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Lattice Semiconductor Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
---------------------------------- ----------------------
December September December December December
29, 2012 29, 2012 31, 2011 29, 2012 31, 2011
---------- ---------- ---------- ---------- ----------
Revenue $ 65,875 $ 70,889 $ 70,170 $ 279,256 $ 318,366
Costs and
expenses:
Cost of products
sold 30,202 32,341 29,707 128,499 129,769
Research and
development 18,655 20,446 16,085 77,610 71,855
Selling, general
and
administrative 17,269 17,720 17,121 72,317 68,838
Acquisition
related charges
(1) 760 729 536 4,178 536
Restructuring
(2) 5,375 -- 1,097 6,018 6,079
---------- ---------- ---------- ---------- ----------
72,261 71,236 64,546 288,622 277,077
---------- ---------- ---------- ---------- ----------
(Loss) income
from operations (6,386) (347) 5,624 (9,366) 41,289
Other (expense)
income, net (341) 88 255 505 1,434
---------- ---------- ---------- ---------- ----------
(Loss) income
before
provision
(benefit) for
income taxes (6,727) (259) 5,879 (8,861) 42,723
Provision
(benefit) for
income taxes
(3) 448 1,916 (35,066) 20,745 (35,509)
---------- ---------- ---------- ---------- ----------
Net (loss)
income $ (7,175) $ (2,175) $ 40,945 $ (29,606) $ 78,232
========== ========== ========== ========== ==========
Net (loss)
income per
share (4):
Basic $ (0.06) $ (0.02) $ 0.35 $ (0.25) $ 0.66
========== ========== ========== ========== ==========
Diluted $ (0.06) $ (0.02) $ 0.34 $ (0.25) $ 0.65
========== ========== ========== ========== ==========
Shares used in
per share
calculations
(4):
Basic 115,943 116,785 117,528 117,194 117,875
========== ========== ========== ========== ==========
Diluted 115,943 116,785 120,473 117,194 121,139
========== ========== ========== ========== ==========
Notes:
(1) The Company recorded consulting, legal costs, severance related
integration costs and amortization of intangible assets associated with
the acquisition of SiliconBlue from the acquisition date, December 16,
2011 through fiscal 2012.
(2) Represents costs and adjustments incurred related to the corporate
restructuring plans announced on October 12, 2012 and April 21, 2011.
(3) The tax provision for the year ended December 29, 2012 reflects our new
global tax structure and the resulting intercompany sale of inventory
and fixed assets.
(4) For the three and twelve month periods in fiscal 2012, the computation
of diluted earnings per share excludes the effects of stock options,
restricted stock units and ESPP shares as they are antidilutive. For the
three and twelve month periods in fiscal 2011, the computation of
diluted earnings per share includes the effects of stock options and
restricted stock units as they are dilutive. ESPP shares are included if
dilutive.
Lattice Semiconductor Corporation
Consolidated Balance Sheets
(in thousands)
(unaudited)
December 29, December 31,
2012 2011
------------- -------------
Assets
Current assets:
Cash, cash equivalents and short-term marketable
securities $ 183,401 $ 210,134
Accounts receivable, net 46,947 36,993
Inventories 44,194 37,278
Other current assets 12,806 16,200
------------- -------------
Total current assets 287,348 300,605
Property and equipment, net 40,384 40,430
Long-term marketable securities 4,717 6,946
Other long-term assets 6,854 11,628
Intangible assets, net of amortization 15,430 18,377
Goodwill 44,808 44,808
Deferred income taxes 29,218 45,130
------------- -------------
$ 428,759 $ 467,924
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 42,540 $ 41,215
Deferred income and allowances on sales to sell-
through distributors 10,553 10,761
------------- -------------
Total current liabilities 53,093 51,976
Other long-term liabilities 18,116 22,387
------------- -------------
Total liabilities 71,209 74,363
Stockholders' equity 357,550 393,561
------------- -------------
$ 428,759 $ 467,924
============= =============
Lattice Semiconductor Corporation
- Supplemental Historical Financial Information -
4Q12 3Q12 4Q11
------- ------- -------
Operations Information
Percent of Revenue
Gross Margin 54.2% 54.4% 57.7%
R&D Expense 28.3% 28.8% 22.9%
SG&A Expense 26.2% 25.0% 24.4%
Depreciation and amortization (in thousands) 5,987 5,892 4,084
Capital expenditures (in thousands) 2,363 3,156 4,309
Stock compensation expense (in thousands) 1,757 2,075 1,588
Restructuring and severance related charges (in
thousands) 5,299 1,195 1,124
Taxes paid (cash, in thousands) 172 333 99
Balance Sheet Information
Current Ratio 5.4 5.7 5.8
A/R Days Revenue Outstanding 64 71 47.4
Inventory Months 4.4 3.5 3.2
Revenue% (by Product Family)
PLD 68% 63% 69%
FPGA 32% 37% 31%
Revenue% (by Product Classification)
New 29% 26% 12%
Mainstream 53% 54% 58%
Mature 18% 20% 30%
Revenue% (by Geography)
Asia 69% 69% 64%
Europe (incl. Africa) 16% 18% 19%
Americas 15% 13% 17%
Revenue% (by End Market)
Communications 41% 47% 42%
Industrial & Other 28% 27% 30%
Consumer 20% 14% 13%
Computing 11% 12% 15%
Revenue% (by Channel)
Sell-through distribution 55% 56% 65%
Direct 45% 44% 35%
