Intersil Corp.'s net revenues for the third quarter of 2009 were $168.3 million, down 23 percent YoY and up 14 percent sequentially. Intersil's third quarter revenues by end market were as follows: high-end consumer, 28 percent of revenues; computing, 34 percent of revenues; industrial, 19 percent of revenues; and communications, 19 percent of revenues.
Gross margin was 54.5 percent, compared with gross margin of 56.3 percent in the same quarter last year, and 54.2 percent in the second quarter of 2009.
Operating margin from continuing operations was 10.4 percent, compared with 22.9 percent in the same quarter last year, and 6.2 percent in the second quarter of 2009. Income from continuing operations was $12.3 million or $0.10 per diluted share, compared with $47.3 million, or $0.38 per diluted share in the same quarter last year, and $6.2 million, or $0.05 per diluted share, in the second quarter of 2009.
Net income was $12.3 million, or $0.10 per diluted share, compared with $47.3 million, or $0.38 per diluted share in the same quarter last year, and $6.2 million, or $0.05 per diluted share, in the second quarter of 2009. Third quarter net income includes a $14.3 million unrealized loss on Intersil's long term auction rate securities and approximately $9.7 million in related tax benefits.
"The third quarter demonstrated the ongoing broad-based recovery within our computing, consumer and now industrial end markets," said Dave Bell, Intersil's President and CEO. "The third quarter exhibited normal seasonality, and we believe that the communications end market is now poised for recovery as well."
"During the quarter, we completed the acquisition of Quellan, which exemplifies our strategy to expand our presence in high-margin communications infrastructure markets," continued Bell. "Quellan's signal integrity products improve the reach and power efficiency of high-speed interconnections within data centers."
At the end of the third quarter, Intersil's cash and short-term investments totaled over $329 million with no debt. Free cash flow was $32.6 million during the third quarter.
Intersil
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