Intersil Corporation Reports First Quarter Results

Company Achieves Record Gross Margin

(PRNewswire) —   Intersil Corporation (NASDAQ: ISIL), a leading provider of innovative power management and precision analog solutions, today announced financial results for the first quarter of 2015. Revenue of $134.2 million was up 2.3% sequentially. The company reported a GAAP net loss of $68.8 million resulting from a charge related to intellectual property litigation. Non-GAAP earnings per share of $0.17 exceeded expectations due in part to lower than anticipated operating expenses but also as a result of record gross margin during the quarter.  

Company Highlights

  • Gross margin improved again and was up to 59.9% on a GAAP basis and 60.2% on a non-GAAP basis.
  • Operating income on a non-GAAP basis increased sequentially, resulting in a non-GAAP operating margin of 21.3%.
  • Diluted GAAP loss per share was $0.53 and non-GAAP earnings per share were $0.17.

Quarterly Results

Revenue for the first quarter was better than seasonal as newly-introduced consumer products started ramping and the company's Industrial and Infrastructure (I&I) products experienced strong demand. All I&I product areas increased sequentially to contribute to a nearly 7% increase in revenue.  Intersil's Consumer and Computing (C&C) revenue was down sequentially 6% as a result of weak demand in the PC market. Overall design win activity remained strong, particularly for new products. The breakdown by end market for the quarter was as follows:


Q1 2015


Q4 2014


Q1 2014

End Market Revenue

$M


%


$M


%


$M


%

Industrial & Infrastructure

90.7


68%


85.0


65%


87.4


62%

Consumer & Computing

43.5


32%


46.1


35%


52.7


38%

Total Revenue

$134.2




$131.1




$140.1















Table 1. Intersil End Market Mix

 

For the first quarter, GAAP results include an $81.1 million charge related to an intellectual property lawsuit brought against Intersil in 2008 by Texas Advanced Optical Solutions. Intersil is seeking to overturn the verdict through post-trial motions and appeals to the appropriate U.S. Circuit Court of Appeals, as necessary. GAAP operating expenses therefore totaled $144.1 million, with R&D expense of $32 million and SG&A expense of $25.5 million. GAAP gross margin increased again to 59.9%. For the quarter, the company reported an operating loss of $63.8 million and a net loss of $68.8 million . GAAP diluted loss per share was $0.53 .

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