PALM BAY, Fla. -- In its first quarterly statement following its initial public offering, Intersil today reported that revenues for the third fiscal quarter, ended March 31, grew 26% to $170.9 million, and adjusted operating income -- which excludes IPO-related costs -- improved 110% to $18.1 million.
Sequentially, orders grew 16%, sales grew 8% and adjusted operating income rose 20%. Adjusted net income (before amortization of acquisition-related intangibles and one-time charges) was $5.8 million or 7 cents per fully diluted share of common stock
Intersil raised $550 million (net of fees) in its IPO in February (see Feb. 25 story). IPO-related expenses and one-time charges were $26.8 million. Including amortization of intangibles, one-time charges and nonrecurring preferred-stock dividends, the company reported a net loss of $22.7 million and a loss of 32 cents per fully diluted share of common stock.
Greg Williams, president and CEO, said Intersil's revenues were better than expected, primarily due to particularly strong demand for wireless chip sets and analog/mixed-signal ICs. "We continue to see orders momentum building in the integrated communications market," he said. "Revenues from integrated communications products grew 20% from the previous quarter and now represent 48% of our total sales."
Williams said current order rates in all product areas indicated sequential growth in revenues, margins and EPS for the fourth quarter. "Given current market conditions and our strong backlog position, we now expect revenues to grow in excess of 20% for the calendar year."