Lattice Semiconductor Corporation Reports Record Third Quarter Results
Revenue Up 8% Sequentially and 59% Annually
EBG Up 17% Sequentially and 239% Annually
HILLSBORO, OR. - October 17, 2000 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced record financial results for the third quarter. Revenue for the quarter was a record $151.0 million, an increase of 59 percent from the $95.0 million reported in the same quarter a year ago. Revenue for the third quarter was up eight percent from last quarter's revenue of $139.9 million.
Earnings before goodwill ("EBG") for the quarter were $39.2 million ($0.34 per diluted share) an increase of 239 percent from the $11.6 million ($0.12 per diluted share) reported in the same quarter last year. EBG for the third quarter was up 17 percent from last quarter's EBG of $33.6 million ($0.31 per diluted share).
Quarterly revenue from high-density products established a new record of $116.9 million, an increase of 82 percent from the same quarter last year and up 12 percent from last quarter. Revenue from high-density products now accounts for 77 percent of total quarterly revenue.
"We are pleased with last quarter's financial performance", stated Cyrus Y. Tsui, president and chief executive officer. "Strong demand from customers in Asia and in the communications end market resulted in double digit sequential high-density revenue growth. Additionally, we established new profitability records as we continue to realize the benefits of faster than expected overall revenue growth."
"Our current success in the strong CPLD market is a direct result of the momentum of our new 3.3-volt high-density products and in particular the accelerating growth of our BFW products", continued Tsui. "Quarterly revenue from our 3.3-volt high-density products, now accounting for 36 percent of total high-density revenue, more than tripled from the same quarter last year . Strong customer design activity with these products allows us to be confident in our forward momentum in this attractive market segment", Tsui concluded.
In order to facilitate improved dissemination of Company business information to the investment community, we will begin to publish a "Business Outlook Statement" covering the current quarter. The business outlook statement will be posted on our website, www.latticesemi.com, for five days beginning on October 18, 2000. During the quarter we also plan to publish a "Business Update Statement". The business update statement will be posted on our website, www.latticesemi.com, for five calendar days beginning on December 7, 2000. Our financial guidance will be limited to the comments on our public quarterly earnings call and these business outlook statements.
During the December 2000 quarter, Lattice plans to participate in investor conferences sponsored by Prudential Securities and the American Electronics Association (AEA). Specific presentation dates and times are posted on our website at www.latticesemi.com. Our Prudential conference presentation will be simulcast live via the internet at www.prudentialsecurities.com.
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 ISPý 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.
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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
Vice President, Finance
Lattice Semiconductor Corporation
(503) 268-8000
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