Intersil Reports Third-Quarter 2002 Financial ResultsOctober 23, 2002 by Jeff Shepard
Intersil Corp. (Irvine, CA) reported financial results for the third quarter ended October 4, 2002. Net revenue for the third quarter was $191.3 million, an increase of nine percent from the adjusted net revenue of the previous quarter, and 43 percent from a year ago. Excluding the amortization of intangibles and the tax effect of acquisition-related expenses, adjusted net income for the third quarter was $26.6 million, or $0.19 per diluted share, of common stock. This compares to adjusted net income of $23.0 million, or $0.16 per diluted share, for the second quarter of 2002 and $12.2 million, or $0.09 per diluted share, for the comparable quarter of 2001.
Net income on a generally accepted accounting principles basis for the third quarter of 2002 was $3.6 million, or $0.03 per diluted share, compared to a net loss of $18.3 million, or $0.15 per diluted share, for the prior quarter, and a net loss of $3.3 million, or $0.03 per diluted share, for the same period a year ago. Third-quarter gross margins reached 54 percent, an increase of 20 basis points from the previous quarter and an increase of 300 basis points from a year ago. Gross margin improvement came primarily from increasing sales volumes and cost-reduction programs, resulting in the sixth consecutive quarter of gross margin expansion.