LSCC ( $22- ?)p/e 33 revs decrease 47%
HILLSBORO, Ore.--(BUSINESS WIRE)--July 23, 2001--Lattice Semiconductor Corporation (Nasdaq:LSCC - news) today announced financial results for the second quarter of 2001.
Revenue for the quarter was $74.1 million, a decrease of 47 percent from the $139.9 million reported in the same quarter a year ago and down 33 percent from last quarter's revenue of $111.1 million.
Earnings before goodwill (``EBG'') for the quarter were $13.6 million ($0.13 per diluted share), a decrease of 59 percent from the $33.6 million ($0.31 per diluted share) reported in the same quarter last year and down 50 percent from last quarter's EBG of $27.3 million ($0.24 per diluted share).
``The June quarter was another difficult one for Lattice and the industry'', stated Cyrus Y. Tsui, president and chief executive officer. ``A weak quarter beginning backlog and a lack of new orders resulted in a double digit sequential revenue decline. As was the case last quarter, revenue declined across all geographies and the communications end market was notably weak.''
``During these challenging times we continue to concentrate on managing a profitable business'', Tsui continued. ``Due to a tight focus on expenses, June quarter operating profit, on a before goodwill basis, was a healthy 20 percent of revenue. In conjunction with expense controls, we are continuing to invest in new product development activities which we believe will pay off when the semiconductor cycle turns positive.''
``Looking forward, the semiconductor market and the general economy remain weak. We enter the September quarter with a depleted backlog and limited visibility regarding a significant rebound in business. Consequentially we anticipate another sequential revenue decline. Although our short-term outlook is highly uncertain, we believe we have taken the appropriate actions to sustain our profitability through 2001 while positioning us for the inevitable cyclical rebound in our industry'', Tsui concluded.
On July 24, 2001, Lattice will hold a telephone conference call at 5:30 am (Pacific Daylight Time) with financial analysts and publish a ``Business Outlook Statement'' covering the September 2001 quarter. Investors may listen to our conference call via the web at www.companyboardroom.com. Both the conference call and our business outlook statement will be available on our website, www.lscc.com through July 31, 2001. On September 11, 2001, we 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 September 2001 quarter, Lattice plans to participate in investor conferences sponsored by Banc Boston Robertson Stephens and Wells Fargo Van Kasper. 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. |
