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Lattice Semiconductor Reports Third Quarter ResultsHILLSBORO, Ore. - October 22, 2001 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the third quarter of 2001. Revenue for the quarter was $58.0 million, a decrease of 61.6 percent from the $151.0 million reported in the same quarter a year ago and down 21.7 percent from last quarter's revenue of $74.1 million. Earnings before goodwill ("EBG") for the quarter includes a charge of $152.8 million ($94.9 million on an after tax basis) to reflect depreciation in the market value of the Company's equity investment in UMC. Excluding this non-recurring charge, EBG for the quarter was $8.0 million ($0.07 per diluted share), a decrease of 80 percent from the $39.2 million ($0.34 per diluted share) reported in the same quarter last year and down 42 percent from last quarter's EBG of $13.6 million ($0.12 per diluted share). "The September quarter was another challenging one for Lattice and our industry", stated Cyrus Y. Tsui, president and chief executive officer. "As has been the case throughout 2001, quarterly revenue declined across all geographies and the communications end market was once again weak. Looking forward, we once again enter a new quarter with no meaningful backlog, limited visibility and a subdued short-term outlook. Given the fragile general economic climate and the shorter length of the December quarter due to holiday periods, we currently anticipate a sequential revenue decline of around ten percent." "Despite the severe industry downturn, we are pleased to report that September quarter operating profit, on a before goodwill basis, remained at double digit levels as a percent of revenue. We believe we have taken the appropriate actions to sustain our profitability. In conjunction with these expense controls, we are continuing to invest in new product development activities which we believe will pay off when the semiconductor cycle turns positive", Tsui concluded. On October 23, 2001, Lattice will hold a telephone conference call at 5:30 am (Pacific Daylight Time) with financial analysts and publish a "Business Outlook Statement" covering the December 2001 quarter. Investors may listen to our conference call via the web at www.companyboardroom.com. Both the conference call and our business outlook statement will be available on our website, www.lscc.com, through October 29, 2001. On December 12, 2001, we 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 December 2001 quarter, Lattice plans to participate in investor conferences sponsored by Prudential Securities and the American Electronics Association. Specific presentation dates and times are posted on our website at www.lscc.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 ISP" 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 Corporation, 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 |
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