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LATTICE SEMICONDUCTOR ANNOUNCES THIRD-QUARTER RESULTS; REVENUES UP 21 PERCENT, NET INCOME UP 41 PERCENT

 LATTICE SEMICONDUCTOR ANNOUNCES THIRD-QUARTER RESULTS;
 REVENUES UP 21 PERCENT, NET INCOME UP 41 PERCENT
 HILLSBORO, Ore., Jan. 14 /PRNewswire/ -- Lattice Semiconductor Corp. (NASDAQ: LSCC) today announced financial results for its third fiscal quarter ended Dec. 28, 1991. Revenue for the quarter was $17.5 million, up 21 percent from $14.4 million posted in the same period a year ago, and down 3 percent from last quarter's revenue of $18.1 million. Revenue for the first nine months of the year was $52.6 million, up 7 percent from the $49.1 million recorded in the first nine months of the prior year.
 Net income for the quarter was $2.8 million, up 41 percent from the $2.0 million recorded in the third quarter of the last fiscal year, and up 3 percent from the $2.7 million earned last quarter. Net income for the nine month period came in at $7.8 million, a 4 percent decrease from the $8.2 million recorded in the same period last year. Earnings per share for the quarter were 23 cents, the same as earned in the second quarter, versus 17 cents earned in the third quarter a year ago. Year-to-date earnings per share were 66 cents compared to 74 cents earned last year.
 The company added $4.6 million to its cash position during the quarter as a result of continued strong operating cash flow. The cash balance at quarter end was $61.0 million compared to $56.4 million last quarter and $51.3 million at the beginning of the fiscal year. Stockholders' equity increased to $71.9 million from $68.7 million at the beginning of the quarter, while long-term debt declined to $0.3 million.
 "Lattice performed well in a quarter that was difficult for the entire industry. We are pleased to report that we achieved higher profit margins for the third fiscal quarter. The gross profit margin increased to a record 57.2 percent primarily as a result of our continued cost reduction efforts," stated
Cyrus Y. Tsui, Lattice's president and chief executive officer. "Until we see signs of economy recovery, we will continue to manage our operations conservatively. Our new products are well-received in the marketplace; therefore, we expect to resume our growth as the semiconductor industry turns around," continued Tsui.
 In December 1991, Lattice completed a realignment of its North American distribution network which included the addition of Hall-Mark Electronics, the third largest national electronics distributor, and the termination of eight
local/regional distributors. Every effort has been made to minimize the impact on Lattice's customers during the transition period to Hall-Mark. This distribution realignment was primarily made to better support the proprietary products developed by Lattice over the last two years.
 Lattice Semiconductor Corp., based in Hillsboro, Ore., designs, develops and markets both high and low density, high-speed E2CMOS(R) programmable logic devices (PLDs). PLDs shorten design cycles and reduce development costs by allowing the customer to quickly and efficiently incorporate different logic functions on a single device. Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the fields of microcomputers, computer peripherals, graphic systems, workstations, telecommunications and industrial controls. Company headquarters are located at 5555 N.E. Moore Court; Hillsboro, OR 97124 U.S.A.; Telephone 503-681-0118; Fax 503-681-3077; Telex 277338 LSC UR.
 E2CMOS is a registered trademark of Lattice Semiconductor Corp.
 LATTICE SEMICONDUCTOR CORP.
 STATEMENT OF OPERATIONS
 (Unaudited, in thousands, except per-share data)
 Three Months Nine Months
 Dec. 28, Sept. 28, Dec. 29, Dec. 28, Dec. 29,
 1991 1991 1990 1991 1990
 Revenue $17,512 $18,122 $14,447 $52,642 $49,083
 Costs and Expenses:
 Cost of products
 sold 7,489 7,978 6,963 23,378 22,512
 Research and
 development 3,145 3,268 2,604 9,367 7,539
 Selling, general
 & administrative 3,501 3,492 2,826 10,254 9,118
 Total costs and
 expenses 14,135 14,738 12,393 42,999 39,169
 Income from
 operations 3,377 3,384 2,054 9,643 9,914
 Other income, net 654 543 666 1,723 1,686
 Income before
 provision for
 income taxes 4,031 3,927 2,720 11,366 11,600
 Provision for
 income taxes 1,251 1,218 746 3,526 3,407
 Net income $ 2,780 $ 2,709 $ 1,974 $ 7,840 $ 8,193
 Net income per
 share $ 0.23 $ 0.23 $ 0.17 $ 0.66 $ 0.74
 Weighted average
 common and common
 equivalent shares
 outstanding 11,931 11,833 11,560 11,838 11,031
 LATTICE SEMICONDUCTOR CORP.
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Dec. 28, March 30,
 1991 1991
 ASSETS (unaudited)
 Current assets:
 Cash and short-term investments $60,988 $51,332
 Accounts receivable 6,156 7,263
 Inventories 6,766 6,874
 Other current assets 2,442 1,586
 Total current assets 76,352 67,055
 Property and equipment, net 11,380 11,983
 Other non-current assets 62 43
 Total $87,794 $79,081
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and other accrued
 liabilities $11,289 $10,255
 Deferred income on sales to distributors 3,392 3,159
 Income taxes payable 616 1,187
 Current maturities of capital lease
 obligations 336 684
 Total current liabilities 15,633 15,285
 Capital lease obligations 278 566
 Total liabilities 15,911 15,851
 Stockholders' equity 71,883 63,230
 Total $87,794 $79,081
 -0- 1/14/92
 /CONTACT: Truth Johnston of KVO Public Relations, 503-645-1551, for Lattice Semiconductor, or Jan Johannessen of Lattice Semiconductor, 503-681-0118/
 (LSCC) CO: Lattice Semiconductor ST: Oregon IN: ERN SU: CPR


LM-JH -- SE004 -- 9361 01/14/92 08:03 EST
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