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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; Andrew.FitzGerald@dowjones.com

Stock News for Lsi (LSI)
DateTimeHeadline
10/25/201209:03:17U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
03/05/201211:09:47Rambus Reaches 5-Year License With MediaTek For Integrated Circuits
03/02/201218:28:32Rambus: ITC Rejects Patent Claims Against LSI, Others
12/23/201113:04:30Hard Drive Shortages Giving Solid State Drives A Boost -LSI CEO
09/28/201117:43:32TECH STOCKS: Chips Lead Techs Lower, But Amazon Shines
09/28/201113:01:42TECH STOCKS: Techs Bounce Back Led By Amazon, MSFT
09/28/201111:16:05TECH STOCKS: Chips, Juniper Tank As Techs Slip
08/17/201117:35:07CORRECT: NetApp 1Q Profit Off 7.4% On Items; CFO Will Retire...
08/17/201117:10:06NetApp 1Q Profit Off 7.4% On Items; CEO Will Retire At Year End
07/27/201116:47:12LSI 2Q Profit Soars On Sale Gain; Shares Up On Rosy Outlook
06/30/201111:42:03NetApp CEO Says Server Cos 'Losing Ground' In Storage Market
04/27/201118:20:44CORRECT: LSI 1Q Profit Down 55% On Discontinued Operations, Charges
04/27/201117:10:30LSI 1Q Profit Down 55% On Discontinued Operations, Charges
03/11/201117:20:10TECH STOCKS: National Semi Gains Lead Tech Rally
03/11/201110:40:57TECH STOCKS: National Semi Gains, Though Tech Stocks Slip
03/09/201117:06:16LSI Agrees To Sell External Storage Systems Unit To NetApp For...
01/26/201116:53:36LSI Swings To 4Q Loss On Restructuring Charges; Revenue Rises
12/14/201012:55:05LSI CEO Sees Benefits From Tablets; Correction Over For Company
12/02/201014:05:08CORRECT(12/1): Rambus Files New Complaint Against Nvidia, Others
12/01/201020:22:14Rambus Files New Patent Complaint Against Nvidia, Other Chip...

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