LSCC ($24+ run/sell) Semiconductor Reports Record Annual Results
HILLSBORO, Ore., Jan. 18 /PRNewswire/ -- Lattice Semiconductor Corporation (Nasdaq: LSCC - news) today announced financial results for its fourth quarter and year ending December 2000.
For the year 2000, revenue was a record $567.8 million and earnings before goodwill (``EBG'') were a record $233.2 million ($2.02 per diluted share), or $141.1 million ($1.25 per diluted share) excluding a one-time gain on foundry investments. Due to a change in the Company's fiscal year during 1999 and the reporting of a nine month ``fiscal period'' there are no comparable financial results for the prior year.
Revenue for the fourth quarter was $150.8 million, an increase of 31 percent over the $115.0 million reported in the same quarter a year ago but flat in comparison to the $151.0 million reported last quarter. EBG for the quarter was $40.4 million ($0.34 per diluted share), up 88 percent from the $21.6 million ($0.21 per diluted share) reported in the same quarter a year ago and an increase of three percent over the $39.2 million ($0.34 per diluted share) reported last quarter.
Quarterly high density revenue set a new record of $118.0 million, up 50 percent from the $78.9 million in the same quarter a year ago and an increase of one percent over the $116.9 million last quarter. High density revenue now accounts for over 78 percent of total quarterly revenue. For the year, high density revenue totaled a record $431 million, up 95 percent over the $221 million reported during calendar year 1999.
During the fourth quarter, Lattice added $21.2 million of cash to its balance sheet after the repurchase of 540,000 shares of common stock for $9.4 million and routine capital expenditures of $ 3.0 million.
``In retrospect, the year 2000 was a strong year for Lattice.'' stated Cyrus Y. Tsui, president and chief executive officer. ``Financially, we posted record results and exit the year with all profitability metrics at historic highs. Strategically, we achieved our long standing goal of product leadership in the high-density CPLD market and successfully translated that position into market share gains.''
``As a result of our increased R&D scale we were able to accelerate product introductions over the last year, particularly within the CPLD market,'' continued Tsui. ``The year 2000 saw us extend our product leadership in the low-voltage arena with multiple extensions of our innovative Operation BFW products and, for the first time, achieve leadership in the legacy 5-volt segment of the CPLD market. With these successful product introductions and the recent initiation of the roll-out of our second generation BFW products, we believe we are well positioned to continue our market share trajectory in the high-density CPLD market.''
``Looking forward, the semiconductor market and the general economy currently show signs of weakness. Although we remain confident in the long-term attractiveness of the PLD market, we enter the first quarter with a reduced backlog. Consequentially, we anticipate a challenging business environment during the first half of 2001 and therefore have adopted a cautious outlook,'' Tsui concluded.
On January 19, 2001, Lattice will publish a ``Business Outlook Statement'' covering the March 2001 quarter on our website, www.lscc.com. On March 8, 2001, we also plan to publish a ``Business Update Statement'' on our website for five calendar days. Our financial guidance will be limited to the comments on our public quarterly earnings call and these public business outlook statements. Additionally, during the March 2001 quarter, Lattice plans to participate in investor conferences sponsored by Goldman, Sachs; Robertson Stephens; and Morgan Stanley Dean Witter. 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 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, 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 high-performance ISP(TM) programmable logic devices (PLDs) and offers total solutions for today's advanced logic designs.
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; Telephone 503-268-8000; FAX 503-268-8037. For more information access our web site at: www.latticesemi.com.
NOTE: Lattice Semiconductor, 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.
LATTICE SEMICONDUCTOR CORPORATION
Supplemental Historic Financial Information
(Q4 2000)
Operations Information (EBG) Q400 Q300 Q499
Percent of Revenue
Gross Margin 62.1% 62.0% 60.0%
R&D Expense 12.9% 13.2% 15.8%
SG&A Expense 13.9% 13.7% 16.9%
Operating Income 35.3% 35.1% 27.3%
EBG 26.8% 25.9% 18.7%
Tax Rate 33.0% 33.0% 36.5%
Depreciation Expense ($000) 4,643 4,121 4,032
Capital Expenditures ($000) 3,015 8,832 6,396
Balance Sheet Information Q400 Q300 Q499
Current Ratio 4.3 3.7 1.9
A/R Days Revenue Outstanding 30 44 27
Inventory Turns 3.8 5.4 7.1
Revenue % (by Product Family) Q400 Q300 Q499
High Density 78% 77% 69%
Low Density 22% 23% 31%
Revenue % (by Geography) Q400 Q300 Q499
Americas 50% 50% 51%
Europe (incl Africa) 26% 27% 26%
Asia (incl ROW) 24% 23% 23%
Revenue % (by End Market) Q400 Q300 Q499
Communications 67% 66% 63%
Computing 20% 21% 21%
Other 13% 13% 16%
Revenue % (by Channel) Q400 Q300 Q499
Direct 51% 52% 53%
Distribution 49% 48% 47%
Lattice Semiconductor Corporation
Consolidated Operations Information-Earnings Before Goodwill (A)
(in thousands, except per share data)
(unaudited)
Fiscal
Three months ended Year ended period
ended
Description Dec. 31 Sept. 30 Dec. 31 Dec. 31 Dec. 31
2000 2000 1999 2000 1999 (B)
Revenue $150,788 $151,038 $114,988 $567,759 $269,699
Costs and expenses:
Costs of
products sold 57,170 57,437 46,035 217,830 108,687
Research and
development 19,485 19,923 18,150 77,057 45,903
Selling, general and
administrative 20,925 20,706 19,438 81,082 50,676
Total costs
and expenses 97,580 98,066 83,623 375,969 205,266
Income from
operations 53,208 52,972 31,365 191,790 64,433
Gain on appreciation of
foundry investments (C) -- -- -- 149,960 --
Other income
(expense), net 3,010 1,336 (2,280) 2,194 (4,120)
Income before provision
for income taxes 56,218 54,308 29,085 343,944 60,313
Provision for income
taxes 18,552 17,922 10,616 121,899 21,208
Tax shield 2,767 2,767 3,090 11,122 6,815
Earnings Before
Goodwill (EBG) $40,433 $39,153 $21,559 $233,167 $45,920
Diluted EBG
per share (D) $0.34 $0.34 $0.21 $2.02 $0.46
Shares used in
calculations (D) 124,415 121,926 101,898 120,321 99,790 |
