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

To: uu who wrote (9076)	1/22/1998 4:19:00 PM
From: Paul Lee	Read Replies (2) \| Respond to of 25814

LSI Logic Reports Record 1997 Revenues; Net Income Increases 8 Percent From 1996 to 1997 MILPITAS, Calif., Jan. 22 /PRNewswire/ -- LSI Logic Corporation (NYSE: LSI) today reported 1997 record revenues of $1.290 billion, a 4 percent increase over the $1.239 billion for 1996. Revenues for the fourth quarter of 1997 were $323.0 million, a 7 percent increase over the $301.8 million in the fourth quarter of 1996, and a 1 percent decrease from the $326.8 million in the third quarter of last year. Net income for 1997 was $159.2 million or $1.11 per share on a diluted basis, an 8 percent increase over the $147.2 million net income for 1996. Fourth quarter 1997 net income, before the cumulative effect of a change in an accounting principle, was $32.2 million or 23 cents per share on a diluted basis. The change in the accounting principle resulted in fourth quarter earnings per share of 22 cents on a diluted basis. "Despite a very challenging business environment during the course of 1997, LSI Logic produced record revenues and increased profitability," said Wilfred J. Corrigan, LSI Logic Corporation chairman and chief executive officer. "Further growth in the global semiconductor industry is expected for 1998, and we expect LSI Logic to at least meet if not exceed the industry's overall growth rate." 1997 Product and Technology Highlights * Introduction of LSI Logic's G11(TM) technology with an effective gate length of 0.18-micron, which blends high-performance, increased density and low-power operation for the consumer, computer and communication markets. * Alliance with Compaq Computer Corporation to provide custom and standard ASICs (Application-Specific Integrated Circuits) for the Compaq Netelligent 5226 Manageable Ethernet Switch. * Partnership with Motorola's Information Systems Group (ISG) on a licensing agreement in which Motorola's V.34 software modems will be embedded into LSI Logic's leading custom semiconductors. * Technology alliance with Minolta Co. Ltd., for the specification, validation and application of LSI Logic's DCAM digital camera system-on-a-chip products. * Announcement by LSI Logic and Micron Technology, Inc. of an embedded DRAM technology development alliance to develop and produce digital logic integrated circuits that can embed from 64 to 128 Meg of conventional DRAM on a single chip. * Agreement with the British Broadcasting Corporation to jointly develop a single-chip digital terrestrial television solution, bringing multiple channel options to all European households. * Acquisition of Mint Technology, Inc., an engineering services company providing expertise in the area of system architecture and system level design verification used in the development of complex chips. * Provision of seven custom ASICs to Cisco Systems for the Cisco 12000, the company's next generation router. * Winner of an Emmy Award from the Academy of Television Arts and Sciences for the development of a real-time motion estimation encoder for General Instruments Corporation. * Dataquest designation of LSI Logic as number two behind Sony for semiconductor shipments used in next generation consumer electronic systems in 1996. * Introduction of LSI Logic's FlexStream(TM) Deep Submicron Design System, reducing the time and manpower demanded for very complex system-on-a-chip designs up to 75 percent. * Announcement of LSI Logic's 16/32-Bit Tiny RISC(TM) microprocessor, the smallest MIPS16-RISC microprocessor ever developed for system-on-a-chip applications.