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|Intersil Corporation Reports Third Quarter Results|
Table 1. Intersil End Market Mix
"Many of our end markets remain sluggish, but we are pleased with the company's strong financial performance and regular cadence of new product introductions," said
GAAP gross margin for the quarter was 59.2%, an increase of 80 basis points from the third quarter of 2014. Total GAAP operating expenses declined to
The following non-GAAP results exclude amortization of purchased intangibles, equity-based compensation expense, gain on recovery of auction rate securities and related tax effects. Third quarter non-GAAP gross margin was up 90 basis points from the same quarter last year at 59.5%. Gross margin was better than expected due primarily to a higher mix of I&I products. Non-GAAP operating expenses declined to
For a complete reconciliation of GAAP and non-GAAP results, please see the "Non-GAAP Results" tables included at the end of this release.
Cash and cash equivalents increased again to
Fourth Quarter 2015 Outlook
The following forward-looking guidance is for the fourth quarter ending
Earnings Call Webcast
The Company presents non-GAAP financial measures because the investor community uses non-GAAP results in its analysis and comparison of historical results and projections of the Company's future operating results. These non-GAAP results exclude acquisition related expense, restructuring and related costs, equity-based compensation expense, and certain other expenses and benefits. Management uses these non-GAAP measures to manage and assess the profitability of the business. These non-GAAP results are also consistent with the way management internally analyzes
There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures. The non-GAAP financial measures supplement, and should be viewed in conjunction with, GAAP financial measures. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the accompanying press release.
As presented in the "Non-GAAP Results" tables in the accompanying press release, each of the non-GAAP financial measures excludes one or more of the following items:
Acquisition related. Acquisition-related charges are not factored into management's evaluation of potential acquisitions or
Restructuring and related costs. Restructuring charges primarily relate to changes in
Other adjustments. These items are excluded from non-GAAP financial measures because they are not related to the core operating activities and on-going future operating performance of
Comparability. The above criteria has been consistently applied when calculating the non-GAAP financial measures for all periods presented in this press release and accompanying tables.
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Shannon Pleasant, Intersil Corporation, (512) 382-8444, email@example.com