SAN JOSE, Calif. LSI Logic Corp. reported first-quarter 2005 revenues of $450 million, a 7 percent sequential increase compared to the $420 million reported in the fourth quarter of 2004, and approximately even with the $452 million reported in the first quarter of 2004.
First quarter net income for the ASIC specialist and chip maker was $5 million, or $0.01 cent per diluted share. This compares to a fourth quarter net loss of $197 million, or $0.51 per diluted share, which included a non- cash charge totaling $178 million associated with the company's Gresham manufacturing campus. First quarter net income was $9 million, or $0.02 per diluted share.
"Continued growth of existing products, the ramp of new products and the work down of supply chain inventory contributed to LSI Logic's sequential revenue growth and profitability in the first quarter," said Wilfred J. Corrigan, LSI Logic's chairman and chief executive, in a statement.
Going forward, LSI Logic (Milpitas, Calif.) is projected to post a profit of $0.01-to-$0.03 a share on sales of $450-to-$465 million in the second quarter.