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HolidayBuyer's Guide
Tech Industry

Roundup: LSI, Sybase earnings shine; Komag stumbles

Chipmaker LSI Logic Corp. (NYSE: LSI) blew away analysts' estimates in its third quarter Thursday, raking in $55 million, or 35 cents a share, on record sales of $540 million.

First Call consensus pegged LSI for a profit of 30 cents a share in the quarter.

LSI shares closed up 3 1/4 to 50 ahead of the earnings report.

At this time last year, LSI shares were trading at a paltry $11 a share.

The $540 million in sales represents a 36 percent improvement compared to the year-ago quarter when it earned $23 million, or 16 cents a share, on sales of $397 million.

In the quarter, LSI's gross profit margin improved to 39.7 percent, up from 37.2 percent in the second quarter and 34.9 percent in the first quarter.

Operating expenses, excluding goodwill amortization, declined to 25.7 percent of total revenues in the second quarter from 27.5 percent in the third quarter.

"Our solid financial performance reflected across-the-board improvements in all of our operating units," said CEO Wilfred Corrigan in a prepared release. "The company also benefited from increased factory utilization in the third quarter, which contributed to an expansion of our gross margin. We are well positioned for continued growth in the fourth quarter."

LSI officials also said the Taiwan earthquake had a "negligible" impact on its business this quarter.

Last quarter, LSI also hurdled analysts' estimates, earning $31 million, or 21 cents a share, on sales of $501 million.

Seventeen of the 21 analysts following the stock maintain either a "buy" or "strong buy" recommendation.

Among other technology companies reporting earnings Thursday:

  • Cylink Corp. (Nasdaq: CYLK) posted a smaller-than-expected loss in its third quarter, losing $1 million, or 3 cents a share, on sales of $15.1 million.

    Its shares inched up 1/32 to 8 ahead of the earnings report.

    First Call consensus expected the e-commerce security company to lose 8 cents a share in the quarter.

    The $15.1 million in sales would have been much higher Cylink had the company not experienced delays in shipments caused by implementation of a new management information system as well as temporary material shortages.

    In the year-ago quarter, it lost $5.7 million, or 20 cents a share, on sales of $12.1 million.

  • Komag Inc. (Nasdaq: KMAG) continued its unfettered fall Thursday when it reported a wider-than-expected loss in its third quarter.

    The disk-drive manufacturer posted a loss of $45.6 million, or 70 cents a share, on sales of $80 million. That loss doesn't include a $183.6 million restructuring charge it took in order to shutter its U.S. manufacturing facilities.

    First Call consensus expected it to lose only 51 cents a share in the quarter.

    "Unit sales for the third quarter were weaker than expected but price erosion moderated slightly," said CEO T.H. Tan in a prepared release. "On the manufacturing side, we experienced a solid improvement in our overall yield performance."

    Komag shares closed off 3/16 to 2 9/16 ahead of the earnings report. The stock was trading at 15 5/8 in January.

  • Sybase Inc. (Nasdaq: SYBS) rolled past analysts' estimates in its third quarter, earning $16.1 million, or 19 cents a share, on sales of $216.1 million.

    Its shares closed unchanged at 11 1/16 ahead of the earnings report.

    First Call consensus expected the database software developer to earn 14 cents a share in the quarter.

    Company officials credited a 5 percent reduction in overall costs and expenses for the upside surprise.

    "I am extremely pleased with the financial results for the quarter," said CEO John Chen in a prepared release. "We have successfully mobilized the entire company for e-business."