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Lattice Semiconductor Reports Record Annual ResultsHILLSBORO, OR. - January 18, 2001 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for its fourth quarter and year ending December 2000. For the year 2000, revenue was a record $567.8 million and earnings before goodwill ("EBG") were a record $233.2 million ($2.02 per diluted share), or $141.1 million ($1.25 per diluted share) excluding a one-time gain on foundry investments. Due to a change in the Company's fiscal year during 1999 and the reporting of a nine month "fiscal period" there are no comparable financial results for the prior year. Revenue for the fourth quarter was $150.8 million, an increase of 31 percent over the $115.0 million reported in the same quarter a year ago but flat in comparison to the $151.0 million reported last quarter. EBG for the quarter was $40.4 million ($0.34 per diluted share), up 88 percent from the $21.6 million ($0.21 per diluted share) reported in the same quarter a year ago and an increase of three percent over the $39.2 million ($0.34 per diluted share) reported last quarter. Quarterly high density revenue set a new record of $118.0 million, up 50 percent from the $78.9 million in the same quarter a year ago and an increase of one percent over the $116.9 million last quarter. High density revenue now accounts for over 78 percent of total quarterly revenue. For the year, high density revenue totaled a record $431 million, up 95 percent over the $221 million reported during calendar year 1999. During the fourth quarter, Lattice added $21.2 million of cash to its balance sheet after the repurchase of 540,000 shares of common stock for $9.4 million and routine capital expenditures of $ 3.0 million. "In retrospect, the year 2000 was a strong year for Lattice", stated Cyrus Y. Tsui, president and chief executive officer. "Financially, we posted record results and exit the year with all profitability metrics at historic highs. Strategically, we achieved our long standing goal of product leadership in the high-density CPLD market and successfully translated that position into market share gains." "As a result of our increased R&D scale we were able to accelerate product introductions over the last year, particularly within the CPLD market," continued Tsui. "The year 2000 saw us extend our product leadership in the low-voltage arena with multiple extensions of our innovative Operation BFW products and, for the first time, achieve leadership in the legacy 5-volt segment of the CPLD market. With these successful product introductions and the recent initiation of the roll-out of our second generation BFW products, we believe we are well positioned to continue our market share trajectory in the high-density CPLD market." "Looking forward, the semiconductor market and the general economy currently show signs of weakness. Although we remain confident in the long-term attractiveness of the PLD market, we enter the first quarter with a reduced backlog. Consequentially, we anticipate a challenging business environment during the first half of 2001 and therefore have adopted a cautious outlook", Tsui concluded. On January 19, 2001, Lattice will publish a "Business Outlook Statement" covering the March 2001 quarter on our website, http://www.latticesemi.com/investors. On March 8, 2001, we also plan to publish a "Business Update Statement" on our website for five calendar days. Our financial guidance will be limited to the comments on our public quarterly earnings call and these public business outlook statements. Additionally, during the March 2001 quarter, Lattice plans to participate in investor conferences sponsored by Goldman, Sachs; Robertson Stephens; and Morgan Stanley Dean Witter. Specific presentation dates and times are posted in our investor relations section 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 (PLDs) and offers total solutions for today's advanced logic designs. 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. # # # Lattice Semiconductor, L (& design), Lattice (& design), in-system programmable, ISP and specific product designations 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 |