Monday January 13 8:25 PM EDT
Lattice Semiconductor Reports Third Quarter Results
Revenue Up 5%, Net Income Up 8% Sequentially
HILLSBORO, Ore., Jan. 13 /PRNewswire/ -- Lattice Semiconductor Corp
today announced financial results for its third fiscal quarter ended
December 28, 1996. Revenue for the quarter was $51.0 million, as
compared to the $51.5 million reported in the same quarter a year
ago, up five percent from last quarter's revenue of $48.6 million.
Net income for the quarter was $11.3 million ($0.49 per share), as
compared to the $11.1 million ($0.52 per share) reported in the same
quarter last year, up eight percent from last quarter's net income
of $10.5 million ($0.46 per share).
"We are pleased that our business has resumed a sequential quarterly
growth trajectory," stated Cyrus Y. Tsui, president and chief
executive officer. "Revenue growth last quarter was driven by our
high-density, in-system programmable(TM), (ISP(TM)), ispLSI(R)
product lines and a marked acceleration in direct OEM business
across all geographies. These business results indicate that the
industry-wide inventory correction of 1996 may well be behind us."
"Last quarter we attained a major strategic milestone," Tsui
continued. "For the first time high-density products accounted for
the majority of total revenue. Quarterly high-density revenue reached
a record level of nearly $28 million, 55 percent of total revenue,
growing 16 percent sequentially and almost 50 percent when compared
to the same quarter last year. As a result of strong customer
acceptance of our ispLSI product lines, ongoing design-in activities
and software seat sales remained strong and high-density revenue
growth continued to significantly outpace the market growth rate."
"Entering the new quarter, we remain highly dependent on 'turns'
orders for continued revenue growth, although high-density bookings
and backlog have grown significantly and are at record levels," Tsui
concluded.
Statements in this news release looking forward in time are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements involve risks and uncertainties, including
the effect of changing economic conditions, the effect of overall
semiconductor market conditions, product demand and market acceptance
risks, risks associated with dependencies on silicon wafer suppliers,
the impact of competitive products and pricing, technological and
product development risks and other risk factors detailed in the
Company's Securities and Exchange Commission filings. Actual results
may differ materially from forward-looking statements.
Lattice Semiconductor Corporation is based in Hillsboro, Oregon. The
company designs, develops and markets high performance ISP(TM)
programmable logic devices (PLDs). PLDs shorten design cycles and
reduce development costs by allowing the customer to quickly and
efficiently incorporate different logic functions on a single device.
Lattice Semiconductor products are sold worldwide through an
extensive network of independent sales representatives and
distributors, primarily to OEM customers in the fields of
communications, computing, computer peripherals, instrumentation,
industrial control and military systems. Company headquarters are
located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124, U.S.A.;
Telephone 503-681-0118; FAX 503-681-3037.
LATTICE SEMICONDUCTOR CORPORATION
CONSOUDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Three Months Ended (unaudited)
Dec. 28, Sept. 28, Dec. 30,
1996 1996 1995
Revenue $51,015 $48,638 $51,538
Costs and expenses:
Cost of products sold 20,967 19,995 21,343
Research and development 6,933 6,888 6,816
Selling, general and administrative 8,459 8,194 8,003
Total costs and expenses 36,359 35,077 36,162
Income from operations 14,656 13,561 15,376
Other income, net 2,304 2,168 1,514
Income before provision for
income taxes 16,960 15,729 16,890
Provision for income taxes 5,682 5,269 5,827
Net income $11,278 $10,460 $11,063
Net income per share $0.49 $0.46 $0.52
Weighted average common and
common equivalent shares
outstanding 23,073 22,630 21,409
LATTICE SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEET
(in thousands)
Dec. 28, March 30,
1996 1996
Assets
Current assets:
Cash and short-term investments $243,262 $215,170
Accounts receivable 22,850 22,884
Inventories 28,748 21,761
Other current assets 34,308 29,001
Total current assets 329,168 288,816
Water supply advance 0 14,507
Property and equipment, net 27,908 25,471
Foundry Investment and other assets 22,485 14,141
$379,561 $342,935
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued
liabilities $22,105 $22,471
Deferred income on sales to distributors 14,810 16,896
Income taxes payable 388 4,800
Total current liabilities 37,303 44,167
Stockholders' equity 342,258 298,768
$379,561 $342,935
SOURCE Lattice Semiconductor Corp.
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They continue to grow their sales (20% annualized) and earnings
(30% annualized) and still only sell for 20PE.
EKS |
