Oct 24, 2001
The supplier of ASICs posted a net loss of $398.1 million in the quarter, or minus $1.09 a share, compared to a profit of $18.1 million, or $0.06 a share, in the like period a year ago.
LSI Logic also posted a pro forma net loss, before amortization of goodwill and other special items, of $104 million, or minus $0.29 a share. This compares to a loss of $21 million in the second quarter of 2001, or minus $0.06 a share, and a profit of $114 million, or $0.33, a year ago.
The company is also taking approximately $294 million in charges, including $230 million in non-cash charges. These charges are primarily a result of the company's cost-reduction actions and strategic acquisitions.
"LSI Logic's third quarter financial results were impacted by weakness in the overall economy, the cyclical semiconductor industry downturn and the continued work down of inventory in the supply chain, particularly in the communications sector," said Wilfred J. Corrigan, LSI Logic's chairman and CEO.
The company expects its Q4 revenues to grow between 0-5%sequentially from the $397 million reported in the third quarter. It also anticipates reporting a pro forma fourth quarter loss of about $0.23 a diluted share and gross margin in the range of 30-31%.
