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Lattice Reports Q1

HILLSBORO, Ore. — Lattice Semiconductor Corporation (NASDAQ: LSCC)today announced financial results for the first quarter ended April 2, 2011.

For the first quarter, revenue was $82.6 million, an increase of 13% from the $73.1 million reported in the prior quarter, and an increase of 17% from the $70.4 million reported in the same quarter a year ago. Prior guidance was for first quarter 2011 revenue to increase 2% to 7% on a sequential basis. FPGA revenue for the first quarter was $31.2 million, an increase of 28% from the $24.4 million reported in the prior quarter, and an increase of 33% from the $23.4 million reported in the same quarter a year ago. PLD revenue for the first quarter was $51.4 million, an increase of 6% from the $48.7 million reported in the prior quarter, and an increase of 9% from the $47.0 million reported in the same quarter a year ago.

Net income for the first quarter was $10.9 million ($0.09 per diluted share), compared to a prior quarter net income of $13.9 million ($0.11 per diluted share) and net income of $11.1 million ($0.10 per diluted share) reported in the same quarter a year ago. 1Q11 financial results include approximately $1.8 million ($0.02 per diluted share) of restructuring related charges due to the Company's strategic decision to refocus certain of its research and development activities.

Darin G. Billerbeck, President and Chief Executive Officer, said, “This was a strong quarter for us across the board. Positive demand trends in the consumer, and industrial and other end markets were bolstered by a pick-up in the communications market. Of note, revenue came in well above the high-end of our prior guidance. Based on customer feedback, we believe that only $1 million to $2 million of the upside came from unexpected, Japan-related 'safety stock' buying; the rest of the upside reflects the continued strength in our business, along with higher than anticipated demand from our mainstream products. Adding to our momentum, we are pleased with the positive response from customers for our recently launched low power, low cost MachXO2.”

Read the full press release.

{complink 3039|Lattice Semiconductor Corp.}

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