News & Events
Intersil Corporation Revises Third Quarter 2004 Revenue and Earnings Guidance
Milpitas, CA, Sept. 9, 2004 Intersil Corporation (NASDAQ: ISIL), a world leader in the design and manufacture of high performance analog semiconductors, today announced that it has revised its revenue and earnings outlook for the third quarter, ending October 1, 2004.
Based on recent and forecasted order rates from customers, Intersil now expects revenue to be approximately $140 million, compared to $144.2 million in the second quarter of 2004. Previously, the company had expected revenue between $154 million and $160 million. This revised revenue should result in adjusted earnings per share of approximately $0.15 for the third quarter. The lower revenue forecast is a result of orders trending below previous expectations, driven by lower than expected end demand, along with customer reductions in component inventory levels.
While we expect solid growth in our computing and consumer businesses during the third quarter, the seasonal increase has not materialized as strongly as we had originally anticipated, said Rich Beyer, Intersils president and CEO. Additionally, the impact of our communications customers inventory build during the second quarter was greater than previously forecasted.
Intersil also announced today that its facilities in Palm Bay, Florida sustained modest damage over the weekend from Hurricane Frances; however, the company expects no major disruption to its customers resulting from this event and anticipates its facilities will be fully operational within the next few days.
Looking beyond the quarter, our rapidly expanding portfolio of products should enable us to generate profitable growth and strong cash flow throughout the business cycle, concluded Beyer. To discuss its long-term strategy and positioning, the company will be hosting its fourth annual analyst day on Thursday, September 23, 2004. A live webcast will be available at www.intersil.com. About Intersil
Intersil Corporation, a NASDAQ-100 Index company, is a leader in the design and manufacture of high performance analog semiconductors. The company’s products address three of the industry’s fastest growing markets: flat panel displays, optical storage (CD and DVD recordable) and power management. Intersil products include power management devices for battery management, hot-swap and hot-plug controllers, linear regulators, supervisory ICs, switching DC-DC regulators and power MOSFET drivers; optical storage laser diode drivers; DSL line drivers; video and high performance operational amplifiers; data converters; interface ICs; analog switches and multiplexers; crosspoint switches; voice-over-IP devices; and ICs for military, space and rad-hard applications. For more information about Intersil or to find out how to become a member of our winning team, visit the company’s web site and career page at www.intersil.com.
Intersil Corporation press releases and other related comments may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon Intersil Corporation's ("Intersil") management's current expectations, estimates, beliefs, assumptions, and projections about Intersil's business and industry. Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "potential," "continue," "goals," "targets," and variations of these words (or negatives of these words) or similar expressions, are intended to identify forward-looking statements. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Intersil does not adopt and is not responsible for any forward-looking statements and projections made by others in this press release. Intersil's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Intersil filings with the U.S. Securities and Exchange Commission ("SEC") (which you may obtain for free at the SEC's web site at www.sec.gov) discuss some of the important risk factors that may affect our business, results of operations, and financial condition. These forward-looking statements are made only as of the date of this communication and Intersil undertakes no obligation to update or revise these forward-looking statements.
