Earnings out: Sorry about the formatting.
-randy
Company Press Release
Actel Announces Quarterly Revenues and Earnings
Company Also Announces Six Month Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 21, 1998--Actel Corporation (NASDAQ:ACTL - news) today announced its financial results for the second quarter and first six months of 1998.
Net revenues for the second quarter were $37.2 million, compared with $38.5 million for the first quarter of 1998 and $40.8 million for the second quarter a year ago. This represents a decrease of 3 percent from the first quarter of 1998 and a decrease of 9 percent from the second quarter of 1997.
Net income for the second quarter of 1998 was $3.4 million, a decrease of 5 percent from first quarter 1998 net income of $3.6 million and a decrease of 31 percent from second quarter 1997 net income of $4.9 million. Earnings per share on a diluted basis were 16 cents per share for the second quarter of 1998, compared with 17 cents per share for the first quarter of 1998 and 23 cents per share for the second quarter a year ago.
For the six month period ended June 28, 1998, Actel reported net revenues of $75.6 million and net income of $7.0 million, or 31 cents per share, compared with net revenues of $80.6 million and net income of $9.5 million, or 43 cents per share, for the first six months of 1997. This represents a decrease in net revenues of 6 percent and a decrease in net income of 26 percent.
Unit sales of field programmable gate arrays (FPGAs) in the second quarter of 1998 remained flat compared with the first quarter of 1998, while the overall average selling price (ASP) of FPGAs decreased by 3 percent. Compared with the second quarter a year ago, FPGA unit sales were flat while the overall ASP of FPGAs declined 9 percent.
John East, president and CEO, stated, ''We're not happy that revenue declined from first quarter levels, but on a positive note, we announced our new SX family during the second quarter, and the response has been extremely positive. Our high reliability business was strong in Q2. The level of activity on the MX family continues to be robust, both in terms of bookings and revenue, and all of the products in that family are now available. We continue to focus on new product design wins in order to set the table for the future.''
Actel is dedicated to providing the best programmable logic solutions, giving logic designers the capability and confidence to successfully move up to higher complexity designs. The Company is the world's leading supplier of antifuse-based FPGAs and associated software development tools.
FPGAs are used by designers of communications, computer, medical, military/aerospace, industrial control, and other electronic systems to differentiate their products and get them to market faster. Actel is traded on the Nasdaq National Market under the symbol ACTL and is located at 955 East Arques Avenue, Sunnyvale, CA 94086-4533. Telephone: 888-99-ACTEL. Internet: actel.com. Email: ir@actel.com.
Actel's operating results are subject to a multitude of risks that could cause actual results to differ materially from past or projected performance, including general economic conditions and a variety of risks specific to Actel or characteristic of the semiconductor industry, such as fluctuating demand, intense competition, rapid technological change and related intellectual property and international trade issues, wafer and other supply shortages, and booking and shipment uncertainties. For a discussion of these and other factors that could have a materially adverse effect on Actel's operating results, please see ''Risk Factors'' in Actel's most recent Forms 10-K and 10-Q, which will be provided to you free of charge upon request.
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Actel Corporation
Consolidated Statements of Operations
(unaudited, in thousands except per share amounts)
Three Months Ended Six Months Ended
Jun 28, Jun 29, Mar 29, Jun 28, Jun 29,
1998 1997 1998 1998 1997
Net revenues $37,160 $40,823 $38,465 $75,625 $80,626
Costs and expenses:
Cost of revenues 14,815 16,731 15,785 30,600 33,170
Research and development 7,527 6,461 7,250 14,777 13,008
Selling, general and 10,392 10,394 10,581 20,973 20,525
administrative
Total costs and expenses 32,734 33,586 33,616 66,350 66,703
Income from operations 4,426 7,237 4,849 9,275 13,923
Interest income and
other, net 599 413 544 1,143 753
Income before tax
provision 5,025 7,650 5,393 10,418 14,676
Tax provision 1,606 2,716 1,780 3,386 5,211
Net income $ 3,419 $ 4,934 $ 3,613 $ 7,032 $ 9,465
Net income per share:
Basic $ 0.16 $ 0.24 $ 0.17 $ 0.33 $ 0.48
Diluted $ 0.16 $ 0.23 $ 0.17 $ 0.31 $ 0.43
Shares used in computation:
Basic 21,288 20,834 21,163 19,747 19,747
Diluted 21,968 21,890 21,864 22,908 21,988
Actel Corporation
Consolidated Balance Sheets
(unaudited, in thousands)
Jun 28, Dec 28,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 5,953 $ 7,763
Short-term investments 67,020 51,272
Accounts receivable, net 18,829 25,135
Inventories 24,628 20,472
Other current assets 23,387 22,621
Total current assets 139,817 127,263
Property and equipment, net 14,699 15,081
Investment in foundry 10,680 10,680
Other assets 6,900 6,970
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$172,096 $159,994
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,912 $ 12,440
Accrued salaries and employee benefits 3,779 4,718
Other accrued liabilities 5,714 2,898
Deferred income 30,908 30,928
Total current liabilities $ 53,313 $ 50,984
Shareholders' equity:
Common stock 21 21
Additional paid-in capital 88,723 85,965
Accumulated earnings 30,039 23,024
Total shareholders' equity 118,783 109,010
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$172,096 $159,994
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