LSI Logic Corp, the Milpitas, California-based system-on-a-chip semiconductor company, has reported second-quarter net income down $68.7% at $9.8m, or $0.06 per share, on revenue up 49% at $501m. Results for the quarter include various one-time charges related to amortization of goodwill, acquisitions and restructuring that total $24.3m. Of the one-time items, net income amounted to $0.21 per share, when analysts surveyed by First Call were expecting earnings of $0.18. That figure still shows a 25% drop from last year’s $0.28 in pro forma earnings. Year-ago results include amortization expense of $1.4m.
Gross margin for the quarter improved to 37.2% from 34.9% in the first quarter of the year. Operating expenses declined as a percentage of revenues, and cash and short-term investments grew from $291m last quarter to $345m.
For the six-month period, the company posted a net loss of $77.9m on revenue up 44.2% at $964.6m, compared to net income of $62.8m, or $0.43 per share, last year. Six-month results include one-time charges totaling $33.5m and a negative $91.8m as the cumulative effect of a change in accounting principles. Results for the year-ago period include amortization expense of $2.8m.
