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

To: Denice who wrote (9100)	1/22/1998 9:30:00 PM
From: Moonray	Respond to of 25814

More: LSI reports on-target fourth quarter earnings 07:55 p.m Jan 22, 1998 Eastern MILPITAS, Calif. (Reuters) - Chip maker LSI Logic Corp. on Thursday reported fourth quarter earnings that were in line with Wall Street's expectations, despite what it said was a ''challenging business environment'' in 1997. LSI reported fourth quarter net income, before the effect of an accounting principle change, of $32.2 million, or 23 cents a share, on a diluted basis, vs. $30.7 million, or 24 cents, a year ago. The change in the accounting principle resulted in fourth quarter earnings per share of 22 cents on a diluted basis. According to First Call, the consensus among Wall Street analysts was for diluted earnings of 22 cents a share. ''They were right in line with expectations,'' said Mark Edelston, a Morgan Stanley analyst. ''It appears that momentum for the company is being rebuilt.'' Revenues for the fourth quarter were $323 million, a 7 percent increase over $302 million in the year-ago quarter, but a 1 percent decline from $326.8 million in the third quarter of last year. LSI said net income for 1997 was $159.2 million, or $1.11 per share on a diluted basis, an 8 percent increase over $147.2 million in net income for 1996. LSI said it had record revenues for the year of $1.3 billion, up 4 percent from $1.2 billion in 1996. ''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,'' LSI Logic Chairman Wilfred Corrigan said in a statement. Currently, worldwide semiconductor revenues are forecast to grow at about 16.8 percent in 1998, according to the Semiconductor Industry Association. o~~~ O