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Intersil Corporation Message Board

  • freedomwish Oct 25, 2012 5:45 AM Flag

    Investor Losing Confidence On ISIL

    Finally, ISIL Q3'12 result published. As expected revenue dropped from 189 to 151 million (-19% y-on-y). Gross margin further depreted from 57% to 54% indicated pricing pressure on its products. Net income for the qtr only 2 million (0.02 EPS). However, it's mainly due to the compensation of 13.4 million by resolving the patent & trade secret dispute with another semicon company. Without this, it lose 11.4 million.
    You will even surprise by looking at its product mixture revenue as follow:-
    Industrial & Infrastructure revenue dropped from 96 to 85 million y-on-y(-11%).
    Personal computing revenue dropped from 47 to 33 million y-on-y(-30%).
    Consumer revenue dropped from 43 to 32 million y-on-y(-26%).
    Almost all products' revenue dropped. It indicates not only PC market softening, but ISIL lose lots of its market shares to competitors due to lack of technology breakthrough.
    Q4'12 revenue estimated dropped further to 138 million (-17% y-on-y). The semicon market will not be recovered until next Q3'2013. ISIL need to face another 3 tough quarters. Investors starts to lose confidence on ISIL!

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    • freedom wish, free cash flow is the figure to watch, not the EPS. There is no way you can accurately #$%$ the semiconductor market won't recover until next year's third quarter. How do you justify the statement that ISIL has lost lots of its market share to competitors? Where's your proof of market share loss?

      • 2 Replies to frnt692
      • freedomwish Oct 28, 2012 9:43 PM Flag

        EPS is the basic to determine whether a company is having ability to generate cash from its operation & its management capability. I agreed that free cash flow is important to run a company, however the company need to have a positive cash flow, rather than continuously outflow the cash for dividen pay out & lose due to its operation. I have read thru some of the analog & mixed signal companies such as MCL, EXAR, POWR 3rd Q financial result. All of them projected flat to down 6% for its Q4'12. Historically, semicon companies' Q1 do not have good revenue & it might need to take a while to slide thru Q2'13 in order to come back to positive or grow. Thus, expected semicon market will be recovered by next year Q3'12.
        Each of ISIL product line revenue dropped indicated the loss of market shares to its competitors.
        We can check OnSemi's report to clear this cloud.

      • Maybe he's referencing the PC architecture transitions. There's been a lot of talk about market share loss in the transition from Sandy to Ivey Bridge. It's been at least six months since Intersil stated this move would cause their share to drop to 50% to 60% for Ivey. However, volume production of Ivey Bridge chips didn't start until the September quarter. More recently, Intersil said more share would be lost when the market transitions to Haswell from Ivey which supposedly will start in 2013. CEO Bell has said that regardless of the architecture, the market was frustrating and kept one from the ability to differentiate. He sees possible salvation in ultrabooks but their sales so far have been horrible. Regardless of the PC being on the "top 10 driver" list, if things don't go better with Haswell and/or ultrabooks, I can't see much future here and they might exit the sector like Linear did.

    • Pessimism on this board is at all time high; Great contrary indicator;
      great time to start averaging in.

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