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From Hoovers:
hoovers.com
For Intersil, there's a lot in a name -- Internet, inter-disciplines, and silicon technology. The company, formed from the 1999 purchase of the semiconductor business of Harris Corporation, makes discrete semiconductors and integrated circuits (ICs) for the automotive, communications, computing, industrial, and space and defense markets. Products include analog and linear ICs, microcontrollers, and switches. Intersil's PRISM chipset for wireless networking is used by such major players as 3Com, Compaq, Nokia, Nortel Networks, Samsung, and Siemens. Intersil's primary shareholder is Citicorp venture capital arm Sterling Holding LLC. Harris also owns a minority stake.
From the S1:
We are a leading systems oriented designer and manufacturer of analog
integrated circuits, which we refer to as integrated circuits or semiconductors,
and discrete semiconductors for the communications and power management end-user
markets. Based upon data published by Dataquest and Venture Development
Corporation, we have determined that we rank among the major suppliers in the
world in analog, integrated circuits and discrete semiconductors for the
communications and power management end-user markets. Additionally, we are the
industry leader in providing wireless local area networking semiconductor sets,
which we refer to as our PRISM(R) chip set, based upon data published by
Dataquest and International Development Corporation. Our analog products include
communications analog and mixed-signal semiconductors that are used in wireless
and wired data and voice communications products, power integrated circuits that
perform multiple power management tasks, industry standard signal processing
products that convert analog signals into digital format and digital signals
into analog format and space and defense products which are used in military
applications and commercial satellites. Our discrete semiconductors perform
single power management functions such as switching electricity on or off and
are used in computing, industrial and automotive markets. The fastest growing
product that we sell is our wireless local area network PRISM(R) chip sets,
which have applications in wireless computer networking for the business or home
and in transmitting data from home data gateways to multiple end-user
applications.
We currently sell to many industry leaders in our targeted markets
including Asustek, Bosch, Cisco, Compaq, Emerson, Dell, Intel, Nokia, Siemens,
Sony and 3Com. We have been doing business with many of these industry leaders
for over ten years. We are also one of the leading analog and discrete power
semiconductor suppliers to some of the world's largest semiconductor
distributors, such as Avnet and Arrow Electronics, which allows us to expand our
global reach to include the middle market and emerging technology companies.
Revenues flat for last three years:
Jun 99 Jun 98 Jun 97
532.7M 576.8M 545.3
Dec 99 six month revs were $249M and (0.33) EPS loss.
Net income has historically been positive but in the red last few quarters.
Cash $ 40.1M
Total Assets 717.0M
Long-term debt 534M.
What interested me was tonight's CNET comment on CNBC that this company owns 1400 patents. From the S1: We own about 1,400 patents and have substantial expertise in the
design and manufacturing of components that perform many of the essential
functions relating to the supply, distribution and regulation of electric power
in electronic products. Our core competencies include analog mixed signal,
digital signal processor, radio frequency, discrete power and radiation
hardening technologies."
Has warrants coming out at the same time.
Overall, a semiconductor IPO with losses that may go on the cheap. Great growth prospect as they do have technological strength behind them. Proposed offering of 20M shares at $18-20. That looks good to me.
Jack |
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