U.S. Environmental Protection Agency has reached an administrative settlement with Alcatel-Lucent USA Inc. and LSI Corp. regarding a former circuit board manufacturing facility located in Henrico County, at 4500 S. Laburnum Ave., Richmond, Va., requiring the companies to address groundwater contaminated with volatile organic compounds. Under an administrative order on consent, LSI Corp. which currently operates and maintains a groundwater treatment system at the facility, is required to continue to do so and implement land and groundwater use restrictions at the facility. Should LSI fail to adequately perform the work under the order, Alcatel-Lucent, the former owner of the facility, has agreed to complete the work.

Annual Meeting of Stockholders

LSI Corporation announced unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $568.636 million against $622.424 million a year ago. Income from operations was $8.252 million against $11.479 million a year ago. Income before income taxes was $16.132 million against $26.135 million a year ago. Net income was $18.432 million or $0.03 per basic and diluted share against $75.197 million or $0.13 per basic and diluted share a year ago. Non-GAAP net income was $94.059 million or $0.17 per diluted share against $117.045 million or $0.20 per diluted share a year ago. Net cash provided by operating activities was $62.830 million against $50.225 million a year ago. Purchases of property and equipment was $25.075 million against $64.982 million a year ago. The projected revenues for the second quarter of 2013 was in a range of $560 million to $600 million. GAAP net income in the range from loss of $0.02 to a profit of $0.07 per share and non-GAAP net income in the range of $0.10 to $0.16 per share. Gross margin is expected to be in a range of 48% to 52% and non-GAAP gross margin in a range of 53.% to 55%. Capital spending is projected to be around $20 million in the second quarter. Depreciation and software amortization is projected to be around $15 million. Capital spending is projected to be around approximately $85 million in total for 2013. Depreciation and software amortization is projected to be around $60 million.