LSI announces year-on-year increase

Silicon systems company LSI has posted results for its first quarter ended 4 April 2010, with revenues of $637m (£418m) – a 32 per cent increase year over year compared to $482m in first-quarter 2009 and essentially flat sequentially compared to the $638m reported in the fourth quarter of 2009.

First-quarter 2010 GAAP net income was $23m, or $0.03 per diluted share, compared to first-quarter 2009 GAAP net loss of $104m, or $0.16 per share, and fourth-quarter 2009 GAAP net income of $65m, or $0.1 per diluted share.

Non-GAAP net income was $92m, or $0.14 per diluted share, compared to first-quarter 2009 non-GAAP net loss of $18m, or $0.03 per share.