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Lattice Semiconductor Reports Third Quarter Financial ResultsHILLSBORO, Ore. - October 21, 2004 - - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the third quarter ended September 2004. Revenue for the third quarter was $57.3 million, a decrease of six percent from last quarter's revenue of $60.9 million, but up 33 percent from the $43.0 million (restated) in revenue reported for the same quarter a year ago. Quarterly revenue from PLD products was $46.0 million, or 80 percent of total revenue, and declined eight percent sequentially. Quarterly revenue from FPGA products was $11.3 million, or 20 percent of total revenue, and grew one percent sequentially. Quarterly revenue from New products, now 21 percent of total revenue, grew 22 percent sequentially and nearly doubled on a year over year basis. Net loss for the third quarter was $6.3 million ($0.06 per share). This loss includes a $5.8 million charge for amortization of intangible assets. Excluding this charge, loss for the quarter was $0.5 million ($0.00 per share). This non-cash amortization charge has been highlighted as these charges are currently expected to be substantially eliminated in 2008. The Company believes exclusion of these charges more closely approximate its cash earnings performance. A reconciliation of non-GAAP income to GAAP loss accompanies the financial tables in this earnings release. The business continues to generate significant cash from operations despite the GAAP losses. Last quarter the Company generated approximately $7 million in cash from operations, which makes the year to-date operating cash flow approximately $26 million. "As expected, third quarter revenue declined as the semiconductor industry experienced a summer slowdown", stated Cyrus Y. Tsui, Chairman and Chief Executive Officer. "Unfortunately, we have yet to see an acceleration of orders in the current quarter and it now appears that general industry conditions have deteriorated when compared to the first half of 2004." "On a positive note, last quarter we executed superbly on the roll-out of our recently announced LatticeEC" and LatticeECP-DSP" new FPGA families", continued Tsui. "We have released the initial two devices to volume production, secured our first design-ins and made our first customer shipments. This quarter we are on track to sample the remaining 10 devices, which when accomplished, will mark the fastest roll-out of a major new product family in our corporate history. Additionally, these innovative devices offer several unique features, previously unavailable from competitive low-cost, high-volume FPGAs. They are the only low-cost FPGAs to support 400 Mbps DDR memory interfaces, the only devices to provide a high performance, flexible DSP block and the only FPGA families to support industry standard, low-cost, boot PROMs. At this early stage, we are pleased with the initial market reception and are optimistic about the market potential for these new FPGA families." Business Outlook - December 2004 Quarter:
On October 22, 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 December 16, 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 December 2004 quarter, Lattice plans to participate in investor conferences sponsored by the American Electronics Association and Wells Fargo. 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, and 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 |