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LSI Logic Announces Second Quarter Financial Results

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LSI Logic Corporation this week reported 2001 second quarter revenues of $465 million, a 10 percent decrease from the $517 million reported in the first quarter, and 28 percent lower than the $644 million recorded in the second quarter of 2000.

The second quarter 2001 net loss, before amortization of goodwill and other special items (EBG), was $20.9 million or minus 6 cents a diluted share, compared to first quarter net income of $9.5 million or 3 cents a diluted share, and second quarter 2000 net income of $98 million or 29 cents a diluted share. Cash and short-term investments increased $82 million to $1.14 billion.

"Our second quarter financial results reflected the continuation of the widespread inventory correction in the supply chain and weakened end-demand in global communications and storage markets," said Wilfred J. Corrigan, LSI Logic chairman and chief executive officer. "We expect our business to bottom in the third quarter and anticipate revenue growth in the fourth quarter."

"During the second quarter, we completed the strategic acquisition of consumer-products leader C-Cube and announced the purchase of AMI's RAID business to expand our customer offerings in the storage components space. We announced the closure of our Colorado Springs manufacturing facility and took further steps to align our costs to the current business climate. We are prepared to be an even stronger competitor in our targeted vertical markets when the industry rebounds in 2002."

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