LATTICE SEMICONDUCTOR CORPORATION
- Supplemental Historic Financial Information -
(Q4 2001)
|
Operations Information (EBG) |
Q401 |
Q301 |
Q400 |
||
|---|---|---|---|---|---|
|
Percent of Revenue |
|||||
|
Gross Margin |
62.0% |
62.1% |
62.1% |
||
|
R&D Expense |
33.4% |
30.9% |
12.9% |
||
|
SG&A Expense |
21.0% |
19.5% |
13.9% |
||
|
Operating Income |
7.5% |
11.7% |
35.3% |
||
|
EBG |
9.8% |
(150)% |
26.8% |
||
|
Tax (Benefit) Rate |
28.0% |
(38.4)% |
33.0% |
||
|
Depreciation Expense ($000) |
4,859 |
4,836 |
4,643 |
||
|
Capital Expenditures ($000) |
1,310 |
4,220 |
3,015 |
||
|
Balance Sheet Information |
Q401 |
Q301 |
Q400 |
||
|
Current Ratio |
11.4 |
9.0 |
4.3 |
||
|
A/R Days Revenue Outstanding |
34 |
30 |
30 |
||
|
Inventory Months |
9.8 |
8.9 |
3.8 |
||
|
Revenue % (by Product Family) |
Q401 |
Q301 |
Q400 |
||
|
High Density |
75% |
74% |
78% |
||
|
Low Density |
25% |
26% |
22% |
||
|
Revenue % (by Geography) |
Q401 |
Q301 |
Q400 |
||
|
Americas |
46% |
50% |
50% |
||
|
Europe (incl Africa) |
33% |
28% |
26% |
||
|
Asia (incl ROW) |
21% |
22% |
24% |
||
|
Revenue % (by End Market) |
Q401 |
Q301 |
Q400 |
||
|
Communications |
43% |
45% |
67% |
||
|
Computing |
25% |
28% |
20% |
||
|
Other |
32% |
27% |
13% |
||
|
Revenue % (by Channel) |
Q401 |
Q301 |
Q400 |
||
|
Direct |
46% |
43% |
51% |
||
|
Distribution |
54% |
57% |
49% |
||
Appendix 1
Lattice Semiconductor Corporation
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
|
Three months ended |
Year ended |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Description |
Dec. 31 |
Sept. 30 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
||||||
|
Revenue |
$52,108 |
$58,038 |
$150,788 |
$295,326 |
$567,759 |
||||||
|
Costs and expenses: |
|||||||||||
|
Costs of products sold |
19,822 |
21,995 |
57,170 |
111,498 |
217,830 |
||||||
|
Research and development |
17,418 |
17,946 |
19,485 |
71,679 |
77,057 |
||||||
|
Selling, general and administrative |
10,963 |
11,297 |
20,925 |
53,027 |
81,082 |
||||||
|
Amortization of intangible assets (1) |
21,325 |
21,127 |
20,663 |
84,349 |
81,873 |
||||||
|
Total costs and expenses |
69,528 |
72,365 |
118,243 |
320,553 |
457,842 |
||||||
|
(Loss) income from operations |
(17,420) |
(14,327) |
32,545 |
(25,227) |
109,917 |
||||||
|
(Loss) gain on appreciation of foundry investments (2) |
- |
(152,795) |
- |
(152,795) |
149,960 |
||||||
|
Other (expense) income, net |
(681) |
403 |
3,010 |
4,056 |
2,194 |
||||||
|
(Loss) income before (benefit) |
|||||||||||
|
provision for income taxes |
(18,101) |
(166,719) |
35,555 |
(173,966) |
262,071 |
||||||
|
(Benefit) provision for income taxes |
(5,584) |
(62,118) |
11,932 |
(64,447) |
94,184 |
||||||
|
Net (loss) income |
($12,517) |
($104,601) |
$23,623 |
($109,519) |
$167,887 |
||||||
|
Basic net (loss) income per share |
($0.11) |
($0.96) |
$0.22 |
($1.01) |
$1.65 |
||||||
|
Diluted net (loss) income per share |
($0.11) |
($0.96) |
$0.21 |
($1.01) |
$1.47 |
||||||
|
Shares used in per share calculations: |
|||||||||||
|
Basic |
109,398 |
109,155 |
107,520 |
108,814 |
101,716 |
||||||
|
Diluted (3) |
109,398 |
109,155 |
124,415 |
108,814 |
120,321 |
||||||
Notes:
(1) Goodwill and other intangible assets aggregate $206.468 million, net, at December 31, 2001 and relate to the acquisition of Vantis Corporation on June 16, 1999 and the acquisition of Integrated Intellectual Property Inc. ("I2P") on March 16, 2001. Goodwill and other intangible assets are amortized to expense generally over five years on a straight-line basis.
(2) Represents market appreciation and subsequent market depreciation of foundry investments in Taiwan.
(3) For the three months and year ended December 31, 2000, the computation of diluted earnings per share includes the effect of stock options and $260 million of convertible notes. Diluted earnings per share is adjusted to exclude interest expense and debt issuance cost amortization (net of tax) of $2.354 and $9.484 million, respectively, for these periods. Diluted weighted-average shares outstanding include the dilutive effect of stock options and approximately 12.548 million shares issuable on the assumed conversion of the notes. For the three months and year ended December 31, 2001, and the September 30, 2001 quarter, the computation of net loss per share excludes the effect of stock options and the convertible notes as both are antidilutive.
Appendix 2
Lattice Semiconductor Corporation
(Loss) Earnings Per Share Reconciliation (1)
(unaudited)
|
Three months ended |
Year ended |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Description |
Dec. 31 |
Sept. 30 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
||||||
|
Earnings (Loss) Before Goodwill |
$0.05 |
($0.80) |
$0.34 |
($0.38) |
$2.02 |
||||||
|
Add: |
|||||||||||
|
Amortization of intangible assets |
($0.14) |
($0.12) |
($0.11) |
($0.49) |
($0.46) |
||||||
|
Tax shield (2) |
($0.02) |
($0.03) |
($0.02) |
($0.10) |
($0.09) |
||||||
|
Difference in effective tax rate (3) |
-- |
($0.01) |
-- |
($0.04) |
-- |
||||||
|
Diluted Net (Loss) income per share |
($0.11) |
($0.96) |
$0.21 |
($1.01) |
$1.47 |
||||||
Notes:
(1) This table reconciles Earnings (Loss) Before Goodwill per share information to Diluted Net (Loss) Income per share which is presented in Appendix 1.
(2) Tax Shield represents the current period tax deduction available from amortizing intangible assets (approximately $500 million) over 15 years on a straight line basis using a 33% tax rate.
(3) The effective tax rate is the ratio of income tax expense to pretax income. The rates for all periods presented in the Earnings Before Goodwill presentation are different from the rates in the GAAP Statements of Operations, due to the difference in the proportion of taxable income derived from operations. For the three months ended September 30, 2001 and the year ended December 31, 2001, further differences in the effective tax rate are attributable to a change in the estimated rate at which tax benefits related to pretax losses will be recovered.
© Lattice Semiconductor Corporation 2012
