Intersil Holding Corp., a voice, data, and video chipset supplier, reported that a 100%-plus increase in its wireless sales helped the company realize substantial third-quarter revenue and net income gains.
Compared with the same period last year, sales grew 63% to $218.6 million. Net income was $19.1 million, compared with a 1999 third-quarter loss of $23.2 million.
"Strong demand for our Prism wireless access solutions coupled with record revenue from our communications analog products resulted in performance that exceeded expectations," said Greg Williams, Intersil's president and chief executive, in a statement. "PRISM sales accounted for more than 20% of total Intersil revenues during the quarter, driven by strong market demand for wireless to broadband access."
During the quarter, Intersil agreed to acquire SiCOM, a broadband technology supplier. The purchase was completed earlier in the week. Intersil also made Third-quarter investments in Silicon Wave, a leader in Bluetooth personal networking technology, and in Sygate
Technologies, an Internet protocol software provider.
Intersil anticipates sequential growth in revenues, gross margins, and earnings per share during the fourth quarter.
"We now expect our fourth quarter revenues to grow approximately 45% over the same quarter last year," Williams said. "This will result in overall Intersil revenue growth for calendar year 2000 of 40%. Driven by our strong wireless access growth and our improved mix in communications analog, our preliminary outlook for 2001 is for growth of approximately 30% to more than $1 billion."