Roundup: LSI, Siebel beat expectations
LSI Logic (NYSE: LSI) reported estimate-beating fourth quarter earnings and announced a stock split.
The maker of chips for communications devices and set-top boxes said that, before special items it had fourth-quarter profits of $76.4 million, or 47 cents a share, compared with $7 million, or 5 cents in the year-ago period. That beat the 43 cents a share analysts were forecasting, according to First Call.
Including special items, LSI reported fourth quarter net income of $93.2 million, or 57 cents a share, up from $9.76 million, or 7 cents, a year ago.
The company also announced a 2-for-1 stock split, payable Feb. 16 to shareholders of Feb. 4 record. LSI will have about 300 million shares outstanding following the split.
Shares of LSI rose to 88 in afterhours activity. The stock closed Tuesday's regular trading at 83 7/16.
Fourth quarter revenue rose 30 percent to $584.9 million compared with $451 million. Communications products, LSI's fastest growing segment, generated about 39 percent of total revenue.
"LSI Logic enters the new century growing faster than the global semiconductor industry as a whole and strategically positioned to capitalize on the global communications revolution," said Wilfred J. Corrigan, LSI's chairman and CEO. "We have strong momentum as a result of our record bookings in the fourth quarter. We have the right products at the right time in the right markets."
One-time gains of $42 million from stock sales will be used for a $50 million venture fund being created to invest in new communications technology and start-up companies, LSI said.
For the full year, LSI earned $174 million, or $1.12 per share, not including writedowns and one-time events, on revenue of $2.09 billion.
Other companies reporting news:
The maker of customer relationship management software reported fourth quarter net income of $41 million, or 17 cents per share, excluding a one-time gain from a stock sale. First Call's survey of 18 analysts predicted a profit of 15 cents per share for the quarter ended Dec. 31.
Including a gain of $4 million, or 2 cents per share, from the sale of 111,600 shares of USinternetworking (Nasdaq: USIX), Siebel earned $45 million, or 19 cents per share.
Fourth quarter revenue rose 109 percent year-over-year to $268 million.
For the full year 1999, Siebel earned $122.1 million, or 54 cents per share, on revenue of $709.9 million.
The chip maker announced it would raise the quarterly dividend to 6.5 cents per share from 5 cents per share, on a pre-split basis. The quarterly dividend will be 3.25 cents per share when adjusted for the stock split.
New shares in the stock split and the dividend will be distributed Feb. 28 to shareholders of record on Feb. 7, the company said.
The manufacturer of programmable logic devices reported fourth quarter net income of $7.3 million, or 30 cents per share, excluding goodwill amortization and special charges. Including amortization and excluding special charges, Actel earned 27 cents per share.
First Call's survey of seven analysts predicted a profit of 26 cents per share for the quarter ended Jan. 2.
Including all items, Actel posted a profit of $5.8 million, or 24 cents per share.
Fourth quarter revenue increased to $46 million from $43.2 million in the third quarter and $40.2 million in the year ago period. Gross margin rose to 62 percent, compared to 61.4 percent in the previous quarter.
For the full year, Actel earned $21.4 million, or 93 cents per share, excluding goodwill writedowns and special items, on revenue of $171.7 million.>