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HILLSBORO, Ore. - October 18, 1999 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for its second fiscal quarter ended October 2, 1999. Consolidated financial results reflect the acquisition of Vantis Corporation, accounted for under the purchase method. Revenue for the quarter was $95.0 million, an increase of 98 percent from the $48.1 million reported in the same quarter a year ago and up 59 percent from last quarter's revenue of $59.7 million. Revenue for the quarter includes non-recurring acquisition related accounting adjustments. Earnings before goodwill ("EBG") for the quarter was $11.6 million ($0.23 per share), an increase of 17 percent from the $9.9 million ($0.21 per share) reported in the same quarter last year but down 10 percent from last quarter's earnings of $12.8 million ($0.26 per share). EBG for the quarter was negatively impacted by non-recurring acquisition related accounting adjustments. EBG per share results have been adjusted to reflect the Company's recent 2:1 stock split. "We are extremely pleased with these quarterly results," stated Cyrus Y. Tsui, president and chief executive officer. "Revenue levels in all geographies exceeded our expectations while operating expenses were managed significantly below our original plan. These are both clear indicators that the integration of Vantis is proceeding at a rapid and successful pace." "With the sales and operational phases of our integration well into the implementation stage, we have turned our focus to the engineering efforts required to implement our future combined product roadmap," continued Tsui. "We continue to be pleased with ongoing design-in activity and remain confident that our leadership 3.3-volt MACH and ispLSI BFW product portfolio uniquely meets our customer's needs. In addition, with today's announcement of the immediate volume production availability of our five device ispLSI 2000VL 2.5-volt product family, we have further extended our product leadership in the attractive low voltage segment of the CPLD market." "Looking forward to the December quarter, the purchase accounting conventions associated with the Vantis acquisition that have impaired the comparability of our financial results are now behind us. Furthermore, strong momentum in our business, healthy design-in activity with our 3.3-volt products and excellent execution in our integration efforts allow us to be optimistic about our future prospects," Tsui concluded. The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws including statements about future quarterly financial results, revenues, customers, product offerings and our ability to compete. Investors are cautioned that actual events and results could differ materially from these statements as a result of a number of factors, including overall semiconductor market conditions, market acceptance and demand for our new products, our dependencies on our silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks, potential SEC review of our accounting treatment of the Vantis acquisition as well as our ability to successfully integrate Vantis into our operations, retain key employees of Vantis, retain key customers and suppliers and successfully increase our combined revenue and profitability. Oregon-based Lattice Semiconductor Corporation designs, develops and markets the broadest range of high-performance ISP programmable logic devices (PLDs). Lattice introduced ISP devices to the industry in 1992. Lattice acquired Vantis, the Corporation that invented the PLD, in June 1999. With double the engineering and sales resources, the combined Company will focus on developing and delivering innovative programmable products to a complementary customer base. Lattice/Vantis products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the communication, computing, industrial and military end markets. Company headquarters are located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124 U.S.A.; Telephone (503) 268-8000; FAX (503) 268-8037. For more information on Lattice Semiconductor Corporation, access our web site at: www.latticesemi.com. # # # MACH and ispLSI are registered trademarks of Lattice Semiconductor Corporation. ISP and in-system programmable are trademarks of Lattice Semiconductor Corporation. For more information contact: Rodney Sloss |