Actel Announces Record Quarterly Revenues and Earnings.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. 26, 1999-- 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 financial results for the third quarter of 1999. Net revenues for the third quarter were a record $43.2 million, compared with $41.6 million for the prior quarter and $38.6 million for the third quarter a year ago. This represents an increase of 4 percent from the second quarter and an increase of 12 percent from the third quarter a year ago. Net income for the third quarter was also a record at $5.7 million, or 25 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 $4.2 million, or 19 cents per share (before the effect of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other charges), in the prior quarter and $3.8 million, or 18 cents per share, in the third quarter a year ago. Gross margin improved in the quarter by 40 basis points to 61.4 percent, and operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was up 440 basis points to 17.4 percent, compared with the prior quarter before the effect of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . -0-
Highlights for Actel during the quarter included:
-- The introduction of the SX-A FPGA family, the first and only .25
micron antifuse product. Actel believes the SX-A family is the
fastest FPGA on the market, and has the lowest power dissipation.
SX-A will also be a very low cost family.
-- The introduction of the industry's largest antifuse FPGA, the
54SX72A. This device has more than twice the logic density of
Actel's previous largest product.
-- Actel's DeskTOP tool suite ramped faster after introduction than
any software in the Company's history.
-- The Company agreed to acquire AutoGate Logic, a software service
company that offers place and route timing analysis software.
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 we're Contraction of we are. we're we are very pleased with the financial results for the third quarter. Our continued revenue growth, coupled with the reductions in spending resulting from the actions we took during the second quarter, permitted our earnings to grow 36 percent. In addition, we had a solid bookings quarter, and our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. grew again. We're also very excited about the SX-A family introduced this past quarter. Not only do we continue to have the fastest 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. , but we again have the largest antifuse FPGA as well." Actel is dedicated to becoming the field programmable gate array See FPGA. (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 families based on Flash and SRAM See static RAM. SRAM - static random-access memory technologies. The company is traded on the Nasdaq National Market under the symbol ACTL and is located at 955 East Arques Avenue, Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , 94086-4533. Telephone: 888-99-ACTEL (992-2835). Internet Internet 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 . 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 Forms 10-K and 10-Q, which will be provided to you free of charge upon request. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : 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 Nine Months Ended
Oct. 3, Oct. 4, Jul. 4, Oct. 3, Oct. 4,
1999 1998 1999 1999 1998
Net revenues $ 43,162 $ 38,628 $ 41,619 $125,619 $114,253
Costs and
expenses:
Cost of
revenues 16,659 15,245 16,238 48,891 45,845
Research and
development 7,740 7,960 8,064 24,251 22,737
Selling,
general, and
administrative 11,271 10,411 13,243 35,445 31,384
Restructure and
other charges -- -- 1,963 1,963 --
Total costs
and expenses 35,670 33,616 39,508 110,550 99,966
Income from
operations 7,492 5,012 2,111 15,069 14,287
Interest income
and other, net 941 672 721 2,403 1,815
Income before
tax provision
and equity in
net loss of
equity method
investee 8,433 5,684 2,832 17,472 16,102
Tax provision 2,548 1,847 906 5,440 5,233
Equity in net
loss of equity
method investee 217 -- -- 217 --
Net income $ 5,668 $ 3,837 $ 1,926 $ 11,815 $ 10,869
Net income
per share:
Basic $ 0.26 $ 0.18 $ 0.09 $ 0.55 $ 0.51
Diluted $ 0.25 $ 0.18 $ 0.09 $ 0.52 $ 0.50
Shares used in
computation:
Basic 21,748 21,449 21,511 21,535 21,304
Diluted 23,003 21,724 22,454 22,711 21,876
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
Oct. 3, Jan. 3,
1999 1999
ASSETS
Current assets:
Cash and cash equivalents $ 9,874 $ 13,947
Short-term investments 74,235 56,449
Accounts receivable, net 25,354 20,820
Inventories 22,853 25,669
Deferred income taxes
and other current assets 20,279 21,627
Total current assets 152,595 138,512
Property and equipment, net 12,915 14,592
Investment in foundry 10,680 10,680
Other assets 24,032 15,924
-------- --------
$200,222 $179,708
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 11,347 $ 11,525
Accrued salaries
and employee benefits 4,520 4,960
Other accrued liabilities 5,193 4,198
Deferred income 34,684 31,971
Total current liabilities $ 55,744 $ 52,654
Shareholders' equity 144,478 127,054
-------- --------
$200,222 $179,708
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