 |
||
 New Account
Sign In
|
Lattice Semiconductor Reports Record First Quarter Results
HILLSBORO, OR - April 17, 2000 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced record financial results for the first quarter. Revenue for the quarter was a record $126.1 million, an increase of 134 percent from the $53.8 million reported in the same quarter a year ago and up 10 percent from last quarter's revenue of $115.0 million. Earnings before goodwill ("EBG") for the quarter were $120.0 million ($2.10 per diluted share) and include a previously announced one-time after-tax gain of $92.1 million resulting from appreciation of foundry investments in Taiwan. Excluding this one-time gain, EBG for the quarter was a record $28.0 million ($0.52 per diluted share), an increase of 136 percent from the $11.8 million ($0.24 per diluted share) reported in the same quarter last year and up 30 percent from last quarter's EBG of $21.6 million ($0.42 per diluted share). Quarterly revenue from complex PLD (CPLD) high-density products established a new record of $91.1 million, growing 16 percent sequentially and 149 percent when compared to the same quarter last year. Revenue from high-density products now accounts for 72 percent of total quarterly revenue. "Last quarter's record financial results, perhaps the strongest in Company history, give us great satisfaction," stated Cyrus Y. Tsui, president and chief executive officer. "Strong demand from European and North American customers resulted in double digit sequential revenue growth in both geographic regions. Our performance reflects the successful penetration of key communication infrastructure equipment suppliers with our leadership 3.3-volt BFW and ispMACH product families. Additionally, operating profitability expanded to over 30 percent, up from the 27.3 percent reported last quarter, as we realized the benefits of faster than expected revenue growth." "Last quarter we also announced the production release of our new ispMACHTM 4A product family," commented Tsui. "This eight device 3.3-volt family, offering industry leading performance, power consumption and die size, is positioned as the CPLD solution of choice for high volume and low cost programmable logic designs. As the first product family delivered by the combined Lattice/Vantis team, the introduction of the ispMACH4A represents a major milestone in the realization of the strategic benefits of our increased R&D scale." "Looking forward, strong general market conditions, continued customer design-in momentum and an attractive new product pipeline allow us to maintain our optimistic outlook," 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 ISPTM programmable logic devices (PLDs) and offers total solutions for today's advanced logic designs. Lattice introduced in-system programmability to the logic industry in 1992. In June 1999, Lattice acquired Vantis, the Corporation that invented the PAL device and the PLD switch matrix architecture, from AMD. With nearly double the engineering and sales resources, the resulting integrated company will focus on delivering logic products that satisfy the performance, density and ease-of-use requirements of its customers. Lattice 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 USA; Telephone (503) 268-8000; FAX (503) 268-8037. For more information access our web site at:www.latticesemi.com. # # # ispLSI, PAL and Vantis are registered trademarks of Lattice Semiconductor Corporation. For more information contact: Roddy Sloss |