Lattice Semiconductor Reports Fourth Quarter and Full Year 2014 Results

You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Lattice Semiconductor:

Lattice Semiconductor (NASDAQ: LSCC) is the leader in low power, small form factor, low cost, customizable solutions for a quickly changing connected world. From making smart consumer devices smarter, to enabling intelligent automation in industrial, or connecting anything to everything in communications, electronics manufacturers around the world use Lattice’s solutions for fast time to market, product innovation, and competitive differentiation. For more information, visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook or RSS.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), iCE40 and MachXO3L and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

       

Lattice Semiconductor Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 
Three Months Ended Year Ended
January 3,
2015
    September 27,
2014
    December 28,
2013
January 3,
2015
    December 28,
2013
Revenue $ 83,600   $ 86,570   $ 89,519   $ 366,127   $ 332,525  
Costs and expenses:
Cost of products sold 37,337 35,759 40,916 159,940 154,281
Research and development 22,485 22,053 22,331 88,079 80,966
Selling, general and administrative 18,301 17,645 17,189 73,527 67,144
Amortization of intangible assets 737 737 737 2,948 2,960
Restructuring 1   2   131   17   388  
78,861   76,196   81,304   324,511   305,739  
Income from operations 4,739 10,374 8,215 41,616 26,786
Other income (loss), net 57   53   (540 ) 1,325   (300 )
Income before taxes 4,796 10,427 7,675 42,941 26,486
Income tax (benefit) expense (10,623 ) 1,021   1,128   (5,639 ) 4,165  
Net income $ 15,419   $ 9,406   $ 6,547   $ 48,580   $ 22,321  
 
Net income per share:
Basic $ 0.13   $ 0.08   $ 0.06   $ 0.41   $ 0.19  
Diluted $ 0.13   $ 0.08   $ 0.06   $ 0.40   $ 0.19  
 
Shares used in per share calculations:
Basic 117,931   118,643   115,718   117,708   115,701  
Diluted 119,486   120,970   117,156   120,245   117,081  
 
       

Lattice Semiconductor Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
January 3,
2015
December 28,
2013
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities $ 254,844 $ 215,815
Accounts receivable, net 62,372 50,085
Inventories 64,925 46,222
Other current assets 16,281   13,679
Total current assets 398,422 325,801
 
Property and equipment, net 27,796 41,719
Long-term marketable securities 5,241
Other long-term assets 9,862 6,120
Intangible assets, net of amortization 9,537 12,484
Goodwill 44,808 44,808
Deferred income taxes 20,105   11,703
$ 510,530   $ 447,876
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 45,800 $ 51,113
Deferred income and allowances on sales to sell-through distributors 14,946   7,495
Total current liabilities 60,746 58,608
 
Other long-term liabilities 8,809   3,588
Total liabilities 69,555 62,196
 
Stockholders' equity 440,975   385,680
$ 510,530   $ 447,876
 
       

Lattice Semiconductor Corporation

- Supplemental Historical Financial Information -

 
Three Months Ended Year Ended
1/3/2015     9/27/2014     12/28/2013 1/3/2015     12/28/2013
Operations Information
Percent of Revenue
Gross Margin 55.3 % 58.7 % 54.3 % 56.3 % 53.6 %
R&D Expense 26.9 % 25.5 % 24.9 % 24.1 % 24.3 %
SG&A Expense 21.9 % 20.4 % 19.2 % 20.1 % 20.2 %
Depreciation and amortization (in thousands) 5,375 5,240 5,634 22,248 20,807
Capital expenditures (in thousands) 3,394 1,998 2,263 10,267 12,500
Stock compensation expense (in thousands) 3,257 3,134 2,537 12,799 9,522
Restructuring and severance related charges (in thousands) 59 76 167 629 797
Taxes paid (cash, in thousands) 509 292 289 1,599 1,370
Balance Sheet Information
Current Ratio 6.6 6.4 5.6
A/R Days Revenue Outstanding 67 52 50
Inventory Months 5.2 5.6 3.4
Revenue% (by Product Family)
PLD 64 % 69 % 68 % 66 % 69 %
FPGA 36 % 31 % 32 % 34 % 31 %
Revenue% (by Product Classification) (1)
New 43 % 46 % 46 % 48 % 46 %
Mainstream 40 % 43 % 40 % 39 % 41 %
Mature 17 % 11 % 14 % 13 % 13 %
Revenue% (by Geography)
Asia 69 % 73 % 76 % 73 % 74 %
Europe (incl. Africa) 16 % 17 % 12 % 16 % 14 %
Americas 15 % 10 % 12 % 11 % 12 %
Revenue% (by End Market) (2)
Communications 41 % 41 % 41 % 42 % 38 %
Consumer 20 % 23 % 27 % 25 % 30 %
Industrial 39 % 36 % 32 % 33 % 32 %
Revenue% (by Channel)
Sell-through distribution 49 % 51 % 45 % 45 % 45 %
Direct 51 % 49 % 55 % 55 % 55 %
 

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