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Technology Stocks : LSI Corporation

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To: yousef hashmi who wrote (14312)	8/19/1998 8:31:00 AM
From: Paul Lee	Read Replies (1) of 25814

Guess the market knew: LSI Logic Updates Third Quarter Outlook MILPITAS, Calif., Aug. 19 /PRNewswire/ -- LSI Logic Corporation (NYSE: LSI) today reported that 1998 third quarter financial results will be lower than analyst estimates. Previous guidance provided by LSI Logic to the financial community pointed to flat revenue and earnings per share in the third quarter. Last month, LSI Logic reported 1998 second quarter revenues of $330 million and net income of $32.0 million or 23 cents a share on a diluted basis. "Less than anticipated order input during the first six weeks of the third quarter is expected to result in 5-10 percent lower revenues and EPS in the low-to-mid teens," said Wilfred J. Corrigan, LSI Logic chairman and chief executive officer. "We are confident about the longer term outlook for LSI Logic," said Corrigan. "Our system-on-a-chip solutions for consumer electronics, communications and computer will contribute significant revenues in these growing markets. The Symbios purchase enhances our intellectual property library and increases the competitive position of LSI Logic, particularly in the storage market. "The slowdown of the global semiconductor industry is now completing its third year, which is the longest slow period experienced in this industry. We expect supply and demand to come together in the next 12 months. LSI Logic is well-positioned with design wins in all of its vertical markets to fully participate when the industry resumes its historical growth rate." The updated third quarter guidance applies exclusively to LSI Logic on a stand alone basis. It does not include the effects of consolidating Symbios' operating results during the third quarter or special one-time charges associated with the acquisition and its integration, which LSI Logic expects to incorporate in its October 22 third quarter financial report.

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