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Lattice Semiconductor Corporation Announces Delay in the Release of Fourth Quarter and Fiscal Year 2003 Financial ResultsHILLSBORO, Ore. - January 22, 2004 - Lattice Semiconductor Corporation (NASDAQ:LSCC) today announced that it now plans to release its fourth quarter and fiscal year 2003 financial results in the second half of February, 2004. Recently, management became aware of a possible overstatement of the Company's Deferred Income account. Deferred Income is a balance sheet account representing the Company's judgment as to the potential gross margin on inventory held by the Company's distributors. Because the Company's accounting policy is to delay recognition of sales to distributors until the product is resold to end customers, a common practice in the semiconductor industry, the Company must use a variety of estimates to determine the Deferred Income account balance. The Company is reviewing such estimates and will defer the release of earnings until this review is complete. As of September 30, 2003, the reported balance in the account was $6.4 million. At this time it is too early to determine if any adjustments to previously reported financial statements will be required and whether such adjustments, if needed, would be material. 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 Field Programmable Gate Arrays (FPGAs) and Field Programmable System Chips (FPSCs) and high-performance ISPTM programmable logic devices (PLDs). 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 http://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:
Steve Skaggs, President |
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