MILPITAS, Calif. -- LSI Logic Corp. reported revenues of $407 million in the second quarter of 2003, a 9 percent sequential increase compared to the $373 million reported in the first quarter of 2003, and a decline of 7 percent compared to the $438 million reported in the second quarter of 2002.
The 2003-second quarter GAAP net loss was $162 million or 43 cents a diluted share. The 2003-first quarter GAAP net loss was $122 million or 33 cents a diluted share. The company reported a GAAP net loss of $62 million or 17 cents a diluted share in the 2002-second quarter.
"Each of our four businesses grew sequentially in the second quarter," said Wilfred Corrigan, LSI Logic chairman and chief executive officer, in a statement. "Our consumer business gained momentum in the second quarter, paving the way for a seasonally strong third quarter. Our communications business was up strongly in the second quarter, particularly enterprise networking, and we expect further improvement in the second half of the year. Both of our storage businesses, storage components and storage systems, are expected to continue their growth ramps in the third quarter and the two businesses are anticipated to total about $1 billion in combined revenues for the year," he said.
"In the third quarter, we are forecasting sequential revenue growth in the 8-12 percent range, while maintaining our controls on operating expenses. We are on course to return to profitability in the third quarter, excluding special items, and in the fourth quarter on a GAAP basis," he added.