Intersil Corporation Reports Strong Quarterly Results

 

Intersil Corporation

Non-GAAP Results

Unaudited

(In thousands, except per share amounts)









Quarter Ended



Sep. 30


Jul. 1


Oct. 2



2016


2016


2015



Q3 2016


Q2 2016


Q3 2015









Non-GAAP net income:







GAAP net income

$             15,883


$        1,389


$      16,984


  Restructuring and related costs

14


13,508


-


  Equity-based compensation

5,563


8,122


5,565


  Amortization of purchased intangibles

2,669


2,867


3,777


  Provision for the TAOS litigation

-


1,255


-


  Merger related expenses

4,639


-


-


  Gain on recovery from auction rate securities

(135)


(70)


(460)


  Tax impact of non-cash and discrete items

2,683


(3,469)


(5,049)


Non-GAAP net income

$             31,316


$      23,602


$      20,817









GAAP weighted average shares - diluted

138,760


137,332


132,445


  Non-GAAP adjustment

2,583


3,014


5,273


Non-GAAP weighted average shares - diluted

141,343


140,346


137,718









Non-GAAP earnings per diluted share:







GAAP earnings per diluted share

$                 0.11


$          0.01


$          0.13


  Excluded items per share impact

0.11


0.16


0.02


Non-GAAP earnings per diluted share

$                 0.22


$          0.17


$          0.15









Equity-based compensation expense by classification:






Cost of revenue ("COS")

$                  207


$           284


$           304


Research and development 

$               2,779


$        3,834


$        2,390


Selling, general and administrative 

$               2,577


$        4,004


$        2,871



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