LSI Logic Reduces 1998 Symbios In-Process R&D Charge
PR Newswire - March 03, 1999 16:16
Company's Business and Earnings Outlook Positive
MILPITAS, Calif., March 3 /PRNewswire/ -- LSI Logic Corporation (NYSE:
LSI) today revised its in-process research and development charge,
associated with last year's Symbios, Inc. acquisition, from $225 million to $146 million.
"We have decreased our Symbios acquisition-related in-process research
and development charge to conform to our understanding of the present
position of the Securities and Exchange Commission on the calculation of these charges," said Doug Norby, LSI Logic executive vice president and chief financial officer. "This adjustment will modestly increase our quarterly goodwill amortization by approximately $2.5 million, or about one cent per share per quarter." The details of this change will be presented in the company's Form 10K, which will be filed with the
Securities and Exchange Commission shortly.
"We are continuing to experience strengthening demand and believe LSI
Logic is well-positioned for a semiconductor industry upturn. We have
completed the integration of Symbios, announced our intent to acquire
networking leader SEEQ Technology, commenced manufacturing in our new
Gresham, Oregon fab, initiated a comprehensive restructuring plan and
are taking focused action steps to achieve our new business model. We
are in the right markets at the right time and we have the engineering
expertise and technology to provide the system-on-a-chip solutions for
our high-volume customers. As evidence of this, we announced earlier
this week our collaboration with Sony on the next-generation PlayStation video game console."
LSI Logic Corporation, The System on a Chip Company(R), is a leading
supplier of custom high-performance semiconductors with operations
worldwide. The company enables customers to build complete systems on a single chip with its CoreWare(R) design program, thereby increasing
performance, lowering system costs and accelerating time to market. LSI Logic develops application-optimized products in partnership with
trendsetting customers and operates leading edge, high-volume
manufacturing facilities to produce submicron chips. The company
maintains a high level of quality, as demonstrated by its ISO 9000
certifications. LSI Logic is headquartered at 1551 McCarthy Boulevard,
Milpitas, CA 95035, 408-433-8000, www.lsilogic.com.
NOTE: The LSI Logic logo design, The System on a Chip Company and
CoreWare are registered trademarks. All other brand and product names
may be trademarks of their respective companies.
Additional information about LSI Logic is available at www.lsilogic.com.
Regards
Norden
SOURCE LSI Logic Corporation
/CONTACT: investors, Diana Matley, 408-433-4365, or media, Kevin Brett,
408-433-7150, both of LSI Logic Corporation/
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fax,
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/Web site: lsilogic.com |
