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ACTEL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share amounts)
Three Months Ended Year Ended
-------------------------------- --------------------
Jan. 3, Oct. 4, Jan. 4, Jan. 3, Jan. 4,
2010 2009 2009 2010 2009
---------- --------- --------- --------- ---------
Net revenues $ 49,699 $ 47,248 $ 52,786 $ 190,633 $ 218,406
Costs and expenses:
Cost of revenues 18,715 18,760 21,598 90,855 89,714
Research and
development 14,160 14,839 14,851 60,718 65,658
Selling, general,
and administrative 14,401 13,196 15,714 54,746 63,145
Restructuring and
asset impairment
charges 1,202 175 2,424 8,090 2,424
Amortization of
acquisition-
related
intangibles 193 193 338 771 796
---------- --------- --------- --------- ---------
Total costs and
expenses 48,671 47,163 54,925 215,180 221,737
---------- --------- --------- --------- ---------
Income (loss) from
operations 1,028 85 (2,139) (24,547) (3,331)
Interest income and
other, net 71 664 1,335 3,263 5,433
---------- --------- --------- --------- ---------
Income (loss) before
tax provision 1,099 749 (804) (21,284) 2,102
Tax provision
(benefit) 137 (157) 11,688 24,945 13,827
---------- --------- --------- --------- ---------
Net income (loss) $ 962 $ 906 $ (12,492) $ (46,229) $ (11,725)
========== ========= ========= ========= =========
Net income (loss)
per share:
Basic $ 0.04 $ 0.03 $ (0.48) $ (1.77) $ (0.45)
========== ========= ========= ========= =========
Diluted $ 0.04 $ 0.03 $ (0.48) $ (1.77) $ (0.45)
========== ========= ========= ========= =========
Shares used in
computing net
income (loss) per
share:
Basic 26,203 26,160 25,784 26,134 25,851
========== ========= ========= ========= =========
Diluted 26,362 26,247 25,784 26,134 25,851
========== ========= ========= ========= =========
RECONCILIATION OF NON-GAAP STATEMENTS OF OPERATIONS TO GAAP
STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
Three Months Ended Year Ended
-------------------------- -----------------
Jan. 3, Oct. 4, Jan. 4, Jan. 3, Jan. 4,
2010 2009 2009 2010 2009
-------- -------- -------- -------- --------
Cost and expenses:
Non-GAAP cost of revenues $ 18,715 $ 18,760 $ 21,598 $ 77,599 $ 89,714
Adjustments related to
excess inventory - - - 13,256 -
-------- -------- -------- -------- --------
GAAP cost of revenues $ 18,715 $ 18,760 $ 21,598 $ 90,855 $ 89,714
======== ======== ======== ======== ========
Non-GAAP research and
development $ 12,915 $ 13,378 $ 13,511 $ 55,454 $ 60,761
Adjustments related to stock
based compensation and
other 1,245 1,461 1,340 5,264 4,897
-------- -------- -------- -------- --------
GAAP research and
development $ 14,160 $ 14,839 $ 14,851 $ 60,718 $ 65,658
======== ======== ======== ======== ========
Non-GAAP restructuring and
asset impairment charges $ - $ - $ - $ - $ -
Adjustments related to
restructuring and asset
impairments 1,202 175 2,424 8,090 2,424
-------- -------- -------- -------- --------
GAAP restructuring and asset
impairment charges $ 1,202 $ 175 $ 2,424 $ 8,090 $ 2,424
======== ======== ======== ======== ========
Non-GAAP amortization of
acquisition-related
intangibles $ - $ - $ - $ - $ -
Adjustments related to
amortization of
acquisition-related
intangibles 193 193 338 771 796
-------- -------- -------- -------- --------
GAAP amortization of
acquisition-related
intangibles $ 193 $ 193 $ 338 $ 771 $ 796
======== ======== ======== ======== ========
Non-GAAP selling, general
and administrative $ 13,487 $ 12,354 $ 14,347 $ 50,883 $ 57,099
Adjustments related to stock
based compensation, option
investigation and other 914 842 1,367 3,863 6,046
-------- -------- -------- -------- --------
GAAP selling, general and
administrative $ 14,401 $ 13,196 $ 15,714 $ 54,746 $ 63,145
======== ======== ======== ======== ========
RECONCILIATION OF NON-GAAP STATEMENTS OF OPERATIONS TO GAAP
STATEMENTS OF OPERATIONS
(Unaudited, in thousands)
Three Months Ended Year Ended
------------------------------- --------------------
Jan. 3, Oct. 4, Jan. 4, Jan. 3, Jan. 4,
2010 2009 2009 2010 2009
--------- --------- --------- --------- ---------
Income (loss) from
operations:
Non-GAAP income
from operations $ 4,582 $ 2,756 $ 3,330 $ 6,697 $ 10,832
Adjustments
related to excess
inventory,
restructuring and
asset impairment
charges, stock
based
compensation, and
other (3,554) (2,671) (5,469) (31,244) (14,163)
--------- --------- --------- --------- ---------
GAAP income (loss)
from operations $ 1,028 $ 85 $ (2,139) $ (24,547) $ (3,331)
========= ========= ========= ========= =========
Interest income and
other, net:
Non-GAAP interest
income and other,
net $ 71 $ 664 $ 1,335 $ 2,547 $ 6,306
Adjustments
related to
investment
impairment and
insurance
reimbursement - - - 716 (873)
--------- --------- --------- --------- ---------
GAAP interest
income and other,
net $ 71 $ 664 $ 1,335 $ 3,263 $ 5,433
========= ========= ========= ========= =========
Income (loss) before
tax provision:
Non-GAAP income
before tax
provision $ 4,653 $ 3,420 $ 4,665 $ 9,244 $ 17,138
Adjustments
related to excess
inventory,
restructuring and
asset impairment
charges, stock
based
compensation, and
other (3,554) (2,671) (5,469) (30,528) (15,036)
--------- --------- --------- --------- ---------
GAAP (loss) income
before tax
provision $ 1,099 $ 749 $ (804) $ (21,284) $ 2,102
========= ========= ========= ========= =========
RECONCILIATION OF NON-GAAP STATEMENTS OF OPERATIONS TO GAAP
STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share amounts)
Three Months Ended Year Ended
------------------------------- --------------------
Jan. 3, Oct. 4, Jan. 4, Jan. 3, Jan. 4,
2010 2009 2009 2010 2009
--------- --------- --------- --------- ---------
Net income (loss):
Non-GAAP net
income $ 3,257 $ 2,394 $ 3,266 $ 6,471 $ 11,997
Adjustments
related to excess
inventory,
restructuring and
asset impairment
charges, stock
based
compensation,
deferred tax
valuation
allowances, other
and tax (2,295) (1,488) (15,758) (52,700) (23,722)
--------- --------- --------- --------- ---------
GAAP net income
(loss) $ 962 $ 906 $ (12,492) $ (46,229) $ (11,725)
========= ========= ========= ========= =========
Net income (loss)
per share:
Basic:
Non-GAAP net
income per
share $ 0.12 $ 0.09 $ 0.13 $ 0.25 $ 0.46
Adjustments
related to excess
inventory,
restructuring
and asset
impairment
charges, stock
based
compensation,
deferred tax
valuation
allowances,
other
and tax (0.08) (0.06) (0.61) (2.02) (0.91)
--------- --------- --------- --------- ---------
GAAP net income
(loss) per
share $ 0.04 $ 0.03 $ (0.48) $ (1.77) $ (0.45)
========= ========= ========= ========= =========
Diluted:
Non-GAAP net
income per
share $ 0.12 $ 0.09 $ 0.13 $ 0.25 $ 0.46
Adjustments
related to excess
inventory,
restructuring
and asset
impairment
charges, stock
based
compensation,
deferred tax
valuation
allowances,
other
and tax (0.08) (0.06) (0.61) (2.02) (0.91)
--------- --------- --------- --------- ---------
GAAP net income
(loss) per
share $ 0.04 $ 0.03 $ (0.48) $ (1.77) $ (0.45)
========= ========= ========= ========= =========
ACTEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Jan. 3, Jan. 4,
2010 2009
--------- ---------
ASSETS (Unaudited)(Audited)
Current assets:
Cash and cash equivalents $ 45,994 $ 49,639
Short-term investments 106,007 89,111
Accounts receivable, net 19,112 11,596
Inventories 37,324 60,630
Deferred income taxes 1,729 11,313
Prepaid expenses and other current assets 8,166 6,888
--------- ---------
Total current assets 218,332 229,177
Long-term investments 663 7,807
Property and equipment, net 22,969 34,747
Goodwill and other intangible assets, net 34,939 35,540
Deferred income taxes - 13,968
Other assets, net 30,099 22,022
--------- ---------
$ 307,002 $ 343,261
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,262 $ 14,672
Accrued compensation and employee benefits 8,206 11,240
Accrued licenses 4,996 3,952
Other accrued liabilities 5,422 5,274
Deferred income on shipments to distributors 22,867 24,316
--------- ---------
Total current liabilities 51,753 59,454
Deferred compensation plan liability 5,470 4,086
Deferred rent liability 1,590 1,449
Accrued sabbatical compensation 2,805 2,739
Other long-term liabilities, net 11,921 7,208
--------- ---------
Total liabilities 73,539 74,936
Shareholders' equity 233,463 268,325
--------- ---------
$ 307,002 $ 343,261
========= =========
ACTEL CORPORATION
SUPPLEMENTAL HISTORICAL FINANCIAL INFORMATION
(Unaudited)
-------------------------------------------
Three Months Ended Year Ended
------------------------- ----------------
Jan. 3, Oct. 4, Jan. 4, Jan. 3, Jan. 4,
2010 2009 2009 2010 2009
------- ------- ------- ------- -------
Non-GAAP Operations
Information
Percent of Revenue
Gross Margin 62.3% 60.3% 59.1% 59.3% 58.9%
R&D Expense 26.0% 28.3% 25.6% 29.1% 27.8%
SG&A Expense 27.1% 26.1% 27.2% 26.7% 26.1%
Depreciation and Amortization
Expense (000's) 3,063 3,079 3,749 12,896 12,645
Capital Expenditures (000's) 1,044 1,237 2,716 5,808 21,422
Revenue by Technology
Flash 24% 26% 28% 26% 26%
Other 76% 74% 72% 74% 74%
Revenue by Geographic Region
North America 55% 49% 54% 52% 49%
Europe 23% 26% 25% 25% 27%
Asia Pacific/Rest of World 22% 25% 21% 23% 24%
Revenue by Channel
OEM 28% 28% 30% 30% 26%
Distribution 72% 72% 70% 70% 74%
Revenue by Market Segment
Communication 8% 8% 10% 7% 10%
Consumer 20% 15% 13% 18% 16%
Industrial 30% 34% 36% 34% 36%
Aero/Military 42% 43% 41% 41% 38%
