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Lattice Semiconductor Reports Record Second Quarter Results
HILLSBORO, OR - July 17, 2000 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced record financial results for the second quarter. Revenue for the quarter was a record $139.9 million, an increase of 134 percent from the $59.7 million reported in the same quarter a year ago, a period which included approximately two weeks of revenue from our acquisition of Vantis Corporation. Revenue for the second quarter was up 11 percent from last quarter's revenue of $126.1 million. Earnings before goodwill ("EBG") for the quarter were $33.6 million ($0.61 per diluted share) an increase of 162 percent from the $12.8 million ($0.26 per diluted share) reported in the same quarter last year. EBG for the second quarter was up 20 percent from last quarter's EBG of $28.0 million ($0.52 per diluted share) which excluded a $92.1 million one-time gain from appreciation of foundry investments. Quarterly revenue from high-density products established a new record of $104.7 million, growing 15 percent sequentially and 155 percent when compared to the same quarter last year. Revenue from high-density products now accounts for 75 percent of total quarterly revenue. "Last quarter's record financial performance reflects our success in the strong CPLD market and positive momentum from our acquisition of Vantis," stated Cyrus Y. Tsui, president and chief executive officer. "Strong demand from customers in the communication end market resulted in double digit sequential revenue growth. Additionally, operating profitability expanded to a record level of 33.5 percent as we continue to realize the benefits of faster than expected revenue growth." "Last quarter we also continued to introduce leadership CPLD products," commented Tsui. "The recently released ispLSI 2128VE, a 4-nanosecond (250 MHz) 128-macrocell device, represents the first member of our BFW II (Big, Fast, Wide) product roll-out. These second generation BFW products will offer industry leading performance, density and I/O combinations and solidify our position as the leader in CPLDs," 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. Oregon-based Lattice Semiconductor Corporation designs, develops and markets the broadest range of high-performance ISPTM programmable logic devices or PLDs. 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. 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. # # # ISP, in-system programmable, ispLSI, PAL and Vantis are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries. For more information contact: Roddy Sloss |