Actel Announces Record Quarterly Revenues and Profits.Business Editors/High-Tech Writers 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)--July 25, 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 financial results for the second quarter of 2000. For the second quarter of 2000, revenues were a record $55.5 million, compared with $50.7 million for the prior quarter and $41.6 million for the second quarter a year ago. This represents an increase of 10 percent from the prior quarter and 33 percent from the second quarter a year ago. The sequential One after the other in some consecutive order such as by name or number. sales growth of 10 percent included gains of 26 percent in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 6 percent in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and 5 percent
in Pan Asia. New product revenue increased by 17 percent over the prior
quarter and represented 37 percent of the total quarterly revenue.
Net income in the second quarter, excluding IPR&D from the Prosys acquisition, goodwill amortization, and gains from the sale of Chartered Semiconductor common stock, was a record $10.5 million, or 40 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 $9.1 million, or 36 cents per share, in the prior quarter and $3.5 million, or 16 cents per share, in the second quarter a year ago. This represents an increase in net income of 16 percent from the prior quarter and 198 percent from the second quarter a year ago. Including IPR&D, goodwill amortization, and gains from the stock sale, net income in the second quarter was a record $20.1 million, or 77 cents per share. This compares with $8.1 million, or 32 cents per share, in the prior quarter and $1.9 million, or 9 cents per share, in the second quarter a year ago. This represents an increase in net income of 148 percent from the prior quarter and 944 percent from the second quarter a year ago. The sale of Chartered Semiconductor common stock in the second quarter of 2000 resulted in a contribution of $16.7 million to net income, or 64 cents per share. Gross margin improved in the second quarter to a record 62.3 percent, representing a 20 basis point improvement from the prior quarter. Before the effects of IPR&D and goodwill amortization, 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. in the second quarter was $13.9 million, or 25 percent of revenue. This represents a 20 percent increase in operating income from the prior quarter and a 215 percent increase from the second quarter a year ago. Highlights for Actel during the quarter included the following: -- Completion of the acquisition of Prosys Technology, an embedded Inserted into. See embedded system. 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. intellectual property (IP) innovator. -- Agreement to acquire GateField Corporation, a Flash FPGA company. 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 pleased to have double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sequential revenue growth for the second consecutive quarter, as strength in all product families continued. Margin improvement and expense controls, coupled with the sales growth, is allowing us to continue to grow net income at a rate higher than sales growth. We're also very excited about the Prosys acquisition and having come to a definitive agreement to acquire GateField. Both of these acquisitions will strengthen our position as we head into the embedded arena." 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 (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. 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 Six Months Ended
------------------------- ----------------
Jul. 2, Jul. 4, Apr. 2, Jul. 2, Jul. 4,
2000 1999 2000 2000 1999
-------- -------- -------- -------- --------
Net revenues $ 55,544 41,619 $ 50,666 $106,210 $ 82,457
Costs and
expenses:
Cost of
revenues 20,949 16,238 19,208 40,157 32,232
Research and
development 8,888 8,064 8,351 17,239 16,511
Selling,
general, and
administrative 11,827 12,904 11,529 23,356 23,345
Amortization of
goodwill
and other
acquisition-
related
intangibles 1,544 339 1,023 2,567 829
Restructure and
other charges -- 1,963 -- -- 1,963
Purchased
in-process
research and
development 5,558 -- -- 5,558 --
-------- -------- -------- -------- --------
Total costs
and expenses 48,766 39,508 40,111 88,877 74,880
-------- -------- -------- -------- --------
Income from
operations 6,778 2,111 10,555 17,333 7,577
Interest income
and other, net 1,503 721 1,182 2,685 1,462
Gain on sale of
Chartered stock 28,329 -- -- 28,329 --
-------- -------- -------- -------- --------
Income before
tax provision 36,610 2,832 11,737 48,347 9,039
Tax provision 16,498 906 3,638 20,136 2,892
-------- -------- -------- -------- --------
Net income $ 20,112 $ 1,926 $ 8,099 $ 28,211 $ 6,147
======== ======== ======== ======== ========
Net income
per share:
Basic $ 0.86 $ 0.09 $ 0.36 $ 1.23 $ 0.29
======== ======== ======== ======== ========
Diluted $ 0.77 $ 0.09 $ 0.32 $ 1.09 $ 0.27
======== ======== ======== ======== ========
Shares used in
computation:
Basic 23,263 21,511 22,767 23,015 21,480
======== ======== ======== ======== ========
Diluted 26,186 22,454 25,467 25,907 22,620
======== ======== ======== ======== ========
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
--------------------
Jul. 2, Jul. 4, Apr. 2,
2000 1999 2000
-------- -------- --------
Operating costs and expenses $ 20,715 $ 20,968 $ 19,880
Operating income $ 13,880 $ 4,413 $ 11,578
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 $ 10,500 $ 3,523 $ 9,084
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 $ 0.45 $ 0.16 $ 0.40
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 $ 0.40 $ 0.16 $ 0.36
NOTE: Certain prior amounts have been reclassified to conform with
the current presentation.
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
Jul. 2, Jan. 2,
ASSETS 2000 2000
--------- ---------
Current assets:
Cash and cash equivalents $ 27,644 $ 4,939
Short-term investments 143,239 102,201
Accounts receivable, net 27,896 22,753
Inventories 26,761 25,324
Deferred income taxes
and other current assets 23,623 22,667
--------- ---------
Total current assets 249,163 177,884
Property and equipment, net 10,762 12,564
Investment in foundry -- 37,619
Other assets 48,184 31,144
--------- ---------
$ 308,109 $ 259,211
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,169 $ 15,374
Accrued salaries and employee benefits 9,265 6,884
Other accrued liabilities 17,635 6,912
Deferred income 45,695 39,896
--------- ---------
Total current liabilities $ 89,764 $ 69,066
Deferred tax liability 1,057 11,515
--------- ---------
Total liabilities 90,821 80,581
Shareholders' equity 217,288 178,630
--------- ---------
$ 308,109 $ 259,211
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