 |
||
 New Account
Sign In
|
Lattice Semiconductor Reports First Quarter Financial ResultsHILLSBORO, Ore. - April 21, 2005 - Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the first quarter ended March 2005. Revenue for the first quarter was $51.3 million, an increase of six percent from last quarter's revenue of $48.5 million but down 13 percent from the $59.1 million reported in the same quarter a year ago. Quarterly revenue from PLD products was $42.1 million, or 82 percent of total revenue, and grew six percent sequentially. Quarterly revenue from FPGA products was $9.2 million, or 18 percent of total revenue, and grew four percent sequentially. Quarterly revenue from New products, now 28 percent of total revenue, grew 13 percent sequentially and 86 percent on a year over year basis. Net loss for the first quarter was $10.9 million ($0.10 per share) as compared to the net loss of $13.1 million ($0.12 per share) reported last quarter. These losses include charges of $4.4 million and $5.8 million, respectively, for the amortization of intangible assets. Excluding these charges, loss for the first quarter was $6.5 million ($0.06 per share) as compared to a loss of $7.4 million ($0.07 per share) reported last quarter on a similar basis. These non-cash charges have been highlighted as they 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 net loss to GAAP net loss accompanies the financial tables in this earnings release. "During the first quarter, the programmable logic market experienced a general recovery", stated Cyrus Y. Tsui, chairman and chief executive officer. "Due to these favorable conditions and a continuation of our new product revenue growth, we posted sequential quarterly revenue growth above our initial outlook. "Last quarter we also made a major product announcement with the successful introduction of our second new FPGA family, the LatticeXP"", continued Tsui. "This differentiated next generation FPGA combines a low-cost architecture with non-volatile, infinitely reconfigurable ispXP (expanded programmability) technology. Manufactured using an advanced 130nm embedded flash process technology jointly developed with Fujitsu, LatticeXP devices will allow a significant reduction in the historic price premium (compared to volatile FPGA devices) for non-volatile FPGA devices. We are pleased with the initial customer reception and expect the LatticeXP family to open new avenues of revenue growth for Lattice in the future." Business Outlook - June 2005 Quarter:
On April 22, 2005, 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 June 14, 2005, 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 June 2005 quarter, Lattice plans to participate in investor conferences sponsored by Piper Jaffray, JP Morgan and Bear Stearns. 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 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 provides the industry's broadest range of Field Programmable Gate Arrays ( FPGA ) andProgrammable Logic Devices ( PLD ), including Field Programmable System Chips ( FPSC ),Complex Programmable Logic Devices ( CPLD ),Programmable Mixed-Signal Products ( ispPAC ) and Programmable Digital Interconnect Devices ( ispGDX ). Lattice also offers industry leading SERDESproducts. Lattice is "Bringing the Best Together" with comprehensive solutions for system design, including an unequaled portfolio of non-volatileprogrammable devices that deliver instant-on operation, security and "single chip solution" space savings. Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in communications, computing, industrial, consumer, automotive, medical and military end markets. Company headquarters are located at 5555 NE Moore Court, Hillsboro, Oregon 97124-6421, USA; telephone 503-268-8000, fax 503-268-8037. For more information about Lattice Semiconductor Corporation, visit http://www.latticesemi.com # # # Lattice Semiconductor Corporation, Lattice (& design), L (& design), LatticeXP, ispXP 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 |