Actel Corporation announces record revenues and earnings for fourth quarter 1994.SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 26, 1995--Actel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 financial results for its fourth quarter, which ended January 1, 1995. In the quarter, Actel generated record net revenues of $20.7 million and record net income of $2.3 million, or 13 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. , compared with net revenues of $14.1 million and net income of $234,000, or 1 cent per share, in the fourth quarter of 1993 and net revenues of $20.2 million and net income of $2.2 million, or 13 cents per share, in the third quarter of 1994. This represents an increase in net revenues of 47 percent over the fourth quarter of 1993 and 3 percent over the third quarter of 1994. Actel also reported record net revenues of $76.0 million and record net income of $7.9 million, or 45 cents per share, in fiscal 1994, compared with net revenues of $59.6 million and net income of $5.0 million, or 32 cents per share, in fiscal 1993. This represents an increase in net revenues of 28 percent and an increase in net income of 57 percent over fiscal 1993. Actel is the leading supplier of antifuse-based field programmable gate arrays See FPGA. (FPGAs) and associated development systems. FPGAs are standard or "off the shelf" logic devices that electronic system manufacturers customize for their products "in the field" by using computer-aided engineering See CAE. Computer-aided engineering Any use of computer software to solve engineering problems. With the improvement of graphics displays, engineering workstations, and graphics standards, computer-aided engineering (CAE) has come to mean the computer (CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. ) design tools and programmers This is a list of programmers notable for their contributions to software, either as original author or architect, or for later additions. See also: Game programmer, List of computer scientists . FPGAs accounted for 93 percent of Actel's net revenues in the fourth quarter of 1994. During the fourth quarter, unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of FPGAs increased by 62 percent compared with the fourth quarter of 1993, while net revenues from the sale of FPGAs increased 65 percent and the overall average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. (ASPs) of FPGAs increased 2 percent. Sequential quarter-to-quarter 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. unit volume sales increased during the fourth quarter by 14 percent, while FPGA revenues increased by 6 percent and ASPs decreased by 7 percent. John C. 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, "This past quarter we were delighted to announce the continuation of our relationship with Matsushita Electronic Components Corporation. Under a five year agreement covering the development of advanced process technology, we transferred our proprietary metal-to-metal antifuse structure to Matsushita, which they are now integrating into their .6 and .5 CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. processes. When completed, we will be able to build devices with unprecedented performance, capacity, and value." Commenting on the recent Kobe earthquake, Mr. East went on to say, "We've spoken with our friends at Matsushita and, fortunately, they incurred no significant damage at their fabs as a result of the earthquake. Our deepest sympathies go out to our friends and their families who were affected by the quake Quake - A string-oriented language designed to support the construction of Modula-3 programs from modules, interfaces and libraries. Written by Stephen Harrison of DEC SRC, 1993. . As for the earthquake's impact on Actel, we believe it will be minimal." Actel's quarterly operating results are subject to a variety of risks characteristic of the semiconductor industry, including 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 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. Historically, the semiconductor industry has experienced significant volatility, short product life cycles, and price erosion. Given the intensity of the research and development being done by competitors, Actel expects competition from new products based on emerging or existing technologies as well as from existing programmable logic See PLD. products and application specific integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. . Actel is actively developing new products that it believes will meet future customer needs, but no assurance can be given that its efforts will be successful. The failure of Actel to enforce its own patents and copyrights or to protect its trade secrets, or to obtain licenses on acceptable terms for any technologies used by Actel that are owned by third parties, and any litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. or other intellectual property matters could have a materially adverse effect on Actel's financial condition or ability to compete successfully. Although Actel's products are manufactured using a customized process, Actel does not operate its own manufacturing facility and has from time to time experienced manufacturing problems, including difficulties in bringing up new processes and foundries. In addition, Actel typically generates a large percentage of its quarterly revenues from orders received during the quarter and shipped in the final weeks of the quarter. Fluctuations in Actel's operating results could occur in the future due to any of these factors or many others, including general economic conditions or other conditions specific to the semiconductor industry. Actel's antifuse FPGAs are used by designers of telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , industrial, computer, and space systems to differentiate their products, reduce time to market and development costs, and improve system size and performance. The Company is located at 955 East Arques Avenue, Sunnyvale, CA 94086. Telephone: 408/739-1010. -0-
ACTEL CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
Jan. 1 Jan 2 Oct. 2 Jan. 1 Jan. 2
1995 1994 1994 1995 1994
------------------------------ ------------------
Net revenues $20,732 $14,071 $20,222 $76,007 $59,598
Cost and Expenses:
Cost of revenues 9,308 6,733 8,890 33,349 26,389
Research and
development 3,752 3,018 3,777 14,406 10,953
Selling, general
and administrative 5,180 4,219 5,079 19,699 16,708
------ ------ ------ ------ ------
Operating costs and
expenses 18,240 13,970 17,746 67,454 54,050
------ ------ ------ ------ ------
Operating income 2,492 101 2,476 8,553 5,548
Interest and
other income, net 222 159 138 703 10
------ ------ ------ ------ ------
Income before tax
provision 2,714 260 2,614 9,256 5,558
Provision for
income taxes 408 26 392 1,389 555
------ ------ ------ ------ ------
Net income $2,306 $ 234 $2,222 $7,867 $5,003
====== ====== ====== ====== ======
Net income per
share $ .13 $ .01 $ .13 $ .45 $ .32
====== ====== ====== ====== ======
Weighted average
common and common
equivalent shares
outstanding 17,562 17,548 17,577 17,579 15,811
====== ====== ====== ====== ======
ACTEL CORPORATION
CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
Jan. 1, Jan. 2,
1995 1994
Current assets
Cash, cash equivalents and
short-term investments $25,963 $34,304
Accounts receivable 13,232 9,574
Inventories 12,931 6,792
Other current assets 2,317 1,641
------- -------
Total current assets 54,443 52,311
Property and equipment, net 9,278 8,731
Other assets 4,134 88
------- -------
Total assets $67,855 $61,130
======= =======
Current liabilities
Accounts payable, accrued
liabilities and deferred income $17,984 $18,408
Current obligations under notes
payable and capital leases 488 1,573
------- -------
Total current liabilities 18,472 19,981
Long-term obligations 72 926
Shareholders' equity 49,311 40,223
------- -------
Total liabilities and
shareholders' equity $67,855 $61,130
======= =======
CONTACT: Actel Corporation, Sunnyvale Buford Barr, 408/522-4368 (press contact) Kirk A. Ross, 408/522-4213 (financial contact) |
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