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Lattice Semiconductor Reports Second Quarter ResultsHILLSBORO, Ore. - July 22, 2002 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the second quarter of 2002. Revenue for the quarter was $56.5 million, a decrease of four percent from last quarter's revenue of $58.9 million and down 24 percent from the $74.1 million reported in the same quarter a year ago. Revenue for the June quarter includes $7.1 million from newly acquired FPGA products. Proforma earnings for the quarter were $7.0 million ($0.06 per diluted share), an increase of 75 percent from the $4.0 million ($0.04 per diluted share) reported last quarter but down 48 percent from the $13.6 million ($0.12 per diluted share) reported in the same quarter a year ago. Proforma earnings exclude acquisition related, non-cash charges and include acquisition related, cash tax benefits. On a GAAP basis, net loss for the quarter was $8.1 million ($0.07 per share). This loss includes a $17.9 million, pre-tax, charge for amortization of intangible assets. "Business conditions remain challenging", stated Cyrus Y. Tsui, chairman and chief executive officer. "Despite this environment, we are pleased to have generated substantial cash and report a profit before amortization of intangible assets." "During the extended semiconductor market downturn we have purposefully concentrated on new product development. Our efforts are now bearing fruit with the recent introduction of the ground-breaking ispXPGATM and ispXPLDTM product families. These entirely new product families bring technically advanced differentiated programmable solutions to PLD customers and significantly expand our addressable market. We look for these innovative product families to stimulate increased customer design activity and allow Lattice to continue to build our position in the PLD market", continued Tsui. "Looking forward, although we remain optimistic about design activity and future demand for our new products, we are entering the historically seasonally weak summer quarter. Consequently, our short-term outlook remains subdued", Tsui concluded. On July 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 September 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 July 29, 2002. On September 5, 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. 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, ispXPGA, ispXPLD, 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 |
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