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Lattice Semiconductor Reports Third Quarter ResultsHILLSBORO, Ore. - October 22, 2002 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the third quarter of 2002. Revenue for the quarter was $56.1 million, essentially flat with last quarterýs revenue of $56.5 million and down three percent from the $58.0 million reported in the same quarter a year ago. Pro forma earnings for the quarter were $6.6 million ($0.06 per diluted share), a decrease of six percent from the $7.0 million ($0.06 per diluted share) reported last quarter and down 17 percent from the $8.0 million ($0.07 per diluted share), excluding a non-recurring charge related to foundry investments, 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 $14.4 million ($0.13 per share). This loss includes a $18.1 million, pre-tax, charge for amortization of intangible assets and a one-time $5.7 million, pre-tax, write-off of in-process research and development related to the recently closed acquisition of Cerdelinx Technologies. "Despite the challenging semiconductor industry environment, we are pleased to once again generate cash from our operations and report a profit before amortization of intangible assets," stated Cyrus Y. Tsui, chairman and chief executive officer. "During the industry downturn, our financial strength has allowed us to concentrate on making significant enhancements to our product portfolio. During 2002, we have introduced three entirely new product families, FPSC, ispXPGA" and ispXPLD" , that extend our reach within the PLD market. Each of these product families brings substantial technical innovation and competitive differentiation to our current and potential customers. And now, with the recent introduction of our ispLEVER" 2.0 design tool suite, these advanced product families are supported within a single development environment. With these new product families, we believe we are well positioned to benefit from a future industry recovery," continued Tsui. "Looking forward, although we remain cautious about short-term business prospects, we are optimistic about future demand for our new products and our competitive position within our industry," Tsui concluded. On October 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 December 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 October 29, 2002. On December 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 our recent acquisitions and their 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 ISP" programmable logic devices (PLDs), Field Programmable Gate Arrays (FPGAs) and Field Programmable System-on-a-Chip (FPSC) devices. Lattice offers total solutions for todayýs 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 |