Lattice Semiconductor Reports First Quarter 2013 Results
HILLSBORO, OR -- April 18, 2013 -- Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced financial results for the fiscal first quarter ended March 30, 2013.
For the first quarter, revenue was $71.2 million, an increase of 8.0% from $65.9 million reported in the prior quarter, and a decrease of 0.7% from the $71.7 million reported in the same quarter a year ago. FPGA revenue for the first quarter was $22.9 million, an increase from the $20.9 million reported in the prior quarter, and slight decrease from the $23.3 million reported in the same quarter a year ago. PLD revenue for the first quarter was $48.3 million, an increase from the $45.0 million reported in the prior quarter, and essentially flat with the $48.4 million reported in the same quarter a year ago.
Net income for the first quarter was $1.9 million ($0.02 per diluted share), which included tax expense of $0.7 million, amortization expense from acquired intangibles of $0.7 million and restructuring charges of $0.2 million, compared to the prior quarter net loss of $7.2 million ($0.06 per basic and diluted share) and net loss of $7.7 million ($0.07 per basic and diluted share) reported in the same quarter a year ago. Fourth quarter of 2012 financial results included $0.4 million ($0.00 per basic and diluted share) income tax expense, $0.8 million of amortization expense from acquired intangibles and $5.4 million of restructuring related charges. First quarter of 2012 financial results included a $7.9 million ($0.07 per basic and diluted share) income tax expense, $1.7 million of acquisition related costs and $0.6 million of restructuring related charges.
Darin G. Billerbeck, President and Chief Executive Officer, said, "Revenue for the first quarter of 2013 came in at the high end of upwardly revised guidance and well above our original guidance. The strong revenue growth directly reflects expansion into the consumer market along with some strengthening in the communications market. Importantly, we returned to profitability in the first quarter, which is the ultimate validation of our market strategy and operations execution. We are pleased by the traction we are seeing with our low density, low power programmable devices especially in applications where long battery life is crucial."
Joe Bedewi, Corporate Vice President and Chief Financial Officer, added, "Gross margin for Q1 was 53.6% at the midpoint of our original guidance. Margins continue to be strong due to higher than anticipated OEM shipments, mix and inventory management. Margins will continue to fluctuate throughout the year due to mix and volume in the consumer market. We are offsetting some of this mix related impact through continued cost reductions in operations. Our long-term gross margin target remains at the mid-50% level. Operating expenses in the first quarter of 2013 were approximately $35.5 million, which included $0.2 million in restructuring charges. Finally, during the quarter we repurchased approximately 0.6 million shares of our common stock at a cost of approximately $2.5 million."
Financial Highlights:
- Revenue of $71.2 million, an increase of 8.0% from $65.9 million in 4Q12 and a decrease of 0.7% from $71.7 million in 1Q12.
- Gross margin of 53.6%, compared to 54.2% in 4Q12 and 55.1% in 1Q12.
- Operating expenses of $35.4 million excluding restructuring charges, compared to $36.7 million in 4Q12 and $38.8 million in 1Q12.
- Net income of $0.02 per basic and diluted share, compared to net loss of $0.06 per basic and diluted share in 4Q12 and net loss of $0.07 per diluted share in 1Q12.
- 1Q13 financial results included a $0.7 million ($0.01 per basic and diluted share) income tax expense, $0.7 million of amortization expense from acquired intangibles and $0.2 million of restructuring related charges.
- 4Q12 financial results included a $0.4 million ($0.00 per basic and diluted share) income tax expense, $0.8 million of amortization expense from acquired intangibles and $5.4 million of restructuring related charges.
- 1Q12 financial results included a $7.9 million ($0.07 per basic and diluted share) income tax expense, $1.7 million of acquisition related costs and $0.6 million of restructuring related charges.
Business Outlook - Second Quarter 2013:
- Revenue is expected to increase approximately 15% to 20% on a sequential basis.
- Gross margin percentage is expected to be approximately 51% plus or minus 2%.
- Total operating expenses are expected to be approximately $37.5 million. This includes approximately $1.0 million in R&D variable cost related to program timing, $0.5 million in variable spending related to sales increases and $0.3 million in other expenses associated with the Company's move to a new facility in San Jose.
Financial tables:
To read financial tables click here
Investor Conference Call / Webcast Details:
Lattice Semiconductor will review the Company's financial results for the first quarter of 2013 and business outlook for the second quarter of 2013 on Thursday, April 18, 2013 at 5:00 p.m. Eastern Time. The conference call-in number is 1-888-286-6281 or 1-706-643-3761 with conference identification number 31764719. A live webcast of the conference call will also be available on Lattice's website at www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.
A replay of the call will be available approximately two hours after the conclusion of the live call through 11:59 p.m. Eastern Time on April 18, 2013, by telephone at 1-404-537-3406. To access the replay, use conference identification number 31764719. A webcast replay will also be available on Lattice's investor relations website at www.latticesemi.com.
About Lattice Semiconductor:
Lattice is a service-driven developer of innovative low cost, low power programmable design solutions. For more information about how our FPGA, CPLD and programmable power management devices help our customers unlock their innovation, visit www.latticesemi.com.
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