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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (45633)	4/20/2001 12:51:26 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Lattice misses, gives bleak Q2 outlook By Nicole Maestri, CBS.MarketWatch.com Last Update: 9:22 PM ET Apr 19, 2001 HILLSBORO, Ore. (CBS.MW) - Lattice Semiconductor reported Thursday the largest sequential quarterly revenue decline in its history as it revealed first-quarter results that missed lowered estimates. The maker of programmable logic devices (LSCC: news, msgs, alerts) also gave investors a bleak outlook for its second quarter, saying it sees another double-digit sequential revenue decline. FRONT PAGE NEWS Microsoft tops earnings, revenue estimates Quarterly reports grab buyer's attention Nasdaq soars; Dow also flourishes Top 10 reasons the bear market is over "Looking forward, the semiconductor market and the general economy remain weak," Cyrus Y. Tsui, president and CEO, said in a statement. "We enter the June quarter with a depleted backlog and do not anticipate a significant rebound in business." The Hillsboro, Ore.-based company reported first-quarter earnings of $27.3 million, or 24 cents per share, excluding goodwill, compared with $28 million, or 26 cents per share, a year earlier. Analysts had been expecting earnings of 25 cents per share, according to First Call's consensus estimate. Lattice reported revenue of $111.1 million vs. $126 million in the first-quarter. It was a 12 percent decline, but it beat analysts' consensus estimate of $108.7 million. "The March quarter was a sobering one for Lattice and the semiconductor industry," Tsui said in the statement. He said Lattice's earnings shortfall was due to a "rapid and steep" decline in customer orders. In early March, Lattice Semiconductor Corp. warned the Street that its earnings and revenues for the first quarter and full year would fall well short of Wall Street expectations due to a drop in demand for programmable logic devices. "For the past several months overall semiconductor market conditions have been quite turbulent," Tsui said at the time. "Within the PLD sector, what began as an inventory correction now appears to be exacerbated by a general slowdown in demand for our customers' end products." Ahead of the report, shares closed up $2.03, or 8.8 percent, at $25.18. Nicole Maestri is a reporter for CBS.MarketWatch.com