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

To: patrick tang who wrote (17282)	3/4/1999 7:07:00 AM
From: nord	Read Replies (1) \| Respond to of 25814

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/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 516675/ /Web site: lsilogic.com