Intersil Reports Third-Quarter 2002 Financial Results
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.