Looks like First Call got it dead right.
Trailing PE is now a little under 40.
Tomorrow will be interesting.
AF
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Actel Announces Record Quarterly Revenues and Earnings
Company Also Announces Record Fiscal Year Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 28, 1997-- Actel Corp today announced record net revenues and record net income for
both the fourth quarter of 1996 and the fiscal year.
Net revenues for the fourth quarter were a record $39.0 million, compared with $32.6 million for the fourth quarter of 1995 and $38.0
million for the third quarter of 1996. This represents an increase of 20 percent over the fourth quarter of 1995 and 3 percent over the third
quarter of 1996.
Operating income for the fourth quarter of 1996 was a record $6.1 million, compared with $3.7 million for the fourth quarter of 1995 and
$5.6 million for the third quarter of 1996. This represents an increase of 67 percent over the fourth quarter of 1995 and 10 percent over the
third quarter of 1996.
Net income for the fourth quarter of 1996 was a record $4.2 million, or 19 cents per share, compared with $3.9 million, or 19 cents per
share, for the fourth quarter of 1995 and $3.9 million, or 18 cents per share, for the third quarter of 1996. This represents an increase in net
income of 7 percent over the fourth quarter of 1995 and 6 percent over the third quarter of 1996. Actel's effective tax rate was 35 percent
for 1996 compared with zero for 1995.
For the fiscal year ended December 29, 1996, Actel reported record net revenues of $148.8 million and record net income of $14.9 million,
or 70 cents per share, compared with net revenues of $108.5 million and (prior to consideration of a pretax charge for in-process research
and development and tax benefits) net income of $8.8 million, or 51 cents per share, for the 1995 fiscal year. This represents an increase in
net revenues of 37 percent and an increase in net income of 69 percent over 1995.
Unit sales of field programmable gate arrays (FPGAs) were flat in the fourth quarter of 1996 compared with the fourth quarter of 1995, while
the overall average selling price (ASP) of FPGAs increased 24 percent. Sequentially, FPGA unit sales declined by 6 percent in the fourth
quarter of 1996 while the overall ASP of FPGAs increased by 12 percent.
John East, president and CEO, stated, "Actel achieved the distinction of being the fastest-growing publicly-held programmable logic company
in 1996. Our outstanding results, both for the fourth quarter and for the year, closely parallel activity on the engineering and marketing fronts,
which we believe will keep Actel at the forefront of the programmable logic market.
"During the fourth quarter, we announced an agreement with Inicore, a Swiss provider of intellectual property cores. Under the agreement,
we unveiled six cores for communications and industrial control applications that are available for immediate use with our ACT 3, 1200XL,
and 3200DX families. I'm also pleased to report that we began shipping production versions of our Designer Series 3.1 software, which fully
supports the advanced features of our 3200DX family.
"Reflecting back, 1996 was our most prolific year for product announcements. One of those products, our radiation-hardened RH1280,
ramped faster than any other product in Actel's history," East concluded.
Actel is dedicated to providing logic designers with the capability and confidence to successfully move to high complexity designs by
supplying the best programmable logic devices and design software. 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, California 94086-4533. Telephone: (408)
739-1010. Internet: actel.com
Actel's operating results are subject to a multitude of risks that could cause actual results to differ materially from past performance or
projections, 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.
ACTEL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited, in thousands except per share amounts)
Three Months Ended Fiscal Year Ended
Dec. 29, Dec. 31, Sept. 29 Dec. 29, Dec. 31,
1996 1995 1996 1996 1995
Net revenues $39,027 $32,553 $38,014 $148,779 $108,516
Costs and expenses:
Cost of revenues 16,381 15,234 16,164 64,420 52,517
Research and
development 5,855 5,802 6,417 23,934 20,560
Selling, general,
and administrative 10,651 7,849 9,854 38,395 27,364
In-process research
and development -- -- -- -- 16,600
Total costs and
expenses 32,887 28,885 32,435 126,749 117,041
Income (loss) from
operations 6,140 3,668 5,579 22,030 (8,525)
Interest income and
other, net 16 210 338 1,055 753
Income (loss) before
tax provision 6,156 3,878 5,917 23,085 (7,772)
Tax provision
(benefit) 2,003 -- 2,012 8,147 (6,640)
Net income (loss) $ 4,153 $ 3,878 $ 3,905 $ 14,938 $ (1,132)
Net Income (loss)
per share $ 0.19 $ 0.19 $ 0.18 $ 0.70 $ (0.07)
Shares used in
computing net income
(loss) per share 21,893 20,808 21,475 21,485 17,367
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEET
(unaudited, in thousands)
Dec. 29, Dec. 31,
1996 1995
ASSETS
Current assets:
Cash, cash equivalents,
and short-term investments $ 29,169 $ 19,987
Accounts receivable, net 29,495 17,805
Inventories 26,848 27,726
Other current assets 19,093 12,401
Total current assets 104,605 77,919
Property and equipment, net 15,973 15,674
Other assets 16,134 13,526
-------- --------
$136,712 $107,119
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued liabilities,
and deferred income $ 49,208 $ 37,986
Current portion of capital
lease obligations -- 66
Total current liabilities 49,208 38,052
Redeemable convertible preferred stock 18,147 18,147
Shareholders' equity 69,357 50,920
-------- --------
$136,712 $107,119
CONTACT: Actel Corporation
Chuck Byers, 408/522-4598
David M. Sugishita, 408/522-4393 |
