For those who have not seen it Actel's Quarterly Report:
Sunnyvale, Calif. -- Actel Corporation (NASDAQ: ACTL) today announced record net revenues and record operating income for the second quarter of 1996 and record net revenues and record net income for the first six months of 1996.
Net revenues for the second quarter of 1996 were $36.7 million, compared with $26.6 million for the second quarter of 1995 and $35.0 million for the first quarter of 1996. This represents an increase in net revenues of 38 percent over the second quarter of 1995 and 5 percent over the first quarter of 1996.
Operating income for the second quarter of 1996 was $5.4 million, compared with $1.6 million for the second quarter of 1995 and $5.0 million for the first quarter of 1996. Net income for the second quarter of 1996 was $3.6 million, or 17 cents per share, compared with 1.7 million, or 8 cents per share, for the second quarter of 1995 and $3.3 million, or 16 cents per share, for the first quarter of 1996. Net income and earnings per share for the second quarter of 1996 would have been records except for an increase in Actel's effective tax rate from zero percent for 1995 to an estimated 37.5 percent for 1996.
For the six month period ended June 30, 1996, Actel reported record net revenues of $71.7 million and record net income of $6.9 million, or 32 cents per share, compared with net revenues of $46.1 million and (prior to consideration of a pretax charge for in-process research and development and tax benefits) net income of $2.0 million, or 10 cents per share, for the first six months of 1995.
Unit sales of field programmable gate arrays (FPGAs) increased 29 percent in the second quarter of 1996 compared with the second quarter of 1995, while the overall average selling price (ASP) of FPGAs increased 7 percent. Sequentially, FPGA unit sales increased by 14 percent in the second quarter of 1996 while the overall ASP of FPGAs declined by 8 percent.
John East, president and CEO, stated, "With our second quarter results, we have taken another step forward on the road toward achieving our financial model. We are pleased with our success over the past year in our continuing efforts to increase revenues and improve margins.
"On the marketing side, the second quarter was the most active in the company's history. We announced a major strategic alliance with Technical Data Freeway, Concord, Mass., the purpose of which is to provide our customers with an extensive range of Actel-optimized intellectual property cores. In addition, we introduced our largest part to date, a 20,000 gate member of our 3200DX family, and released an enhanced version of our Designer Series development tool set to support the new part. We also introduced the first radiation hardened, non-volatile FPGA," East explained.
Actel Corporation is the world's leading supplier of antifuse-based FPGAs and associated software development tools. FPGAs are used by designers of communication, computer, industrial control, military/aerospace, and other electronic systems to differentiate their products and get them to market faster. Actel's proprietary antifuse architecture offers system size and performance advantages, as well as increased gate utilization and high-level design efficiencies. Actel is dedicated to providing logic designers with the capability to move up to higher complexity designs with confidence and be successful. Actel is traded on the NASDAQ National Market under the symbol "ACTL". Address: 955 East Arques Avenue, Sunnyvale, California 94086-4533. Telephone: (408) 739-1010. Internet: actel.com.
Actel's operating results are subject to a variety of risks that could cause actual results to differ materially from those projected. For a discussion of such risks, please see "Risk Factors" in Part I of Actel's Form 10-K for 1995, a copy of which will be provided to you free of charge upon request. |
