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Technology Stocks : LSI Corporation -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (25088)	7/17/2002 1:07:38 AM
From: uu	Read Replies (1) \| Respond to of 25814

Hi Eric, That's a good one! It did bring laughter to me. Thanks! With your permission I have already emailed this new Wall Street Dictionary to friends and colleagues... Regards,

To: E_K_S who wrote (25088)	7/24/2002 6:55:31 PM
From: E_K_S	Respond to of 25814

7-24-2002: LSI Logic Posts Narrower 2nd-Quarter Loss, but Revenue Falls 5.9% MILPITAS, Calif. -- LSI Logic (NYSE: LSI - News) Corp. posted a much narrower second- quarter loss, but revenue slipped 5.9% amid continued weakness in the semiconductor industry. The maker of custom computer chips late Wednesday reported a net loss of $62.3 million, or 17 cents a share, compared with a net loss of $312.5 million, or 91 cents a share, a year earlier. LSI also reported pro forma results, which exclude excess inventory and related charges; amortization of acquisition-related items, including intangibles and non-cash deferred stock compensation; restructuring of operations and other non-recurring items; a $22 million tax benefit as a result of changes in the tax laws; and other "special" items. On a pro forma basis, the company said it had a loss of $20.9 million, or six cents a share, flat with year-earlier pro forma results. The mean estimate of analysts surveyed by Thomson First Call was for a loss before items of nine cents a share, in line with LSI's pro forma forecast in April. Revenue fell to $437.8 million from $465.2 million a year earlier. "Our second-quarter results demonstrate that LSI Logic continues to gain momentum as all of our key metrics -- revenues, gross margin and the bottom line -- are moving up and to the right," Wilfred J. Corrigan, LSI's chairman and chief executive, said in a prepared statement. "Our bookings increased sequentially each quarter for the past four quarters. We achieved positive operating cash flow in the second quarter." "We are on target to return to pro forma profitability in the second half of the year," he added. For the third quarter, LSI expects revenue to grow about 10% sequentially from the second quarter, and anticipates a loss, excluding items, of about two cents a share. Analysts are looking for a loss of four cents, according to First Call. In the year-earlier quarter, the company reported a pro forma loss of 29 cents on revenue of $396.7 million. LSI makes chips that can be modified by customers to add special features. Lately, the company has focused on chips related to communications, data storage and consumer electronics. LSI's results were released after the close of trading Wednesday. As of 4 p.m. EDT on the New York Stock Exchange, the stock was down four cents at $6.75.