Intersil Reports Financial Results for First Quarter 2001
Intersil Holding Corp. (Irvine, CA) reported financial results for the quarter ended March 30, 2001. Compared to the same period in the prior year, sales grew nine percent to $127.8 million, a 22-percent decrease from the previous quarter. Adjusted net income, excluding the gain on the sale of the discrete power business and certain one-time charges, was $8.1 million or $0.07 per diluted share of common stock. Net income, including the one-time items was $38.4 million or $0.35 per diluted share of common stock.
Intersil's gross margins for the first quarter were 48 percent, in line with expectations but down from the previous quarter, primarily due to lower sales. Intersil achieved significant improvement in its balance sheet during the quarter, increasing its cash position to over $600.0 million while completing a bond tender offer that eliminated all of the company's debt.
“Although industry conditions remain difficult, we maintained a book-to-bill ratio greater than 0.8 during our first quarter. We also experienced increasing demand for our power management products and strong product design-in activity by many of our wireless access customers," said Greg Williams, Intersil's president and CEO. “We completed several strategic actions during our first quarter that help position Intersil for the next wave of growth as a communications semiconductor company. We are even more
enthusiastic about our opportunities for future growth when industry conditions improve."