LSI Corporation (NASDAQ: LSI) today reported results for its first quarter ended March 30, 2014.
First Quarter 2014 Financial Highlights
- First quarter 2014 revenues of $569 million
- First quarter 2014 GAAP* net income of $0.06 per diluted share
- First quarter 2014 non-GAAP** net income of $0.17 per diluted share
- First quarter 2014 operating cash flows of $43 million
- First quarter 2014 operating expenses of $266 million on a GAAP basis and $223 million on a non-GAAP basis
First quarter 2014 revenues were $569 million, compared to $569 million in the first quarter of 2013 and $605 million in the fourth quarter of 2013.
First quarter 2014 GAAP net income was $33 million or $0.06 per diluted share, compared to first quarter 2013 GAAP net income of $18 million or $0.03 per diluted share. Fourth quarter 2013 GAAP net income was $45 million or $0.08 per diluted share.
First quarter 2014 GAAP net income included a net charge of $66.5 million from special items, consisting primarily of approximately $30 million of amortization of acquisition-related items, $21 million of stock-based compensation expense, and $15.5 million of net restructuring and other items, including merger-related costs.
First quarter 2014 non-GAAP net income was $100 million or $0.17 per diluted share, compared to first quarter 2013 non-GAAP net income of $94 million or $0.17 per diluted share. Fourth quarter 2013 non-GAAP net income was $113 million or $0.20 per diluted share.