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Lattice Semiconductor Reports 2001 Financial ResultsHILLSBORO, Ore. - January 23, 2002 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for its fourth quarter and year ending December 2001. For the year 2001, revenue was $295.3 million, a decrease of 48 percent from the $567.8 reported in 2000. Earnings before goodwill ("EBG") were $53.9 million ($0.48 per diluted share), excluding a non-recurring charge related to foundry investments, a decrease of 62 percent from the $141.1 million ($1.25 per diluted share), excluding a non-recurring gain related to foundry investments, reported in 2000. Revenue for the fourth quarter was $52.1 million, a decrease of 65 percent from the $150.8 million reported in the same quarter a year ago and a decrease of ten percent from the $58.0 million reported last quarter. EBG for the quarter was $5.1 million ($0.05 per diluted share), down 87 percent from the $40.4 million ($0.34 per diluted share) reported in the same quarter a year ago and a decrease of 36 percent from the $8.0 million ($0.07 per diluted share), excluding a non-recurring charge related to foundry investments, reported last quarter. "Last year was one of the worst years on record for the semiconductor and PLD markets", stated Cyrus Y. Tsui, chairman and chief executive officer. "Despite a substantial decline in revenue we are pleased to have maintained our profitability. For the year, gross margin remained above 62 percent while operating margin, on a before goodwill basis, was 20 percent. Our performance on both financial metrics was among the best in the industry. This superior profitability allowed us to sustain investment in new product development throughout the downturn and improve our competitive position." "Our efforts last year resulted in a record number of new product introductions", continued Tsui. "During 2001, we completed the introduction of our second generation BFW products by releasing the ispLSI 2000VE, ispLSI 5000VE, and ispMACH 5000VG families. These three low-voltage product lines provide us the most comprehensive and technically advanced CPLD product portfolio in our industry. Last quarter, to further extend our CPLD leadership position, we introduced the first of our third generation BFW products. The ispMACH 4000 family, available in both 1.8 and 2.5-volt technology, offers performance and power consumption characteristics that clearly put Lattice CPLD products one generation ahead of the competition. With the recently announced completion of our acquisition of the Agere FPGA business we have now expanded our horizon to include the largest and most attractive segment of the PLD market. We eagerly anticipate selling our new ORCA FPGA and FPSC products to our worldwide customer base." "Looking forward, we enter the first quarter with a sequentially improved backlog and, in retrospect, it appears that our business bottomed at the end of 2001. Consequently, we anticipate a return to a sequential quarterly revenue growth trajectory in 2002." On January 24, 2002 Lattice will hold a telephone conference call at 5:30 am (Pacific Standard Time) with financial analysts and publish a "Business Outlook Statement" covering the March 2002 quarter. Investors may listen to our conference call via the web at www.on24.com. Both the conference call and our business outlook statement will be available on our website, www.lscc.com through January 30, 2002. On March 7, 2002, 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 March 2002 quarter, Lattice plans to participate in investor conferences sponsored by Goldman, Sachs; CS First Boston; Roberston Stephens; and Morgan Stanley. 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, risks related to the Agere FPGA acquisition and its integration with Lattice, 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 Corporation, L (& design), Lattice (& design), in-system programmable, ISP, ispLSI, ispMACH, ORCA 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 |