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LATTICE SEMICONDUCTOR REPORTS RECORD FISCAL YEAR RESULTS; FOURTH-QUARTER REVENUE UP 19 PERCENT, NET INCOME UP 43 PERCENT

 LATTICE SEMICONDUCTOR REPORTS RECORD FISCAL YEAR RESULTS;
 FOURTH-QUARTER REVENUE UP 19 PERCENT, NET INCOME UP 43 PERCENT
 HILLSBORO, Ore., April 21 /PRNewswire/ -- Lattice Semiconductor Corp. (NASDAQ: LSCC) announced today record revenue and profits for the quarter and year ended March 28, 1992. Revenue for the fourth quarter was $18.4 million, an increase of 19 percent over the same period a year ago and up 5 percent from the previous quarter. Net income for the fourth quarter was $3.0 million, an increase of 43 percent from the $2.1 million earned in the same quarter a year ago and up 8 percent from the third quarter. Earnings per share for the quarter grew to 25 cents, from 18 cents earned in the same quarter a year ago, and 23 cents in the previous quarter.
 "Consistent with seasonal expectations, our fourth-quarter performance was strong. Bookings and backlog all increased significantly over last quarter," stated Cyrus Y. Tsui, president and chief executive officer of Lattice Semiconductor. "Aggressive cost reduction efforts and a number of successful new product introductions throughout the year overcame steep market price erosion, allowing us to increase this quarter's operating income over the same quarter last year by 67 percent to $3.7 million."
 Revenue for the year was $71.0 million, an increase of 10 percent over the $64.5 million reported in the prior year. Net income for the year was a record $10.9 million, an increase of 5 percent over the $10.3 million posted in the prior year. The effective tax rate for fiscal 1992 was 31 percent as compared to 29 percent in the prior year. Earnings per share for the year were 91 cents versus 92 cents for fiscal 1991.
 Lattice also announced that its cash position increased by $12 million during the year to $63.3 million. Cash now represents 69 percent of total assets and 84 percent of equity. Shareholders' equity increased during the year from $63.2 million to $75.6 million.
 "I'm very pleased with our performance last year. The past 12 months were one of the toughest periods that this industry has had to face," Tsui continued. "In addition to our successful cost reduction and product introduction efforts last year, we also significantly enhanced the quality of both the product and service that we provide to our customers and further strengthened our performance leadership within the industry. Customer response has been enthusiastic to our recently announced 80 MHz high density product offering -- the pLSI(TM) and ispLSI(TM) device families. Our GAL(R) device family is not only the industry's most comprehensive line of CMOS PLDs, but it is also the highest performance. One of this year's most significant products is our 7.5 nanosecond GAL22V10, the world's first 7.5 nanosecond CMOS 22V10 PLD."
 Tsui concluded, "The overall business outlook has improved, and we remain hopeful that the lingering recession is ending."
 Lattice Semiconductor Corp. is based in Hillsboro, Ore. The company designs, develops and markets both high and low density, high- speed E2CMOS(R) programmable logic devices (PLDs). PLDs shorten design cycles and reduce development cost 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, military systems 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.
 NOTE: E2CMOS and GAL are registered trademarks of Lattice Semiconductor Corp. Generic Array Logic, pLSI and ispLSI are trademarks of Lattice Semiconductor Corp.
 LATTICE SEMICONDUCTOR CORP.
 STATEMENT OF OPERATIONS
 (Unaudited, in thousands, except per-share data)
 Three Months Year
 Mar. 28, Dec. 28, Mar. 30, Mar. 28, Mar. 30,
 1992 1991 1991 1992 1991
 Revenue $18,367 $17,512 $15,456 $71,009 $64,539
 Costs and Expenses:
 Cost of products
 sold 7,637 7,489 7,407 31,015 29,919
 Research and
 development 3,168 3,145 2,824 12,535 10,363
 Selling, general
 & administrative 3,890 3,501 3,024 14,144 12,142
 Total costs and
 expenses 14,695 14,135 13,255 57,694 52,424
 Income from
 operations 3,672 3,377 2,201 13,315 12,115
 Other income, net 697 654 753 2,420 2,439
 Income before
 provision for
 income taxes 4,369 4,031 2,954 15,735 14,554
 Provision for
 income taxes 1,354 1,251 850 4,880 4,257
 Net income $ 3,015 $ 2,780 $ 2,104 $10,855 $10,297
 Net income per
 share $ 0.25 $ 0.23 $ 0.18 $ 0.91 $ 0.92
 Weighted average
 common and common
 equivalent shares
 outstanding 12,039 11,931 11,702 11,889 11,180
 LATTICE SEMICONDUCTOR CORP.
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 March 28, March 30,
 1992 1991
 ASSETS
 Current assets:
 Cash and short-term investments $63,331 $51,332
 Accounts receivable 8,718 7,263
 Inventories 6,050 6,874
 Other current assets 2,003 1,586
 Total current assets 80,102 67,055
 Property and equipment, net 11,494 11,983
 Other non-current assets 57 43
 Total $91,653 $79,081
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and other accrued
 liabilities $12,324 $10,255
 Deferred income on sales to distributors 2,865 3,159
 Income taxes payable 307 1,187
 Current maturities of capital lease
 obligations 309 684
 Total current liabilities 15,805 15,285
 Capital lease obligations 205 566
 Total liabilities 16,010 15,851
 Stockholders' equity 75,643 63,230
 Total $91,653 $79,081
 -0- 4/21/92
 /CONTACT: Marge Breya 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 -- SE007 -- 0358 04/21/92 08:02 EDT
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