LSI Reports Third Quarter 2013 Results

LSI CORPORATION
Consolidated Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended			Nine Months Ended
	September 29,	June 30,	September 30,	September 29,	September 30,
	2013	2013	2012	2013	2012

Revenues	$ 606,943	$ 589,583	$ 623,962	$ 1,765,162	$ 1,905,959

Cost of revenues	272,458	268,341	287,390	797,310	886,876
Amortization of acquisition-related intangibles	19,746	19,746	21,348	59,238	64,086
Purchase accounting effect on inventory	-	-	-	-	14,458
Stock-based compensation expense	2,059	2,237	2,573	7,171	9,088
Total cost of revenues	294,263	290,324	311,311	863,719	974,508

Gross profit	312,680	299,259	312,651	901,443	931,451

Research and development	163,486	166,829	156,318	489,211	477,472
Stock-based compensation expense	8,810	9,619	11,170	30,838	35,451
Total research and development	172,296	176,448	167,488	520,049	512,923

Selling, general and administrative	66,199	67,540	69,722	203,089	206,046
Amortization of acquisition-related intangibles	9,883	9,883	8,667	29,649	26,001
Stock-based compensation expense	9,340	10,009	13,643	29,611	38,999
Total selling, general and administrative	85,422	87,432	92,032	262,349	271,046

Restructuring of operations and other items, net	6,739	7,807	4,221	34,998	26,174

Income from operations	48,223	27,572	48,910	84,047	121,308

Interest income and other, net	836	2,248	5,855	10,964	30,105

Income before income taxes	49,059	29,820	54,765	95,011	151,413
Provision for/(benefit from) income taxes	12,500	5,200	15,100	15,400	(22,162)


Net income	$ 36,559	$ 24,620	$ 39,665	$ 79,611	$ 173,575

Net income per share:
Basic	$ 0.07	$ 0.04	$ 0.07	$ 0.15	$ 0.31

Diluted	$ 0.06	$ 0.04	$ 0.07	$ 0.14	$ 0.30

Shares used in computing per share amounts:
Basic	545,451	548,282	555,197	547,978	561,708

Diluted	563,621	561,801	572,022	565,570	582,296

Reconciliations of certain GAAP measures to non-GAAP measures are included below.

	Three Months Ended			Nine Months Ended

Reconciliation of GAAP net income to non-GAAP net income:	September 29, 2013	June 30, 2013	September 30, 2012	September 29, 2013	September 30, 2012

GAAP net income	$ 36,559	$ 24,620	$ 39,665	$ 79,611	$ 173,575

Special items:
a) Stock-based compensation expense - cost of revenues	2,059	2,237	2,573	7,171	9,088
b) Stock-based compensation expense - R&D	8,810	9,619	11,170	30,838	35,451
c) Stock-based compensation expense - SG&A	9,340	10,009	13,643	29,611	38,999
d) Amortization of acquisition-related intangibles - cost of revenues	19,746	19,746	21,348	59,238	64,086
e) Amortization of acquisition-related intangibles - SG&A	9,883	9,883	8,667	29,649	26,001
f) Purchase accounting effect on inventory	-	-	-	-	14,458
g) Restructuring of operations and other items, net	6,739	7,807	4,221	34,998	26,174
h) Gain on sale of investments	-	-	(2,550)	-	(2,550)
i) Gain on re-measurement of a pre-acquisition equity interest to fair value	-	-	-	-	(5,765)
j) Income tax effect	-	-	-	-	(43,198)
Total special items	56,577	59,301	59,072	191,505	162,744

Non-GAAP net income	$ 93,136	$ 83,921	$ 98,737	$ 271,116	$ 336,319

Non-GAAP income per share:
Basic	$ 0.17	$ 0.15	$ 0.18	$ 0.49	$ 0.60

Diluted	$ 0.17	$ 0.15	$ 0.17	$ 0.48	$ 0.58

Shares used in computing non-GAAP per share amounts:
Basic	545,451	548,282	555,197	547,978	561,708

Diluted	563,621	561,801	572,022	565,570	582,296

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