Actel Announces Record Quarterly Financial Results.Business Editors SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Oct. 24, 2000 Actel Corporation (Nasdaq: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 record revenues of 60.1 million for the third quarter of 2000, compared with $55.5 million for the second quarter and $43.2 million for the third quarter a year ago. This represents an increase of 8 percent from the prior quarter and 39 percent from the third quarter a year ago. New product sales, consisting of the MX, SX/SXA and radiation-tolerant families, increased by 25 percent over the second quarter and represented 43 percent of sales compared with 37 percent for the prior quarter. Net income for the third quarter, excluding goodwill and other acquisition-related intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , was a record $12.1 million, or 45 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. . This compares with $10.5 million, or 40 cents per share, for the second quarter and $6.1 million, or 26 cents per share, for the third quarter a year ago. This represents an increase in net income of 15 percent from the prior quarter and 100 percent from the third quarter a year ago. Second quarter numbers also exclude IPR&D from the Prosys acquisition and gains from the sale of Chartered Semiconductor common stock. Including goodwill and other acquisition-related intangibles, net income for the third quarter was $9.8 million, or 36 cents per share. This compares with $20.1 million, or 77 cents per share, for the second quarter and $5.7 million, or 25 cents per share, for the third quarter a year ago. This represents a decrease in net income of 51 percent from the second quarter and an increase of 73 percent from the third quarter a year ago. IPR&D and gains from the stock sale are also included in the second quarter numbers. The sale of Chartered Semiconductor common stock resulted in a contribution to net income of $16.7 million, or 64 cents per share. Gross margin improved in the third quarter to a record 62.6 percent, representing a 30 basis point improvement from the prior quarter. Before the effect of goodwill and other acquisition-related intangibles, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the third quarter was $16.0 million, or 27 percent of revenue. This represents a 15 percent increase in operating income from the second quarter and a 104 percent increase from the third quarter a year ago. 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 are pleased with our solid financial and operational performance. The third quarter results represent record revenue, gross margin, and operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . In addition, days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). and days of inventory both hit record lows. We also announced our eX family, a programmable 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. product family aimed at the market for consumer and e-appliance applications." A conference call to discuss third quarter results will be held today at 2:30 p.m. Pacific Time. A live web cast and replay of the call will be available to all interested parties. Web cast and replay access information can be found on the Company's web site, www.actel.com. Additionally, financial updates will be made available on the Company's web site after the market close on the third business day of the second and third fiscal months of each quarter. For the fourth quarter, these dates will be November November: see month. 1st and November 29th. A recorded message with the update information will also be available by calling 408/522-7500. Actel designs, develops, and markets FPGAs (field programmable gate arrays See FPGA. ) and associated design and development software and programming hardware. FPGAs are used by designers of communications, computer, consumer and internet-appliance, industrial, military/aerospace, and other electronic systems to differentiate differentiate /dif·fer·en·ti·ate/ (dif?er-en´she-at) 1. to distinguish, on the basis of differences. 2. to develop specialized form, character, or function differing from that surrounding it or from the original. their products and get them to market faster. Actel is the leading supplier of FPGAs based on 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. technology and has introduced the ProASIC family of reprogrammable FPGAs based on flash technology. The company also offers system-level design, prototyping (1) Creating a demo of a new system. Prototyping is essential for clarifying information requirements. The design of a system (functional specs) must be finalized before the system can be built. , and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" through its Protocol Design Services Group. Actel's strategy is to be The Programmable ASIC Solutions Company, a complete solution provider for programmable ASIC (application specific integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for ) systems. The company is traded on the Nasdaq National Market under the symbol ACTL and is located at 955 East Arques Arques is the name or part of the name of several communes in France:
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.actel.com. Actel's operating results are subject to a multitude MULTITUDE. The meaning of this word is not very certain. By some it is said that to make a multitude there must be ten persons at least, while others contend that the law has not fixed any number. Co. Litt. 257. 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 Forms 10-K and 10-Q, which will be provided to you free of charge upon request. Note to Editors: The Actel name and logo are registered trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners.
ACTEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands except per share amounts)
Three Months Ended Nine Months Ended
Oct. 1, Oct. 3, Jul. 2, Oct. 1, Oct. 3,
2000 1999 2000 2000 1999
Net revenues $ 60,080 $ 43,162 $ 55,544 $ 166,290 $ 125,619
Costs and expenses:
Cost of revenues 22,454 16,659 20,949 62,611 48,891
Research
and development 9,325 7,740 8,888 26,564 24,251
Selling, general,
and administrative 12,329 10,921 11,827 35,685 34,266
Amortization of
goodwill and other
acquisition-related
intangibles 2,324 350 1,544 4,891 1,179
Restructure and
other charges -- -- -- -- 1,963
Purchased
in-process
research and
development -- -- 5,558 5,558 --
Total costs and
expenses 46,432 35,670 48,766 135,309 110,550
Income from
operations 13,648 7,492 6,778 30,981 15,069
Interest income and
other, net 1,769 724 1,503 4,454 2,186
Gain on sale of
Chartered stock -- -- 28,329 28,329 --
Income before tax
provision 15,417 8,216 36,610 63,764 17,255
Tax provision 5,638 2,548 16,498 25,774 5,440
Net income $ 9,779 $ 5,668 $ 20,112 $ 37,990 $ 11,815
Net income per share:
Basic $ 0.41 $ 0.26 $ 0.86 $ 1.63 $ 0.55
Diluted $ 0.36 $ 0.25 $ 0.77 $ 1.45 $ 0.52
Shares used in
computation:
Basic 23,869 21,748 23,263 23,300 21,535
Diluted 26,999 23,003 26,186 26,207 22,711
ACTEL CORPORATION
PRO-FORMA INFORMATION
EXCLUDING GOODWILL AMORTIZATION AND
ACQUISITION-RELATED, RESTRUCTURING, AND OTHER CHARGES
(in thousands except per share amounts)
The following Pro-Forma supplemental information adjusts for the
effect of amortization of goodwill and other acquisition-related
charges (including in-process research and development), restructuring
and other charges and gains from the sale of Chartered Semiconductor
Common Stock. Not all goodwill amortization and acquisition-related
charges are deductible for income tax purposes. The tax implications
of these items have been included in the determination of the pro
forma net income. This pro forma information is not prepared in
accordance with generally accepted accounting principles.
Three Months Ended
Oct. 1, Oct. 3, Jul. 2,
2000 1999 2000
Operating costs and expenses $ 21,654 $ 18,661 $ 20,715
Operating income $ 15,972 $ 7,842 $ 13,880
Net income excluding
amortization of goodwill and
other acquisition-related
intangibles, purchased
in-process research and
development, restructuring
and other charges, and gain
from sale of Chartered stock $ 12,103 $ 6,052 $ 10,500
Basic earnings per share
excluding amortization of
goodwill and other
acquisition-related
intangibles, purchased
in-process research and
development, restructuring
and other charges, and gain
from sale of Chartered stock $ 0.51 $ 0.28 $ 0.45
Diluted earnings per share
excluding amortization of
goodwill and other
acquisition-related
intangibles, purchased
in-process research and
development, restructuring
and other charges, and gain
from sale of Chartered stock $ 0.45 $ 0.26 $ 0.40
NOTE: Certain prior amounts have been reclassified to conform with the
current presentation.
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
Oct. 1, Jan. 2,
2000 2000
ASSETS
Current assets:
Cash and cash equivalents $ 14,062 $ 4,939
Short-term investments 161,624 102,201
Accounts receivable, net 25,799 22,753
Inventories 26,486 25,324
Deferred income taxes and other
current assets 23,432 22,667
Total current assets 251,403 177,884
Property and equipment, net 11,014 12,564
Investment in foundry -- 37,619
Other assets 48,062 31,144
$ 310,479 $ 259,211
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 11,616 $ 15,374
Accrued salaries and employee
benefits 13,844 6,884
Other accrued liabilities 9,958 6,912
Deferred income 42,365 39,896
Total current liabilities $ 77,783 $ 69,066
Deferred tax liability 949 11,515
Total liabilities 78,732 80,581
Shareholders' equity 231,747 178,630
======== ========
$ 310,479 $ 259,211
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