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Lattice Reports Full Year Results

HILLSBORO, Ore. — Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the fourth quarter and fiscal year ended January 1, 2011.

For the fourth quarter, revenue was $73.1 million, a decrease of 5% from the $77.1 million reported in the prior quarter, and an increase of 33% from the $55.1 million reported in the same quarter a year ago. This is in line with prior guidance for fourth quarter 2010 revenue to be down 2% to 7% on a sequential basis. FPGA revenue for the fourth quarter was $24.4 million, a decrease of 1% from the $24.7 million reported in the prior quarter, and an increase of 46% from the $16.6 million reported in the same quarter a year ago. PLD revenue for the fourth quarter was $48.7 million, a decrease of 7% from the $52.4 million reported in the prior quarter, and an increase of 26% from the $38.5 million reported in the same quarter a year ago.

For the fiscal year 2010, revenue was $297.8 million, an increase of 53% from $194.4 million in fiscal year 2009. Revenue from FPGA products was $97.1 million, an increase of 50% from the $64.6 million reported in fiscal year 2009. Revenue from PLD products was $200.7 million, an increase of 55% from the $129.9 million reported in fiscal year 2009.

Net income for the fourth quarter was $13.9 million ($0.11 per share), compared to a prior quarter net income of $15.4 million ($0.13 per share) and net income of $5.6 million ($0.05 per share) reported in the same quarter a year ago.

Net income for fiscal year 2010 was $57.1 million ($0.48 per share), compared to a net loss of $7.0 million ($0.06 per share) reported in fiscal year 2009.

Darin G. Billerbeck, President and Chief Executive Officer, said, “The fourth quarter was in line with guidance as strength in the consumer, and industrial and other end markets was offset by weakness in the communications market as some customers adjusted short-term inventory. Turns for the quarter came in as expected on a dollars basis, with a higher than expected contribution from mature products. We expect continued margin strength and profitability, with a resumption in total revenue growth in the first quarter. We are well positioned for the next 12-18 months in the low density PLD and mid-range FPGA markets, with a strong line-up of low cost, low power, and high convenience products, as evidenced by early wins from our non-volatile MachXO2 and broad acceptance of our mid-range LatticeECP3. Our focus is now on developing the longer-term growth opportunities that can give us the highest return on investment. Our plans include a renewed focus on engineering efficiency in order to increase the number of new products that we will bring to the market, while continuing to control our overall R&D spending.”

Michael G. Potter, Lattice's Corporate Vice President and Chief Financial Officer, added, “Improvements in our sales and distribution channels and the broader market environment, combined with our prior restructuring, helped us achieve profitability in each quarter of 2010. Gross margin for the quarter expanded to 62.7%, compared to 55.3% in 4Q09. Gross margin was above guidance primarily due to the impact of higher sequential sales in our mature product category. Total operating expenses came in less than expected in 4Q10 due to MachXO2 product mask costs, which taped out in early January 2011 rather than in December 2010. We generated $15.0 million of cash from operations, ending the quarter with a cash, cash equivalents and short-term marketable securities balance of $238.2 million. During the quarter, we repurchased approximately 371,000 of the Company's outstanding shares, valued at approximately $2.0 million, under the $20 million stock repurchase program we announced on October 21, 2010.”

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