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LATTICE SEMICONDUCTOR REPORTS RECORD SECOND-QUARTER REVENUE, EARNINGS

LATTICE SEMICONDUCTOR REPORTS RECORD SECOND-QUARTER REVENUE, EARNINGS
 HILLSBORO, Ore., Oct. 12 /PRNewswire/ -- Lattice Semiconductor Corp. (NASDAQ: LSCC) today announced financial results for the second fiscal quarter ended Sept. 26, 1992. Revenue for the quarter was a record $24.1 million, an increase of 33 percent over the $18.1 million posted in the same period a year ago, and up 17 percent from last quarter's revenue of $20.6 million.
 Net income for the quarter was a record $4.1 million, or 33 cents per share, an increase of 51 percent from the $2.7 million (23 cents per share) reported in the same quarter last year, and an increase of 21 percent over last quarter's earnings of $3.4 million (28 cents per share).
 The company reported revenues of $44.8 million for the first six months of fiscal 1993, an increase of 27 percent over the $35.1 million posted in the previous year. Net income for the first six months was a record $7.5 million (61 cents per share), up 48 percent from net income of $5.1 million (43 cents per share) earned in the same period last year.
 "The demand for our products was strong this quarter and the company was able to respond by ramping up production quickly. As a result, we achieved record sales and profits," said Cyrus Tsui, president and chief executive officer.
 "Lattice's new high density pLSI(R) and ispLSI(R) products are being well-received in the marketplace and we are encouraged by the wide range of design-in activity. Our revenue growth, however, came primarily from traditional GAL(R) products," continued Tsui. "We introduced two new GAL devices during the second fiscal quarter, the high output drive 16VP8 and 20VP8, and we will maintain our focus on this growing market by continuing our investments in new GAL products.
 "Although our business is highly seasonal and the third fiscal quarter has historically been a slow quarter for us, we are encouraged by the steady demand we have been experiencing and remain cautiously optimistic about our near-term outlook," Tsui said.
 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 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 Six Months
 Sept. 26, June 27, Sept. 28, Sept. 26, Sept. 28,
 Period Ended: 1992 1992 1991 1992 1991
 Revenue $24,145 $20,610 $18,122 $44,755 $35,130
 Costs & Expenses:
 Cost of products
 sold 10,117 8,493 7,978 18,610 15,889
 Research and
 development 3,792 3,453 3,268 7,245 6,222
 Selling, general
 and administrative 4,847 4,378 3,492 9,225 6,753
 Total costs and
 expenses 18,756 16,324 14,738 35,080 28,864
 Income from
 operations 5,389 4,286 3,384 9,675 6,266
 Other income, net 540 627 543 1,167 1,069
 Income before
 provision for
 income taxes 5,929 4,913 3,927 10,842 7,335
 Provision for
 income taxes 1,838 1,523 1,218 3,361 2,275
 Net income $ 4,091 $ 3,390 $ 2,709 $ 7,481 $ 5,060
 Net income per
 share $ 0.33 $ 0.28 $ 0.23 $ 0.61 $ 0.43
 Weighted average
 common and common
 equivalent shares
 outstanding 12,222 12,112 11,833 12,170 11,804
 LATTICE SEMICONDUCTOR CORP.
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 Sept. 26, 1992 March 28, 1992
 (Unaudited)
 ASSETS
 Current Assets:
 Cash and short-term investments $ 72,096 $ 63,331
 Accounts receivable 9,998 8,718
 Inventories 4,732 6,050
 Other current assets 2,651 2,003
 Total current assets 89,477 80,102
 Property and equipment, net 13,327 11,494
 Other non-current assets 105 57
 Total $102,909 $ 91,653
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable and other
 accrued liabilities $ 13,343 $ 12,324
 Deferred income on sales to distributors 3,573 2,865
 Income taxes payable 888 307
 Current maturities of capital
 lease obligations 262 309
 Total current liabilities 18,066 15,805
 Capital lease obligations 56 205
 Total liabilities 18,122 16,010
 Stockholders' equity 84,787 75,643
 Total $102,909 $ 91,653
 -0- 10/12/92
 /CONTACT: Marge Breya of KVO Inc., 503-221-2358, for Lattice Semiconductor; or Jan Johannessen of Lattice Semiconductor, 503-681-0118/
 (LSCC) CO: Lattice Semiconductor Corp. ST: Oregon IN: CPR SU: ERN


LM-SC -- SE010 -- 9023 10/12/92 18:43 EDT
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Date:Oct 12, 1992
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