LSI announces fourth-quarter and full-year results

Californian electronics company LSI has reported results for its fourth quarter and full year ended 31 December 2010, including fourth quarter 2010 revenues of $664m (£419m), a four per cent increase year over year.

Fourth quarter 2010 GAAP net loss was $13m, including a net charge of $103m from special items, consisting primarily of $48m of net restructuring and other items, $40m of amortisation of acquisition-related items and $15m of stock-based compensation expense.

Cash and short-term investments totalled approximately $677m at quarter end and the company completed fourth-quarter purchases of approximately six million shares of its common stock for approximately $32m.

In 2010, the company purchased approximately 51 million shares of its common stock for approximately $250m, completing its repurchase program announced in March 2010.