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CORRECT: LSI 1Q Profit Down 55% On Discontinued Operations, Charges

("LSI 1Q Profit Down 55% On Discontinued Operations, Charges," published at 4:40 p.m. ET, misstated discontinued operations as continuing operations in the first paragraph. A correct version follows.) DOW JONES NEWSWIRES LSI Corp.'s (LSI) first-quarter profit fell 55% from a prior-year bolstered by a tax benefit, while a loss from discontinued operations skewed the latest bottom line. LSI has transformed itself in recent years from a diversified chip maker with handset and manufacturing operations, among other offerings, to a provider of chips for networking and storage. The company last month shed its external storage systems business for $480 million to data-storage gear maker NetApp Inc. (NTAP) as part of its strategy of becoming a pure-play semiconductor company. LSI reported a first-quarter profit of $10.2 million, or 2 cents a share, down from $22.5 million, or 3 cents a share, a year earlier. Excluding stock-based compensation, a prior-year tax benefit and other items, per-share earnings were 10 cents, down from 12 cents. Revenue edged up 0.1% to $473.3 million. Revenue would have fallen about 1% to $629 million if discontinued operations were included. The company's January guidance had called for a per-share profit of 7 cents to 13 cents on revenue of $605 million to $635 million. Gross margin widened to 52.4% from 51.8% as revenue costs declined slightly. The company also projected second-quarter earnings from continuing operations of 7 cents to 13 cents a share. Analysts polled by Thomson Reuters were projecting 11 cents. Shares were down 0.4% at $6.93 after hours. The stock has gained 10% over the past year through the close. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

Stock News for Lsi (LSI)
08/29/201608:56:31Statement of Changes in Beneficial Ownership (4)
08/29/201608:10:03Statement of Changes in Beneficial Ownership (4)
08/24/201615:56:06Statement of Changes in Beneficial Ownership (4)
08/22/201608:47:25Statement of Changes in Beneficial Ownership (4)
08/16/201617:58:00Life Storage, Inc. Rings the Closing Bell on the New York Stock...
08/15/201616:23:28Current Report Filing (8-k)
08/15/201608:28:00Sovran Self Storage, Inc. Rebrands and Begins Trading as Life...
08/15/201608:28:00Sovran Self Storage, Inc. Rebrands and Begins Trading as Life...
08/11/201616:41:50Statement of Changes in Beneficial Ownership (4)
08/11/201616:23:08Current Report Filing (8-k)
08/10/201608:52:58Statement of Changes in Beneficial Ownership (4)
08/10/201608:10:05Statement of Changes in Beneficial Ownership (4)
08/05/201616:22:32Quarterly Report (10-q)
08/03/201616:43:15Current Report Filing (8-k)
08/03/201616:15:00Sovran Self Storage Reports Second Quarter Results
07/26/201616:17:59Current Report Filing (8-k)
07/25/201609:22:00Sovran Self Storage, Inc. Completes Financing of $200 Million...
07/18/201616:19:06Current Report Filing (8-k)
07/18/201608:55:00Sovran Self Storage, Inc. to Rebrand as Life Storage®
07/18/201608:50:00Sovran Self Storage, Inc. Acquires LifeStorage

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