 |
||
 New Account
Sign In
|
Lattice Semiconductor Reports First Quarter ResultsHILLSBORO, Ore. - April 22, 2002 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the first quarter of 2002. Consolidated financial results reflect the acquisition of the FPGA business of Agere Systems as of January 18, 2002. Revenue for the quarter was $58.9 million, an increase of 13 percent from last quarter's revenue of $52.1 million but down 47 percent from the $111.1 million reported in the same quarter a year ago. Revenue for the March quarter includes $4.7 million from newly acquired FPGA products. Quarterly revenue from high density CPLD products was $41.9 million, an increase of seven percent from last quarter. Pro forma earnings for the quarter were $4.0 million ($0.04 per diluted share), a decrease of 21 percent from the $5.1 million ($0.05 per diluted share) reported last quarter and down 85 percent from the $27.3 million ($0.24 per diluted share) reported in the same quarter a year ago. Pro forma earnings exclude acquisition related, non-cash charges and include acquisition related, cash tax benefits. On a GAAP basis, net loss for the quarter was $25.6 million ($0.23 per share). This loss includes an $18.6 million, pre-tax charge for amortization of intangible assets and a one-time, pre-tax charge of $24.2 million associated with the write-off of in-process research and development acquired as part of the Agere FPGA acquisition. "We are pleased to report that the majority of the operational actions necessary to integrate our Agere FPGA business have been successfully completed ahead of our original schedule," stated Cyrus Y. Tsui, chairman and chief executive officer. "Our direct sales force is now fully engaged in selling and supporting the ORCA product line and we remain very excited about the future prospects for our new FPSC products. In addition, we have completed plans for an integrated FPGA architecture and road map which combines the acquired ORCA products with internal Lattice efforts. Our focus is now turned to the engineering activities required to implement these new products." "Looking forward, although we remain optimistic about design activity and future demand for our new ORCA FPSC products, we have reduced our near-term revenue expectations for the overall FPGA product line. Demand for mature ORCA FPGA products is being negatively impacted by excess inventory at customers. Consequently, we believe the current baseline quarterly revenue run rate of the Agere FPGA business to be around $7 million as opposed to the $10 million we orginally expected. Furthermore, we entered the June quarter with a sequentially flat backlog for Lattice products. As a result, we now expect June quarterly revenue to be sequentially flat," Tsui concluded. On April 23, 2002, Lattice will hold a telephone conference call at 5:30 am (Pacific Time) with financial analysts and publish a "Business Outlook Statement" covering the June 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 April 29, 2002. On June 6, 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 June 2002 quarter, Lattice plans to participate in investor conferences sponsored by Merrill Lynch, Salomon Smith Barney, Wells Fargo, Prudential Securities and Bear Stearns. 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), Field Programmable Gate Arrays (FPGAs) and Field Programmable System-on-a-Chip (FPSC) devices. Lattice offers total solutions for today's system designs by delivering the most innovative programmable silicon products that embody leading-edge system expertise. 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. 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 |
© Lattice Semiconductor Corporation 2012