Lattice Semiconductor Sets Preliminary Date for Release of Fourth Quarter and 2003 Year End Financial Results; Company Provides Q104 Revenue Outlook.
HILLSBORO, Ore.--(BUSINESS WIRE)--March 1, 2004
Lattice Semiconductor Corporation (Nasdaq:LSCC) today announced that it plans to release fourth quarter and 2003 year end financial results in mid-March. The Company has set March 18, 2004 as the preliminary date for release of its financial results.
As previously announced, a detailed review of the Deferred Income account is being conducted under the direction of the Audit Committee. In the event the account is determined to have been overdepleted, the review will also consider appropriate corrective measures.
Deferred Income is the balance sheet account that represents the Company's judgment as to the potential gross margin, plus credits that may be due, on inventory held by the Company's distributors. Because the Company's accounting policy is to defer recognition of sales to distributors until the product is resold to end customers, a common practice in the semiconductor industry, the Company must use a variety of estimates to determine the Deferred Income account balance. As of September 30, 2003, the reported balance in the account was $6.4 million.
The Company today also provided a revenue outlook for the first quarter of 2004. Management believes fourth quarter revenue is within the range stated in its business outlook statement, published on the Company's web site on December 11, 2003. Additionally, based on current business activity, management expects first quarter 2004 revenue to grow approximately 6 to 10 percent on a sequential basis.
On March 18, 2004, Lattice will hold a telephone conference call at 2 pm (Pacific Time) with financial analysts. Investors may listen to our conference call via the web at www.ccbn.com.
The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws including statements relating to our ability to complete our fourth quarter and 2003 year-end results on a timely basis as well as statements about future quarterly financial results, revenues, customers, product offerings and our ability to compete. Investors are cautioned that actual events and results could differ materially from these statements as a result of a number of factors, including our ability to meet SEC filing deadlines, the possibility that we may determine that further accounting adjustments should be made as well as overall semiconductor market conditions, market acceptance and demand for our new products, risks related to our recent acquisitions and their integration with Lattice, our dependencies on our silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks. We do not intend to update or revise any forward looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Lattice Semiconductor Corporation, the inventor of in-system programmable(TM) (ISP(TM)) logic products, designs, develops and markets the broadest range of Field Programmable Gate Arrays (FPGA), Field Programmable System Chips (FPSCs) and high-performance ISP Programmable Logic Devices (PLDs), including Complex Programmable Logic Devices (CPLD), Programmable Analog Components (PAC), and Programmable Digital Interconnect (GDX). Lattice also offers industry leading SERDES products. Lattice offers total solutions for today's system designs by delivering the most innovative programmable silicon products that embody leading-edge system expertise.
Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the communications, computing, industrial and military end markets. Company headquarters are located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124 USA. For more information access our web site at www.latticesemi.com.
Lattice Semiconductor Corporation, L (& design), Lattice (& design), in-system programmable, ISP and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.
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|Date:||Mar 1, 2004|
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