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Technology Stocks : LSI Corporation

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To: who started this subject	3/5/2001 8:13:14 AM
From: Paul Lee	Read Replies (1) of 25814

This baby's done 14 LSI LOGIC UPDATES FIRST QUARTER OUTLOOK MILPITAS, CA – LSI Logic Corporation (NYSE: LSI) today reduced its first quarter guidance due to the adverse economic climate and a widespread inventory correction in the communications and storage markets. “The sharp decline in U.S. customer end-demand coupled with a widespread inventory correction in the supply chain has prompted us to lower our guidance for the first quarter,” said Wilfred J. Corrigan, LSI Logic chairman and chief executive officer. “We are confident that revenue growth will resume when the overall economic outlook improves. We do not have sufficient visibility at this time to accurately predict the timing for the resumption of growth. However, we believe that communications and storage will be the growth drivers when the industry rebounds from this period of economic decline.” LSI Logic now expects that first quarter 2001 revenue will decline approximately 30 percent sequentially from the $751 million reported in the fourth quarter of 2000. Prior guidance called for a 12 percent reduction in revenues. The company also anticipates that first quarter earnings* will be three cents a diluted share, down from the 21 cents the company earlier projected. Year-earlier first quarter earnings* were 26 cents a diluted share. Gross margin will be approximately 40 percent. LSI Logic has embarked on a series of cost-reduction measures to align operating expenses with current revenue projections. The company’s goals for these actions are to improve profitability without impairing the competitive position of LSI Logic in its targeted markets. Notwithstanding this news release, it continues to be the company’s policy not to comment on financial analyst estimates or to provide periodic financial guidance updates. * Earnings before goodwill amortization and special items.

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