LATTICE SEMICONDUCTOR REPORTS RECORD ANNUAL RESULTS; REVENUE UP 38%, NET INCOME UP 55%
April 17, 1996, 7:25 PM EDT
HILLSBORO, Ore., April 17 /PRNewswire/ -- Lattice Semiconductor Corporation (Nasdaq: LSCC) today announced record financial results for its fiscal year ended March 30, 1996. Revenue for the year was a record $198.2 million, an increase of 38 percent over the $144.1 million reported last year. Net income for the year was a record $41.8 million ($1.99 per share), an increase of 55 percent over the $27.0 million ($1.41 per share) reported last year.
Revenue for the fourth fiscal quarter was a record $53.0 million, up 31 percent from the $40.3 million reported in the same quarter a year ago and an increase of three percent over the $51.5 million reported last quarter. Net income for the quarter was a record $12.1 million ($0.54 per share), up 57 percent from the $7.7 million ($0.40 per share) reported in the same quarter a year ago and an increase of nine percent over the $11.1 million ($0.52 per share) reported last quarter. Quarterly after-tax net profit margin also established a new record of 22.8 percent.
"We are pleased with these results as they mark our seventh consecutive record year in terms of both revenue and net income," stated Cyrus Y. Tsui, president and chief executive officer. "Quarterly high-density revenue was a record $23.2 million, more than double when compared to the same quarter last year and an increase of 24 percent over the $18.7 million reported last quarter. Notably, high-density revenue growth returned to historic levels as all geographies, sales channels and product families recorded double digit sequential quarterly growth. Our ispLSI(R) 2000 and 3000 product families continued to be favorably received by the market as revenue from these new products more than doubled with respect to last quarter."
"Fiscal 1996 was a breakthrough year for Lattice Semiconductor," Tsui continued. "We exit the year with high-density products accounting for 44 percent of total quarterly revenue, having successfully executed a strategy to transition our business base to the attractive high-density segment of the PLD market. Last year, Lattice was once again the fastest growing high-density PLD supplier. Annual high-density revenue, now $73 million, increased 144 percent over the $30 million recorded in fiscal 1995. Sales of software design tools, a requirement to generate future silicon revenue, accelerated throughout the year. Our total software installed base more than doubled during the year highlighted by the sale of our 10,000th copy of software last quarter. Most importantly, In-System Programmable(TM) (ISP(TM)) devices, first invented and developed by Lattice in 1992, are now a standard in the high-density PLD industry as a result of widespread
endorsement by customers and competitors during the year. Based on the strong momentum we have established, high-density PLDs will soon account for the majority of our total revenue."
"We exit the year in the strongest financial and operational position ever. The combination of a second world-class foundry partnership with UMC, augmenting our existing relationship with Seiko Epson, and a strong balance sheet ensures that we have both the capacity and resources to continue to execute our business plans. Although the current turbulence within the semiconductor industry has resulted in a lack of clarity regarding the immediate business outlook, we are very
optimistic about the long-term prospects of the programmable logic marketplace. We remain encouraged by our continuing progress in the high-density PLD area and our potential to grow our business," Tsui concluded.
LATTICE SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three Months Ended (unaudited) Year Ended
March 30, Dec. 30, April 1, March 30, April 1,
1996 1995 1995 1996 1995
Revenue $53,008 $51,538 $40,318 $198,167 $144,083
Costs and expenses:
Cost of products
sold 21,914 21,343 16,710 82,216 58,936
Research and
development 6,936 6,816 6,185 26,825 22,859
Selling, general and
administrative 8,233 8,003 6,899 31,323 25,020
Total costs and
expenses 37,083 36,162 29,794 140,364 106,815
Income from
perations 15,925 15,376 10,524 57,803 37,268
her income, net 1,996 1,514 1,052 5,442 3,349
Income before provision
for income taxes 17,921 16,890 11,576 63,245 40,617
Provision for income
Taxes 5,824 5,827 3,878 21,461 13,651
Net income $12,097 $11,063 $7,698 $41,784 $26,966
Net income per share $0.54 $0.52 $0.40 $1.99 $1.41
Weighted average common
and common equivalent
shares outstanding 22,575 21,409 19,467 20,979 19,164
LATTICE SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
March 30, April 1,
1996 1995
Assets
Current assets:
Cash and short-term investments $215,170 $88,810
Accounts receivable 22,884 18,147
Inventories 21,761 14,131
Other current assets 29,001 20,053
Total current assets 288,816 141,141
Wafer supply advance 14,507 31,320
Property and equipment, net 25,471 20,115
Investment in UICC and other assets 14,141 341
$342,935 $192,917
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued
liabilities $22,471 $18,163
Deferred income on sales to dis. 16,896 11,751
Income taxes payable 4,800 5,206
Total current liabilities 44,167 35,120
Stockholders' equity 298,768 157,797
$342,935 $192,917
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