News & Events
Intersil Corporation Revises Third Quarter 2004 Revenue and Earnings Guidance
Milpitas, CA, October 6, 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 estimate for the third quarter, ending October 1, 2004.
Intersil now expects revenue to be approximately $127 million for the third quarter, compared to $144 million in the second quarter of 2004. Gross margins are expected to be in the 55-56% range, with adjusted earnings per share of approximately $0.11.
The lower revenue forecast is the result of two factors. First, order turns did not improve in September as was previously anticipated. Secondly, the companys manufacturing facilities were closed for a total of 17 days during the month of September, due to Hurricane Frances and Hurricane Jeanne. This resulted in lower than expected production and shipments during the last month of the quarter.
By end market, both the consumer and industrial businesses met previous expectations, with the consumer business increasing and the industrial business approximately flat from the second quarter. The computing business declined due to inventory adjustments at distributors and cancellations in the desknote business at the end of the quarter. Lastly, the companys communications business continued to be impacted by customers inventory positions and experienced further weakness during September.
Intersil is scheduled to report its third quarter results and provide an outlook for the fourth quarter on October 20, 2004. 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 http://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.
