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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
                                                  --------   --------
                                                  $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
                                                  --------   --------
                                                  $187,495   $179,708
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 28, 1999
Words:798
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