Lattice Semiconductor Reports Record Annual and Record
Quarterly Results
<SOURCE Lattice Semiconductor Corp.>
Another strong report...good growth both in revenue and net income.
The High End product line continues to grow as a percentage of
total revenue and those margins are quite attractive at 49%.
High-density revenue now accounts for over 58 percent of total
quarterly revenue. I believe the target is to get this number
to the 65%-70% range by year end 1997.
EKS
Sequential Quarterly Revenue Up 10%, Net Income Up 14%
HILLSBORO, Ore., April 16 /PRNewswire/ -- Lattice Semiconductor Corp
today announced record revenue, operating income and net income for
its fiscal year ended March 29, 1997.
Revenue for the year was a record $204.1 million, an increase of
three percent over the $198.2 million reported last year. Net
income for the year was a record $45.0 million ($1.96 per share),
an increase of eight percent over the $41.8 million ($1.99per share)
reported last year.
Lattice also achieved record revenue, operating income and net
income for its fourth fiscal quarter.
Revenue for the fourth quarter was a record $56.3 million, up six
percent from the $53.0 million reported in the same quarter ayear
ago and an increase of 10 percent over the $51.0 million reported
last quarter. Net income for the quarter was a record $12.82 million
($0.55 per share), up six percent from the $12.10 million ($0.54 per
share) reported in the same quarter a year ago and an increase of
14 percent over the $11.28 million ($0.49 per share) reported last
quarter.
Quarterly high-density revenue set a new record of nearly $33
million, up over 40 percent from the $23 million in the same
quarter a year ago and an increase of 18 percent over the $28
million last quarter. High-density revenue now accounts for over
58 percent of total quarterly revenue.
"Fiscal 1997, a challenging year for the semiconductor industry,
was a successful year for Lattice", stated Cyrus Y. Tsui, president
and chief executive officer. "Financially, we achieved our eighth
consecutive record year in terms of both revenue and net income.
And strategically, we made substantial progress in expanding our
position in the attractive high-density PLD marketplace."
"Our high-density business posted $109 million in annual revenue,
surpassing the $100 million milestone just five years after the
invention and introduction of our revolutionary in-system
programmable (ISPT) products," continued Tsui. "Annual high-density
revenue grew 49 percent when compared to the $73 million recorded
last year. This result, substantially exceeding market growth, made
Lattice the fastest growing high-density PLD supplier for the fifth
consecutive year. Last fiscal year also saw two significant new
high-density product introductions, the ispLSIR 2000V family and
the ispDS+T 5.0 development system. The 2000V, a silicon product
family optimized for 3.3-volt operation, gives Lattice clear
performance leadership in the emerging low-voltage market segment.
The ispDS+ 5.0 development system, a major third-party software
design tool release, was totally redesigned and optimized for HDL
logic synthesis. Early customer indications are that this tool
provides a step function improvement in design tool ease-of-use and
performance."
"Fiscal 1997 also provided us an opportunity to further strengthen
our foundry partnerships," continued Tsui. In order to secure the
advanced sub-micron capacity required to continue to grow our
high-density business, we negotiated and announced a new $150
million advance payment agreement with Seiko Epson Corporation. Last
quarter we made the first payment called for by this agreement. Our
foundry capacity and relationships, with both Seiko and UMC, are at
an historic high point."
"Looking forward, the turns content of our business, still very
high by historic standards, continues to add uncertainty to our
short-term results. Nonetheless, we enter the new fiscal year with
an optimistic outlook driven by our continued progress in the
attractive high-density PLD market," Tsui concluded.
Lattice Semiconductor Corporation
Consolidated Statement Of Operations
(In thousands, except per share data)
Three Months Ended (unaudited) Year Ended
March 29, Dec. 28, March 30, March 29, March 30,
1997 1996 1996 1997 1996
Revenue $56,268 $51,015 $53,008 $204,089 $198,167
Costs and
expenses:
Cost of
products
sold 22,936 20,967 21,914 83,736 82,216
Research and
development 7,254 6,933 6,936 27,829 26,825
Selling,
general and
administrative 9,008 8,459 8,233 33,558 31,323
Total costs
and expenses 39,198 36,359 37,083 145,123 140,364
Income from
operations 17,070 14,656 15,925 58,966 57,803
Other income,
net 2,210 2,304 1,996 8,712 5,442
Income before
provision for
income taxes 19,280 16,960 17,921 67,678 63,245
Provision for
income taxes 6,461 5,682 5,824 22,673 21,461
Net income $12,819 $11,278 $12,097 $45,005 $41,784
Net income
per share $0.55 $0.49 $0.54 $1.96 $1.99
Weighted average
common and
common
equivalent
shares
outstanding 23,502 23,073 22,575 22,973 20,979
Lattice Semiconductor Corporation
Consolidated Balance Sheet
(In thousands)
March 29, March 30,
1997 1996
Assets
Current assets:
Cash and short-term investments $228,647 $215,170
Accounts receivable 25,940 22,884
Inventories 27,809 21,761
Other current assets 28,244 29,001
Total current assets 310,640 288,816
Property and equipment, net 27,403 25,471
Foundry investments, advances and
other assets 65,419 28,648
$403,462 $342,935
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued
liabilities $23,924 $22,471
Deferred income on sales to distributors 18,265 16,896
Income taxes payable 782 4,800
Total current liabilities 42,971 44,167
Stockholders' equity 360,491 298,768
$403,462 $342,935
SOURCE Lattice Semiconductor Corp. |
