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Lattice Semiconductor Reports Second Quarter Financial ResultsHILLSBORO, Ore. - July 22, 2004 - - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the second quarter ended June 2004. Revenue for the second quarter was $60.9 million, an increase of three percent from last quarter's revenue of $59.1 million and up eight percent from the $56.6 million reported in the same quarter a year ago. Quarterly revenue from PLD products was $49.8 million, or 82 percent of total revenue, and grew four percent sequentially. Quarterly revenue from FPGA products was $11.1 million, or 18 percent of total revenue, and declined two percent sequentially but increased 24 percent on a year over year basis. Quarterly revenue from New products, now 16 percent of total revenue, grew 28 percent sequentially and more than doubled on a year over year basis. Net loss for the second quarter was $16.0 million ($0.14 per share). This loss includes a $17.1 million charge for amortization of intangible assets. Excluding these charges, income for the quarter was $1.1 million ($0.01 per share). These non-cash amortization charges have been highlighted as they are not expected to continue at these levels and are currently expected to be entirely eliminated in 2007. The Company believes exclusion of these charges more closely approximates its cash earnings performance. A reconciliation of non-GAAP income to GAAP loss accompanies the financial tables in this earnings release. "Last quarter we made two significant new product announcements", stated Cyrus Y. Tsui, chairman and chief executive officer. "First, we launched the initial wave of our planned next generation FPGA products with the introduction of the LatticeECTM and LatticeECP-DSPTM families. The first device of these new FPGA families will be production released during the current quarter, ahead of schedule. Both FPGA families were designed from the ground up in order to optimally balance emerging customer requirements in terms of cost, architectural features and performance. As the FPGA market is rapidly transitioning from high-priced, low-volume devices to low-priced, high-volume devices, we believe the timing of these new FPGA product families is excellent. Second, we entered the timing IC market with our revolutionary ispClockTM family of in-system programmable clock management devices. Combining our proprietary programmable mixed signal technology with high-performance programmable logic, ispClock devices offer an unprecedented level of performance and flexibility in support of advanced clock network design. We are pleased with the customer reception to our recent announcements and expect these new product families to open new avenues of revenue growth for Lattice during 2005." Business Outlook - September 2004 Quarter:
On July 23, 2004, Lattice will hold a telephone conference call at 5:30 am (Pacific Time) with financial analysts. Investors may listen to our conference call live via the web at www.lscc.com. Replays of the call will also be available at www.lscc.com. On September 9, 2004, we plan to publish a "Business Update Statement" on our website. Our financial guidance will be limited to the comments on our public quarterly earnings call and these public business outlook statements. Additionally, during the September 2004 quarter, Lattice plans to participate in an investor conference sponsored by Schwab Soundview Capital. 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 the Company's 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 the possibility that further accounting adjustments may be required and the effectiveness of changes to the Company's internal controls, as well as overall semiconductor market conditions, market acceptance and demand for the Company's new products, the Company's dependencies on our silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks. The Company does not intend to update or revise any forward looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Lattice Semiconductor Corporation, the inventor of in-system programmableTM (ISPTM) logic products, designs, develops and markets the broadest range of Field Programmable Gate Arrays(FPGA), Field Programmable System Chips(FPSC) and high-performance ISP Programmable Logic Devices(PLD), including Complex Programmable Logic Devices(CPLD), Programmable Analog Components(PAC), and Programmable Digital Interconnect(GDX). Lattice also offers industry leading SERDES products. Lattice provides total solutions for today's system designs by delivering 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 communications, 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) 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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