UPDATE 1-Intersil to cut 18 pct of its workforce

Tue Feb 19, 2013 8:48am EST

* Expects charges of $15 mln in 1st qtr

* Expects to save $30 mln in annual operating expenses

Feb 19 (Reuters) - Intersil Corp, which makes power management chips used in flat panel displays and DVD players, said it will cut about 18 percent of its workforce, its second big job cut in less than a year.

Intersil, which posted a profit only once in the last four quarters, did not specify the number of employees to be affected. It had 1,643 employees as of December 2011.

The company cut 11 percent of its workforce last May and Chief Executive Dave Bell resigned in December.

Global TV demand is expected to be flat in 2013 as consumers face continued economic uncertainty, according to an October report by NPD DisplaySearch.

Intersil on Tuesday said it expects to cut annual operating expenses by about $30 million through the restructuring, which is expected to be completed during the first quarter.

It expects to incur a restructuring charge of about $15 million in the first quarter.

Shares of the company, whose competitors include Fairchild Semiconductor, Altera and Texas Instruments , closed at $8.74 on the Nasdaq on Friday.