|
|
Three months ended |
Year ended |
|||||||
|---|---|---|---|---|---|---|---|---|---|
|
Description |
Dec. 31, 2002 |
Sept. 30, 2002 |
Dec. 31, 2001 |
Dec. 31, 2002 |
Dec. 31, 2001 |
||||
|
Revenue |
$57,710 |
$56,072 |
$52,108 |
$229,126 |
$295,326 |
||||
|
Costs and expenses: |
|||||||||
| Costs of products sold |
23,019 |
22,429 |
19,822 |
91,546 |
111,498 |
||||
| Research and development |
21,790 |
21,523 |
17,418 |
85,776 |
71,679 |
||||
| Selling, general and administrative |
12,309 |
11,712 |
10,963 |
48,099 |
53,027 |
||||
| In-process research and development (1) |
-- |
5,653 |
-- |
29,853 |
-- |
||||
| Amortization of intangible assets (2) |
18,799 |
18,070 |
21,325 |
73,415 |
84,349 |
||||
| Total costs and expenses |
75,917 |
79,387 |
69,528 |
328,689 |
320,553 |
||||
|
Loss from operations |
(18,207) |
(23,315) |
(17,420) |
(99,563) |
(25,227) |
||||
|
Loss on depreciation of foundry investments (3) |
-- |
-- |
-- |
-- |
(152,795) |
||||
|
Other income (loss), net |
2,253 |
2,764 |
(681) |
6,194 |
4,056 |
||||
|
Loss before benefit for income taxes |
(15,954) |
(20,551) |
(18,101) |
(93,369) |
(173,966) |
||||
|
Provision (benefit) for income taxes (4) |
111,146 |
(6,180) |
(5,584) |
81,866 |
(64,447) |
||||
|
Net loss |
($127,100) |
($14,371) |
($12,517) |
($175,235) |
($109,519) |
||||
|
Basic loss per share |
($1.14) |
($0.13) |
($0.11) |
($1.59) |
($1.01) |
||||
|
Diluted net loss per share |
($1.14) |
($0.13) |
($0.11) |
($1.59) |
($1.01) |
||||
| Basic |
111,311 |
110,232 |
109,398 |
110,193 |
108,814 |
||||
| Diluted (5) |
111,311 |
110,232 |
109,398 |
110,193 |
108,814 |
||||
Notes:
(1) Represents write-off of in-process research and development in conjunction with the August 26, 2002 acquisition of Cerdelinx Technologies, Inc. and the January 18, 2002 acquisition of the FPGA business of Agere Systems, Inc.
(2) Intangible assets subject to amortization aggregate $156.0 million, net, at December 31, 2002 and relate to the acquisition of Cerdelinx Technologies, Inc. on August 26, 2002, 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) Represents market depreciation of foundry investments in Taiwan.
(4) In the quarter ended December 31, 2002, we recorded a tax provision of $111.1 million, representing a 100% valuation allowance for our recorded deferred tax assets, in accordance with the provisions of Statement of Financial Accounting Standards No. 109.
(5) For all periods presented, the computation of diluted net loss per share excludes the effect of stock options and our convertible notes as they are antidilutive.
|
Description |
Dec. 31,2002 |
Dec. 31,2001 |
|---|---|---|
|
Assets |
|
|
|
Current assets: |
|
|
| Cash and short-term investments |
$276,880 |
$531,566 |
| Accounts receivable, net |
26,374 |
19,452 |
| Inventories |
56,241 |
64,926 |
| Deferred tax assets (1) |
-- |
31,591 |
| Other current assets |
35,033 |
40,749 |
| Total current assets |
394,528 |
688,284 |
|
Property and equipment, net |
62,786 |
63,222 |
|
Foundry investments, advances and other assets |
104,507 |
162,418 |
|
Goodwill and other intangible assets, net (2) |
379,442 |
206,468 |
|
Deferred tax assets (1) |
-- |
65,590 |
|
|
$941,263 |
$1,185,982 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
| Accounts payable and other accrued |
|
|
| liabilities |
$33,597 |
$38,255 |
| Deferred income on sales to distributors |
11,983 |
18,103 |
| Income taxes payable |
142 |
2,751 |
| Total current liabilities |
45,722 |
59,109 |
|
4 3/4% Convertible notes due in 2006 |
208,061 |
260,000 |
|
Other long-term liabilities |
26,345 |
27,103 |
|
|
234,406 |
287,103 |
|
Stockholders' equity |
661,135 |
839,770 |
|
|
$941,263 |
$1,185,982 |
Notes:
(1) In the quarter ended December 31, 2002, we recorded a tax provision of $111.1 million, representing a 100% valuation allowance for our recorded deferred tax assets, in accordance with the provisions of Statement of Financial Accounting Standards No. 109.
(2) Includes approximately $11.6 million of other intangible assets, net, recorded in the September 2002 quarter in connection with the August 26, 2002 acquisition of Cerdelinx Technologies, Inc. Also includes $142.4 million in Goodwill and $70.1 million of other intangible assets, net, recorded in the March 2002 quarter in connection with the January 18, 2002 acquisition of the FPGA business of Agere Systems, Inc., and approximately $81.1 million in Goodwill and $74.2 million of other intangible assets, net, related to previous acquisitions. The other intangible assets will be amortized to expense generally over three to seven years. Goodwill is not amortized effective with the March 2002 quarter.
© Lattice Semiconductor Corporation 2012
