Printer Friendly

LATTICE SEMICONDUCTOR REPORTS RECORD QUARTERLY RESULTS; REVENUE UP 62 PERCENT, NET INCOME UP 67 PERCENT

 HILLSBORO, Ore., July 19 /PRNewswire/ -- Lattice Semiconductor Corp. (NASDAQ: LSCC) today announced financial results for its first fiscal quarter ended July 3, 1993. Revenue for the quarter was a record $33.3 million, an increase of 62 percent over the $20.6 million reported in the same quarter a year ago, and up six percent from last quarter's revenue of $31.3 million.
 The company implemented a three-for-two stock split which was effected in the form of a stock dividend paid on July 6, 1993. The split was designed to broaden the company's shareholder base and improve the stock's liquidity. Earnings per share results have been adjusted to reflect the split.
 Net income for the quarter was a record $5.67 million, or 30 cents per share, an increase of 67 percent from the $3.4 million (19 cents per share) reported in the same quarter last year, and an increase of seven percent over last quarter's earnings of $5.29 million (28 cents per share).
 "This year will be our strongest in terms of both silicon and software product introductions and enhancements," stated President, Chief Executive Officer and Chairman Cyrus Y. Tsui. "We significantly increased the


addressable market of our pLSI(R) and ispLSI(R) product families by introducing 110 MHz system performance aimed at high speed telecommunications and computing applications. At the same time, we introduced thin package versions of the pLSI and ispLSI devices further expanding our capture radius to include the emerging PCMCIA market. Our pDS(R) software product line also expanded with the introduction of third party software support for our high density device families.
 "The recent introduction of our five and six nanosecond GAL(R) products enhanced our technology leadership position in the low density PLD market, while our new zero standby power GAL devices allowed us to address mobile communications and computing applications," Tsui continued. "Each of these new products has allowed us to diversify our customer base and to aggressively penetrate high growth segments.
 "Broad customer acceptance of our pLSI and ispLSI devices fueled solid growth in our high density line and we are entering this quarter with a 5X increase in silicon backlog over last quarter. The high density PLD market is rapidly expanding as designers employ new, complex architectures and advanced programming features. This trend is witnessed by the strong increase we saw this quarter in new designs specifying the proprietary in-system programmable (isp) technology found only in our ispLSI product family. We expect this to continue as designers discover additional innovative uses for this advanced technology.
 "Quarterly performance is an important, but narrow measure of a company's market strength. Our consistently strong business results reflect both the health of our market and the breadth and depth of our product lines," Tsui concluded. "Looking forward, we will continue to expand our low density market leadership with new additions to our GAL product line and strengthen our position in the high density market through unique architectural and performance innovations in our pLSI and ispLSI product families. While the quarter we are entering is certainly our industry's seasonally slowest, the strength of our broad product line and our healthy momentum in both the low and high density PLD markets allow us to approach the summer months with cautious optimism."
 Lattice Semiconductor Corp. is based in Hillsboro. 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 5510 N.E. Elam Young Pkwy., Hillsboro, OR 97124-6421; Telephone 503-681-0118; Fax 503-681-3077; Telex 277338 LSC UR.
 LATTICE SEMICONDUCTOR CORP.
 Consolidated Statement of Operations
 (in thousands, except per share data)
 Three Months Ended
 (unaudited)
 July 3 April 3 June 27
 1993 1993 1992
 Revenue $ 33,345 $ 31,335 $ 20,610
 Costs and expenses
 Cost of products sold 14,241 13,392 8,493
 Research and development 5,425 4,994 3,453
 Selling, general and
 administrative 5,949 5,958 4,378
 Total costs and
 expenses 25,615 24,344 16,324
 Income from operations 7,730 6,991 4,286
 Other income, net 608 671 627
 Income before provision
 for income taxes 8,338 7,662 4,913
 Provision for income
 taxes 2,668 2,376 1,523
 Net income $ 5,670 $ 5,286 $ 3,390
 Net income per share (A) $ 0.30 $ 0.28 $ 0.19
 Weighted average common
 and common equivalent
 shares outstanding (A) 18,896 18,878 18,168
 (A) Adjusted to reflect the three-for-two stock split effected in the form of a stock dividend which was paid on July 6, 1993.
 LATTICE SEMICONDUCTOR CORP.
 Consolidated Balance Sheet
 (in thousands)
 July 3 April 3
 1993 1993
 (unaudited)
 ASSETS
 Current assets
 Cash and short-term
 investments $ 84,053 $ 80,908
 Accounts receivable 11,895 12,626
 Inventories 17,309 13,509
 Other current assets 4,603 3,230
 Total current assets 117,860 110,273
 Property and equipment, net 19,207 18,426
 Other non-current assets 216 177
 Total $ 137,283 $ 128,876
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and other accrued
 liabilities $ 18,279 $ 20,294
 Deferred income on sales to
 distributors 9,839 7,016
 Income taxes payable 3,655 2,941
 Current maturities of capital lease
 obligations 107 144
 Total current liabilities 31,880 30,395
 Stockholders' equity 105,403 98,481
 Total $ 137,283 $ 128,876
 NOTE: E2CMOS, GAL, ispLSI, pLSI and pDS are registered trademarks of Lattice Semiconductor Corp.
 -0- 7/19/93
 /CONTACT: Marge Breya, vice president, of KVO Inc., 503-221-1551, or Jan Johannessen, vice president of finance and administration, of Lattice Semiconductor, 503-681-0118/
 (LSCC)


CO: Lattice Semiconductor ST: Oregon IN: CPR SU: ERN

LM-SB -- SE014 -- 3311 07/19/93 18:57 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 19, 1993
Words:1009
Previous Article:TELLABS REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS
Next Article:CHEMICAL WASTE MANAGEMENT, INC. REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
LATTICE SEMICONDUCTOR ANNOUNCES THIRD-QUARTER RESULTS; REVENUES UP 21 PERCENT, NET INCOME UP 41 PERCENT
LATTICE SEMICONDUCTOR REPORTS RECORD YEAR-END RESULTS; REVENUE UP 22%, NET INCOME UP 29%
LATTICE SEMICONDUCTOR REPORTS RECORD ANNUAL AND FOURTH QUARTER RESULTS
LATTICE SEMICONDUCTOR REPORTS RECORD QUARTERLY RESULTS; REVENUE UP 37%, NET INCOME UP 47%
LATTICE SEMICONDUCTOR REPORTS RECORD SECOND QUARTER RESULTS; REVENUE UP 41%, NET INCOME UP 52%
LATTICE SEMICONDUCTOR REPORTS RECORD THIRD QUARTER RESULTS; REVENUE UP 42%, NET INCOME UP 62%
LATTICE SEMICONDUCTOR REPORTS RECORD ANNUAL RESULTS; REVENUE UP 38%, NET INCOME UP 55%
Lattice Semiconductor Reports Record Annual and Record Quarterly Results
Lattice Semiconductor Reports Record First Quarter Results
Lattice Semiconductor Reports Record Second Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters