Chip maker Intersil Holding Corp., which has moved its headquarters to Irvine from Florida, reported that net income for the fourth quarter dropped sharply after recording charges from the sale of a Malaysian operation.
Net income totaled $1.8 million, or 2 cents a share, including a loss of $24.8 million from the Malaysian sale. A year ago, the company earned $9.2 million.
Net income before adjustments totaled $16.8 million, or 17 cents a share. Sales for the quarter ended June 30 increased 27% to $191.2 million, due in part to heavy demand for the company's wireless chip sets, Intersil said.
Intersil sold its Malaysian semiconductor operations in a move to trim costs and focus on developing products for integrated voice, data and video communications.
For the year, the company posted a net loss of $51.1 million, or 67 cents a share, contrasted with profit of $27.4 million for the prior year. Sales were up 23% to $654.2 million.
The stock closed Thursday at $58.31, up $1.56 a share, in Nasdaq trading.