Actel Announces Quarterly Revenues and Earnings; Company Also Announces Record Nine Month Results.SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 21, 1997--Actel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACTL ACTL American College of Trial Lawyers (Irvine, California) ACTL Access Carrier Terminal Location ACTL Activation Library ACTL Automated Compatibility Test Laboratory ACTL Association Cultural Turkey-Luxembourg ) today announced net revenues and net income for the third quarter and nine months of 1997. Net revenues for the third quarter were $38.2 million, compared with $38.0 million for the third quarter of 1996 and $40.8 million for the second quarter of 1997. This represents an increase of 1 percent over the third quarter of 1996 and a decline of 6 percent from the second quarter of 1997. Net income for the third quarter of 1997 was $3.9 million, or 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $3.9 million, or 18 cents per share, for the third quarter of 1996 and $4.9 million, or 23 cents per share, for the second quarter of 1997. This represents no change in net income from the third quarter of 1996 and a decline of 21 percent from the second quarter of 1997. For the nine month period ended September 28, 1997, Actel reported record net revenues of $118.8 million and record net income of $13.4 million, or 61 cents per share, compared with net revenues of $109.8 million and net income of $10.8 million, or 51 cents per share, for the nine months of 1996. This represents an increase in net revenues of 8 percent and an increase in net income of 24 percent. Unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of field programmable gate arrays See FPGA. (FPGAs) declined 4 percent in the third quarter of 1997 compared with the third quarter of 1996, while the overall average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ) of FPGAs increased 5 percent. Sequentially, FPGA (Field Programmable Gate Array) A type of gate array that is programmed in the field rather than in a semiconductor fab. Containing up to hundreds of thousands of gates, there are a variety of FPGA architectures on the market. unit sales declined 12 percent in the third quarter of 1997, while the overall ASP of FPGAs increased by 6 percent. John East, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "We're disappointed that our string of nine consecutive quarters of record revenues has come to an end. Like our competitors, we saw a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of orders in Q3. "On a more positive note," East continued, "we just announced a new family of FPGAs that we believe is the industry's first line of low-cost, single-chip ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. alternatives. The new MX family offers all of the advantages of Actel's nonvolatile antifuse technology. In contrast to SRAM-based FPGAs, which require a separate 'boot' device to load configuration data into the FPGAs memory, the antifuse MX family requires no additional boot device and is more ASIC-like in structure. The result is significant savings in component costs, board space, design time, and design costs. "Finally, I can't resist mentioning the role that Actel played in the Mars Pathfinder Mars Pathfinder First spacecraft to land on Mars since the Viking 1976 missions. Launched in 1996 by NASA, Pathfinder descended to the Martian surface in July 1997 using parachutes, rockets, and air bags. mission. We feel fortunate to have provided more than 20 FPGAs to the mission. Our high-reliability devices were an integral part of the circuitry used to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. the Pathfinder pathfinder /path·find·er/ (path´find?er) 1. an instrument for locating urethral strictures. 2. a dental instrument for tracing the course of root canals. path·find·er n. to the Martian surface and transmit the high resolution images seen all over the world. We congratulate NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. and the outstanding people at the Jet Propulsion jet propulsion, propulsion of a body by a force developed in reaction to the ejection of a high-speed jet of gas. Jet Propulsion Engines The four basic parts of a jet engine are the compressor, turbine, combustion chamber, and propelling nozzles. Lab for their flawless execution of this outstanding mission," East concluded. Actel is dedicated to providing the best programmable logic See PLD. 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, another 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: http://www.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 fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. demand, intense competition, rapid technological change and related intellectual property and international trade issues, wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. 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 Forms10-K and 10-Q, which will be provided to you free of charge upon request. -0-
ACTEL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
Three Months Ended
Sept. 28, Sept. 29, June 29,
1997 1996 1997
Net revenues $ 38,220 $ 38,014 $ 40,823
Costs and expenses:
Cost of revenues 15,788 16,164 16,731
Research and development 6,641 6,417 6,461
Selling, general,
and administrative 10,355 9,854 10,394
-------- -------- --------
Total costs and expenses 32,784 32,435 33,586
Income from operations 5,436 5,579 7,237
Interest income and other, net 559 338 413
Income before tax provision 5,995 5,917 7,650
Tax provision 2,074 2,012 2,716
Net income $ 3,921 $ 3,905 $ 4,934
Net income per share $ 0.18 $ 0.18 $ 0.23
Shares used in computing
net income per share 22,172 21,475 21,890
Nine Months Ended
Sept. 28, Sept. 29,
1997 1996
Net revenues $118,846 $109,751
Costs and expenses:
Cost of revenues 48,957 48,040
Research and development 19,649 18,078
Selling, general, and administrative 30,881 27,743
------- -------
Total costs and expenses 99,487 93,861
Income from operations 19,359 15,890
Interest income and other, net 1,312 1,040
Income before tax provision 20,671 16,930
Tax provision 7,285 6,142
Net income $ 13,386 $ 10,788
Net income per share $ 0.61 $ 0.51
Shares used in computing
net income per share 22,050 21,351
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
Sept. 28, Dec. 29,
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $ 9,994 $ 3,543
Short-term investments 43,888 25,626
Accounts receivable, net 21,541 29,495
Inventories 23,071 26,848
Other current assets 20,071 19,093
Total current assets 118,565 104,605
Property and equipment, net 15,401 15,973
Investment in foundry 10,680 10,680
Other assets 4,818 5,454
-------- --------
$149,464 $136,712
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 11,987 $ 9,933
Accrued salaries
and employee benefits 4,217 5,967
Other accrued liabilities 252 5,922
Deferred income 28,366 27,386
Total current liabilities 44,822 49,208
Commitments
Redeemable convertible
preferred stock -- 18,147
Shareholders' equity:
Common stock 1,172 18
Additional paid-in capital 83,878 63,133
Accumulated earnings 19,592 6,206
Total shareholders' equity 104,642 69,357
-------- --------
$149,464 $136,712
CONTACT: Actel Corporation Buford Barr, 408/522-4368 (press) Hank hank n. 1. A coil or loop. 2. Nautical A ring on a stay attached to the head of a jib or staysail. 3. A looped bundle, as of yarn. Perret, 408/522-4542 (financial) |
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