
LSI Reports Fourth Quarter and Full Year 2013 Results
LSI Corporation (NASDAQ: LSI) today reported results for its fourth quarter ended December 31, 2013. On December 15, 2013, LSI entered into a definitive agreement with Avago Technologies Limited (NASDAQ: AVGO) under which Avago has agreed to acquire LSI for $11.15 per share in an all-cash transaction valued at approximately $6.6 billion. In anticipation of this transaction, which is expected to close in the first half of 2014, LSI will not issue financial guidance for the upcoming quarter or conduct a fourth quarter results conference call. LSI has also discontinued its quarterly dividend and stock repurchases.
"We ended the year on a strong note, with solid quarterly results and the announcement of Avago's proposed acquisition of LSI," said Abhi Talwalkar, LSI's president and CEO. "Our employees did a great job in the quarter and in the year, bringing several exciting new products to market and expanding our capabilities to better serve our growing customer base in flash storage, datacenters and mobile networks."
"We ended the year on a strong note, with solid quarterly results and the announcement of Avago's proposed acquisition of LSI," said Abhi Talwalkar, LSI's president and CEO. "Our employees did a great job in the quarter and in the year, bringing several exciting new products to market and expanding our capabilities to better serve our growing customer base in flash storage, datacenters and mobile networks."