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LSI With Better First Quarter Guidance
This is a Press Release edited by StorageNewsletter.com on Thu, March 18th, 2010
Revenues of $620 million to $640 million
LSI Corporation updated its business outlook for the first quarter ending April 4, 2010 and has announced the authorization of a new share repurchase program.
First Quarter 2010 Business Outlook
"Our revised guidance reflects greater-than-anticipated strength in the recovery of enterprise IT spending during the first quarter," said Abhi Talwalkar, LSI president and chief executive officer. "As the majority of our revenues are tied to enterprise purchases of servers, data storage and networking infrastructure, we experienced strength across all product areas that exceeded our previous guidance."
LSI also announced that its board of directors has authorized a stock repurchase program of up to $250 million. Under terms of the authorization, shares may be repurchased from time to time in the open market or through privately-negotiated transactions. The company will determine the timing and amount of any repurchases based on its evaluation of market conditions, business considerations and other factors. The repurchases are expected to be funded from available cash and short-term investments.
First Quarter 2010 Business Outlook
- Projected revenues of $620 million to $640 million
- GAAP net (loss)/income in the range of ($0.03) to $0.04 cents per share
- Non-GAAP net income in the range of $0.07 to $0.11 cents per share
"Our revised guidance reflects greater-than-anticipated strength in the recovery of enterprise IT spending during the first quarter," said Abhi Talwalkar, LSI president and chief executive officer. "As the majority of our revenues are tied to enterprise purchases of servers, data storage and networking infrastructure, we experienced strength across all product areas that exceeded our previous guidance."
LSI also announced that its board of directors has authorized a stock repurchase program of up to $250 million. Under terms of the authorization, shares may be repurchased from time to time in the open market or through privately-negotiated transactions. The company will determine the timing and amount of any repurchases based on its evaluation of market conditions, business considerations and other factors. The repurchases are expected to be funded from available cash and short-term investments.
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