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Lattice Semiconductor Reports First Quarter ResultsHILLSBORO, Ore. - April 22, 2003 - - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the first quarter of 2003. Revenue for the quarter was $58.3 million, an increase of one percent from last quarter's revenue of $57.7 million and down one percent from the $58.9 million reported in the same quarter a year ago. Quarterly revenue from high density CPLD products was $40.7 million, an increase of four percent from last quarter while quarterly revenue from FPGA products was $8.4 million, a decrease of nine percent from last quarter. On a GAAP basis, net loss for the quarter was $18.8 million ($0.17 per share). This loss includes a $21.1 million charge for amortization of intangible assets. Non-GAAP income for the quarter was $2.3 million ($0.02 per share). Non-GAAP earnings exclude non-cash acquisition related amortization expenses. Management believes this presentation is useful to investors because it more closely approximates our cash earnings performance. A reconciliation of non-GAAP to GAAP earnings accompanies the financial tables in this earnings release. "We are pleased to report sequential revenue growth and an improvement in our non-GAAP operating income for the second consecutive quarter," stated Cyrus Y. Tsui, chairman and chief executive officer. "Our CPLD revenue grew nicely and our results reflect the broad leadership position of our innovative product portfolio. Despite the sequential decline in our FPGA revenue, we remain confident about ongoing customer design activity and the future prospects for our advanced FPSC products and our innovative XP products. We will continue to sustain our R&D investment to develop a portfolio of differentiated FPGA solutions that allows us to improve our position in this attractive segment of the PLD market." "Over the last three months, we have released three new products," continued Tsui. "First, the ORT42G5, our latest field programmable system chip ("FPSC"), offers four channels of leadership SERDES input/output ("I/O") technology running at up to 3.7 gigabits per second. At roughly half the cost of our existing eight-channel ORT82G5 device, and with double the programmable logic resources per SERDES channel, the ORT42G5 extends the market reach of our FPSC products. Second, the ispMACH 4000Z family offers the world's lowest power CPLDs. With an eighty percent reduction in static power consumption versus competitive alternatives and leadership performance, the ispMACH 4000Z will allow us to compete effectively for designs within the emerging consumer end market. Finally, the ispPAC POWR 1208, the world's first mixed signal PLD, breaks new ground by combining programmable logic and programmable analog on a single chip. Based on an intuitive silicon architecture and easy to use software, this device allows designers to easily meet the challenges of sequencing and managing the multiple power supplies prevalent within today's advanced systems. We believe the unique technology underlying the ispPAC POWR will be instrumental in opening new markets for programmable products and for Lattice. We are pleased with the early design activity for each of these newly released products," Tsui concluded. Business Outlook - June 2003 Quarter The Company believes that second quarter revenues will be essentially flat on a sequential basis. Gross margins are expected to remain at approximately 60% of revenue. Operating expenses are expected to be essentially flat on a sequential basis. Intangible asset amortization is expected to decline to approximately $18.6 million. Finally, Other Income is expected to be approximately $1 million. On April 22, 2003, Lattice will hold a telephone conference call at 2:00 pm (Pacific Time) with financial analysts and publish a "Business Outlook Statement" covering the June 2003 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, 2003. On June 12, 2003, 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 2003 quarter, Lattice plans to participate in investor conferences sponsored by JP Morgan, Salomon Smith Barney 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, potential impact on demand and customers from a prolonged engagement in Iraq or from the SARS outbreak, 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 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 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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