|
Three months ended |
Nine months ended |
|||||||
|---|---|---|---|---|---|---|---|---|
|
Description |
Sept. 30, |
June 30, |
Sept. 30, |
Sept. 30, |
Sept. 30, |
|||
|
Revenue |
$51,038 |
$58,178 |
$56,072 |
$167,527 |
$171,416 |
|||
|
Costs and expenses: |
||||||||
|
Costs of products sold |
20,662 |
23,289 |
22,429 |
67,159 |
68,527 |
|||
|
Research and development |
21,173 |
21,702 |
21,523 |
64,707 |
63,986 |
|||
|
Selling, general and administrative |
12,114 |
12,614 |
11,712 |
37,211 |
35,790 |
|||
|
Total costs and expenses |
53,949 |
57,605 |
55,664 |
169,077 |
168,303 |
|||
|
(Loss) income from operations |
(2,911) |
573 |
408 |
(1,550) |
3,113 |
|||
|
Other (expense) income, net |
(3,611) |
(1,365) |
2,764 |
(3,485) |
3,941 |
|||
|
(Loss) income before (benefit) provision |
||||||||
|
for income taxes |
(6,522) |
(792) |
3,172 |
(5,035) |
7,054 |
|||
|
(Benefit) provision for income taxes |
(3,300) |
(2,554) |
825 |
(5,854) |
1,834 |
|||
|
Tax shield (2) |
-- |
-- |
4,250 |
-- |
12,423 |
|||
|
Non-GAAP (loss) earnings |
($3,222) |
$1,762 |
$6,597 |
$819 |
$17,643 |
|||
|
Diluted Non-GAAP (loss) earnings per share (3) |
($0.03) |
$0.02 |
$0.06 |
$0.01 |
$0.16 |
|||
|
Shares used in calculations |
111,840 |
113,405 |
110,683 |
112,918 |
111,760 |
|||
Notes:
(1) This table presents operating information which is consistent with the information reported by First Call, IBES and Zacks for Lattice Semiconductor Corporation. A reconciliation to GAAP on a per share basis is attached as Appendix 2.
(2) Tax Shield represents the current period tax deduction available from amortizing gross goodwill and other intangible assets (approximately $750 million as of December 31, 2002) over 15 years on a straight line basis using a 34% tax rate. As of the March 31, 2003 quarter, we are no longer reporting a Tax Shield.
(3) For the three months ended June 30, 2003 and September 30, 2002, and for the nine months ended September 30, 2003 and 2002, respectively, the computation of diluted Non-GAAP earnings includes the effect of stock options but excludes the effect of our convertible notes as they are antidilutive. For the three months ended September 2003, the computation of diluted Non-GAAP loss excludes the effect of both stock options and our convertible notes as they are antidilutive.
|
Three months ended |
Nine months ended |
|||||||
|---|---|---|---|---|---|---|---|---|
|
Description |
Sept. 30, |
June 30, |
Sept. 30, |
Sept. 30, |
Sept. 30, |
|||
|
Net loss |
($0.20) |
($0.15) |
($0.13) |
($0.52) |
($0.44) |
|||
|
Add: |
||||||||
|
Amortization of intangible assets |
$0.17 |
$0.17 |
$0.10 |
$0.53 |
$0.31 |
|||
|
In-process research and development (2) |
-- |
-- |
$0.04 |
-- |
$0.17 |
|||
|
Tax shield (3) |
-- |
-- |
$0.04 |
-- |
$0.11 |
|||
|
Difference in effective tax rate (4) |
-- |
-- |
$0.01 |
-- |
$0.01 |
|||
|
Non-GAAP (loss) income |
($0.03) |
$0.02 |
$0.06 |
$0.01 |
$0.16 |
|||
Notes:
(1) This table reconciles net income (loss) to non-GAAP information, which is presented in Appendix 1, on a per-share basis.
(2) 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.
(3) Tax Shield represents the current period tax deduction available from amortizing gross goodwill and other intangible assets (approximately $750 million as of December 31, 2002) over 15 years on a straight line basis using a 34% tax rate. As of the March 31, 2003 quarter, we are no longer reporting a Tax Shield.
(4) The effective tax rate is the ratio of income tax expense to pretax income. The rate for the three and nine months ended September 30, 2002 presented in the non-GAAP information presentation is different from the rates in the Statement of Operations, due to the difference in the proportion of taxable income derived from operations.
|
Operations Information |
Q303 |
Q203 |
Q302 |
||
|---|---|---|---|---|---|
|
Percent of Revenue |
|||||
|
Gross Margin |
59.5% |
60.0% |
60.0% |
||
|
R&D Expense |
41.5% |
37.3% |
38.4% |
||
|
SG&A Expense |
23.7% |
21.7% |
20.9% |
||
|
Operating (Loss) Income |
-42.3% |
-31.1% |
-41.6% |
||
|
Operating (Loss) Income (Non-GAAP) |
-5.7% |
1.0% |
.7% |
||
|
Depreciation Expense ($000) |
4,658 |
4,603 |
4,841 |
||
|
Capital Expenditures ($000) |
2,300 |
2,504 |
4,494 |
||
|
Balance Sheet Information |
|||||
|
Current Ratio |
10.4 |
14.0 |
8.0 |
||
|
A/R Days Revenue Outstanding |
48 |
45 |
45 |
||
|
Inventory Months |
7.0 |
6.2 |
8.1 |
||
|
Revenue % (by Product Family) |
|||||
|
FPGA |
18% |
16% |
13% |
||
|
CPLD |
68% |
69% |
69% |
||
|
SPLD |
14% |
15% |
18% |
||
|
Revenue % (by Product Classification*) |
|||||
|
New |
12% |
8% |
|||
|
Mainstream |
44% |
40% |
|||
|
Mature |
44% |
52% |
|||
|
Revenue % (by Geography) |
|||||
|
Americas |
37% |
41% |
43% |
||
|
Europe (incl. Africa) |
23% |
26% |
26% |
||
|
Asia (incl. ROW) |
40% |
33% |
31% |
||
|
Revenue % (by End Market) |
|||||
|
Communications |
49% |
52% |
43% |
||
|
Computing |
22% |
21% |
27% |
||
|
Other |
29% |
27% |
30% |
||
|
Revenue % (by Channel) |
|||||
|
Direct |
56% |
52% |
50% |
||
|
Distribution |
44% |
48% |
50% |
||
* Product Classification:
New: FPSC, XPLD, XPGA, GDX2, ORCA 4, ispMACH 4000, ispMACH 4000 Z, ispPAC-PWR
Mainstream: ORCA 3, GDX/V, ispMACH L/V, ispLSI 2000V, ispLSI 5000V, ispLSI 8000V, ispMACH 5000VG, Mixed Signal, Software
Mature: ORCA 2, All 5-Volt CPLDs, All SPLDs
© Lattice Semiconductor Corporation 2012
