LATTICE SEMICONDUCTOR CORPORATION
- Supplemental Historic Financial Information -
(Q1 2002)
|
Operations Information (Pro forma) |
Q102 |
Q401 |
Q101 |
||
|---|---|---|---|---|---|
|
Percent of Revenue |
|||||
|
Gross Margin |
59.9% |
62.0% |
62.3% |
||
|
R&D Expense |
36.3% |
33.4% |
16.4% |
||
|
SG&A Expense |
20.1% |
21.0% |
15.7% |
||
|
Operating Income |
3.4% |
7.5% |
30.2% |
||
|
Pro forma Earnings |
6.8% |
9.8% |
24.5% |
||
|
Tax Rate |
26.0% |
28.0% |
33.0% |
||
|
Depreciation Expense ($000) |
4,699 |
4,859 |
4,635 |
||
|
Capital Expenditures ($000) |
4,707 |
1,310 |
3,877 |
||
|
Balance Sheet Information |
Q102 |
Q401 |
Q101 |
||
|
Current Ratio |
6.7 |
11.4 |
5.6 |
||
|
A/R Days Revenue Outstanding |
57 |
34 |
25 |
||
|
Inventory Months |
8.1 |
9.8 |
5.0 |
||
|
Revenue % (by Product Family) |
Q102 |
Q401 |
Q101 |
||
|
FPGA |
8% |
0% |
0% |
||
|
CPLD |
71% |
75% |
77% |
||
|
SPLD |
21% |
25% |
23% |
||
|
Revenue % (by Geography) |
Q102 |
Q401 |
Q101 |
||
|
Americas |
48% |
46% |
54% |
||
|
Europe (incl. Africa) |
29% |
33% |
25% |
||
|
Asia (incl. ROW) |
23% |
21% |
21% |
||
|
Revenue % (by End Market) |
Q102 |
Q401 |
Q101 |
||
|
Communications |
46% |
43% |
56% |
||
|
Computing |
27% |
25% |
24% |
||
|
Other |
27% |
32% |
20% |
||
|
Revenue % (by Channel) |
Q102 |
Q401 |
Q101 |
||
|
Direct |
50% |
46% |
42% |
||
|
Distribution |
50% |
54% |
58% |
||
Appendix 1
Lattice Semiconductor Corporation
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
|
Three months ended |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Description |
Mar. 31, |
Dec. 31, |
Mar. 31, |
||||||
|
Revenue |
$58,878 |
$52,108 |
$111,098 |
||||||
|
Costs and expenses: |
|||||||||
|
Costs of products sold |
23,606 |
19,822 |
41,910 |
||||||
|
Research and development |
21,385 |
17,418 |
18,189 |
||||||
|
Selling, general and administrative |
11,858 |
10,963 |
17,401 |
||||||
|
In-process research and development (1) |
24,200 |
--- |
--- |
||||||
|
Amortization of intangible assets (2) |
18,623 |
21,325 |
20,737 |
||||||
|
Total costs and expenses |
99,672 |
69,528 |
98,237 |
||||||
|
(Loss) income from operations |
(40,794) |
(17,420) |
12,861 |
||||||
|
Other (expense) income, net |
(1,901) |
(681) |
2,951 |
||||||
|
(Loss) income before (benefit) provision for income taxes |
(42,695) |
(18,101) |
15,812 |
||||||
|
(Benefit) provision for income taxes |
(17,078) |
(5,584) |
4,536 |
||||||
|
Net (loss) income |
($25,617) |
($12,517) |
$11,276 |
||||||
|
Basic net (loss) income per share |
($0.23) |
($0.11) |
$0.10 |
||||||
|
Diluted net (loss) income per share |
($0.23) |
($0.11) |
$0.10 |
||||||
|
Shares used in per share calculations: |
|||||||||
|
Basic |
109,558 |
109,398 |
108,082 |
||||||
|
Diluted (3) |
109,558 |
109,398 |
112,038 |
||||||
Notes:
(1) Represents write-off of in-process research and development in conjunction with the January 18, 2002 acquisition of the FPGA business of Agere Systems, Inc.
(2) Intangible assets subject to amortization aggregate $195.9 million, net, at March 31, 2002 and relate to the acquisition of the FPGA business of Agere Systems, Inc. on January 18, 2002, the acquisition of Vantis Corporation on June 16, 1999 and the acquisition of Integrated Intellectual Property Inc. on March 16, 2001. These intangible assets are amortized to expense generally over three to seven years on a straight-line basis.
(3) For the three months ended March 31, 2001, the computation of diluted earnings per share includes the effect of stock options but excludes the effect of $260 million of convertible notes as they are antidilutive. For the three months ended December 31, 2001 and March 31, 2002, 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
Pro Forma Earnings Reconciliation (1)
(unaudited)
|
Three months ended |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Description |
March 31, |
Dec. 31, |
March 31, |
||||||
|
Pro forma earnings |
$0.04 |
$0.05 |
$0.24 |
||||||
|
Add: |
|||||||||
|
Amortization of intangible assets |
($0.10) |
($0.13) |
($0.13) |
||||||
|
In-process research and development (2) |
($0.13) |
-- |
-- |
||||||
|
Tax shield (3) |
($0.03) |
($0.03) |
($0.02) |
||||||
|
Difference in effective tax rate (4) |
($0.01) |
-- |
$0.01 |
||||||
|
Diluted net income per share |
($0.23) |
($0.11) |
$0.10 |
||||||
Notes:
(1) This table reconciles pro forma earnings per share information to diluted net income per share which is presented in Appendix 1.
(2) Represents write-off of in-process research and development in conjunction with the January 18, 2002 acquisition of the FPGA business of Agere Systems, Inc.
(3) Tax Shield represents the current period tax deduction available from amortizing gross goodwill and other intangible assets (approximately $750 million in the March 2002 quarter) over 15 years on a straight line basis using a 34% tax rate.
(4) The effective tax rate is the ratio of income tax expense to pretax income. The rates for all periods presented in the Pro Forma Earnings presentation are different from the rates in the GAAP Statement of Operations, due to the difference in the proportion of taxable income derived from operations. For the three months ended December 31, 2001 and March 31, 2002, 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
