Actel Announces Quarterly Revenues and Earnings.SUNNYVALE, Calif.--(BUSINESS WIRE)--April 28, 1999-- Actel Corporation (Nasdaq:ACTL ACTL - Access Carrier Terminal Location ACTL - Access Customer's Terminal Location (US West) ACTL - Activation Library ACTL - Association Cultural Turkey-Luxembourg ACTL - Automated Compatibility Test Laboratory) today announced its financial results for the first quarter of 1999. Net revenues for the first quarter of 1999 were a record $40.8 million, compared with $40.2 million for the fourth quarter of 1998 and $38.5 million for the first quarter a year ago. This represents an increase of 2 percent from the fourth quarter of 1998 and an increase of 6 percent from the first quarter of 1998. Net income for the first quarter of 1999 was $4.2 million, an increase of 3 percent from fourth quarter 1998 net income of $4.1 million and an increase of 17 percent from first quarter 1998 net income of $3.6 million. Earnings per share on a diluted basis were 19 cents per share for the first quarter of 1999, compared with 19 cents per share for the fourth quarter of 1998 and 17 cents per share for the first quarter a year ago. Unit sales of field programmable gate arrays (FPGAs) in the first quarter of 1999 increased 8 percent compared with the fourth quarter of 1998, while the overall average selling price (ASP) of FPGAs decreased by 6 percent. Compared with the first quarter a year ago, FPGA unit sales increased 21 percent while the overall ASP of FPGAs decreased 14 percent. John East, president and CEO, stated, "Although we showed only marginal improvement in our financial and operational results from the prior quarter, we continued to make progress on our new products. We expect to announce Flash this quarter and our new antifuse A programmable chip technology that creates permanent, conductive paths between transistors. In contrast to "blowing fuses" in the fusible link method, which opens a circuit by breaking apart a conductive path, the antifuse method closes the circuit by "growing" a conductive via. Two metal layers sandwich a layer of non-conductive, amorphous silicon. When voltage is applied to this middle layer, the amorphous silicon is turned into polysilicon, which is conductive. and SRAM products later this year." Actel is dedicated to becoming the field programmable gate array (FPGA) provider of choice. The company's FPGAs are used by manufacturers of communications, computer, consumer, industrial control, military/aerospace, and other electronic systems to bring complex, high-density digital designs rapidly to market. Actel, the world's leading supplier of FPGAs based on antifuse technology, is readying new FPGAs families based on Flash and SRAM technologies. The company is traded on the Nasdaq National Market under the symbol ACTL and is located at 955 East Arques Avenue, Sunnyvale, California, 94086-4533. Telephone: 888-99-ACTEL ACTEL - Access Telephone Number (992-2835). 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 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. Editor's Note: The Actel name and logo are registered trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners. -0-
ACTEL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
Three Months Ended
Apr. 4, Mar. 29, Jan. 3,
1999 1998 1999
Net revenues $40,838 $38,465 $40,174
Costs and expenses:
Cost of revenues 15,994 15,785 15,797
Research and development 8,447 7,250 8,483
Selling, general and administrative 10,931 10,581 10,359
Total costs and expenses 35,372 33,616 34,639
Income from operations 5,466 4,849 5,535
Interest income and other, net 741 544 565
Income before tax provision 6,207 5,393 6,100
Tax provision 1,986 1,780 1,982
Net income $ 4,221 $ 3,613 $ 4,118
Net income per share:
Basic $ 0.20 $ 0.17 $ 0.20
Diluted $ 0.19 $ 0.17 $ 0.19
Shares used in computation:
Basic 21,347 21,163 21,091
Diluted 22,673 21,864 22,201
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
Apr. 4, Jan. 3,
1999 1999
ASSETS
Current assets:
Cash and cash equivalents $ 11,339 $ 13,947
Short-term investments 66,069 56,449
Accounts receivable, net 21,755 20,820
Inventories 24,948 25,669
Other current assets 21,006 21,627
Total current assets 145,117 138,512
Property and equipment, net 13,917 14,592
Investment in foundry 10,680 10,680
Other assets 17,781 15,924
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$187,495 $179,708
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,482 $ 11,525
Accrued salaries and employee benefits 3,127 4,960
Other accrued liabilities 6,864 4,198
Deferred income 34,345 31,971
Total current liabilities $ 53,818 $ 52,654
Shareholders' equity 133,677 127,054
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$187,495 $179,708
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