Fourth quarter 2011 GAAP* income from continuing operations
was $11 million or 2 cents per diluted share, compared to
fourth quarter 2010 GAAP income from continuing operations of
$5 million or 1 cent per diluted share. Third quarter 2011
GAAP income from continuing operations was $32 million or 5
cents per diluted share. Fourth quarter 2011 GAAP income from
continuing operations included a net charge of $62 million
from special items, consisting primarily of approximately $29
million of amortization of acquisition-related items, $12
million of stock-based compensation expense and $21 million
of net restructuring and other items. Fourth quarter 2011
GAAP results from continuing operations also included a $9
million net tax benefit, or 2 cents per diluted share,
primarily related to the expiration of statutes of
limitations and other non-cash tax items.
Fourth quarter 2011 GAAP net loss was $2 million or 0 cents
per diluted share, compared to fourth quarter 2010 GAAP net
loss of $13 million or 2 cents per diluted share. Third
quarter 2011 GAAP net income was $29 million or 5 cents per
diluted share.
Fourth quarter 2011 non-GAAP** income from continuing
operations was $73 million or 13 cents per diluted share,
compared to fourth quarter 2010 non-GAAP income from
continuing operations of $53 million or 8 cents per diluted
share. Fourth quarter 2011 non-GAAP results included a $9
million net tax benefit, or 2 cents per diluted share,
primarily related to the expiration of statutes of
limitations and other non-cash tax items. Third quarter 2011
non-GAAP income from continuing operations was $83 million or
14 cents per diluted share.
Fourth quarter 2011 non-GAAP net income was $60 million or 10
cents per diluted share, compared to fourth quarter 2010
non-GAAP net income of $90 million or 14 cents per diluted
share. Third quarter 2011 non-GAAP net income was $83 million
or 14 cents per diluted share.
Cash and short-term investments totaled approximately $935
million at quarter end. The company completed fourth-quarter
purchases of approximately 5 million shares of its common
stock for approximately $27 million. In 2011, the company
purchased approximately 72 million shares of its common stock
for approximately $499 million under its $750 million share
repurchase program.
LSI recorded full-year 2011 revenues from continuing
operations of $2.04 billion, a 9.3% increase compared to
$1.87 billion in 2010. The company reported 2011 GAAP net
income of $331 million or 55 cents per diluted share.
Full-year 2011 GAAP results compare to full-year 2010 GAAP
net income of $40 million or 6 cents per share.
Full-year 2011 GAAP net income included a net charge of $191
million in special items from continuing operations,
consisting primarily of $116 million in amortization of
acquisition-related items, $51 million of stock-based
compensation expense, and $24 million of restructuring costs
and other items. Full-year 2011 GAAP net income also included
$241 million of income from discontinued operations, net of
taxes, which included a gain of $260 million related to the
sale of the external storage systems business.
Non-GAAP net income for 2011 was $303 million or 50 cents per
diluted share, compared to 2010 non-GAAP net income of $333
million or 52 cents per diluted share.
Bryon Look, LSI CFO and chief administrative officer, said,
"We remain focused on driving improvements to operating
margins. The combination of share gains, new product cycles
and continued expense control is expected to drive increased
profitability levels going forward."
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