-than-expected gross margin expansion and accelerated benefits from cost-reduction programs.

Analysts polled by Thomson First Call are looking for a loss of 11 cents and a top line of $398.6 million.

LSI Logic will report its second-quarter financial results July 23.