Lattice Semiconductor Reports Fourth Quarter and Full Year 2018 Results

�nbsp;Results for periods in 2017 are presented in accordance with ASC 605, which was in effect during that fiscal year.

Full Year 2018 Highlights

  • Improved Financial Performance: Lattice exited 2018 in a stronger, more profitable position. We implemented initiatives to improve gross margin, reduce operating expenses, increase cash flow, and actively delever the balance sheet.
  • Strategic Repositioning: Lattice completed a strategic repositioning in 2018 to focus on its profitable programmable logic business, while also improving efficiencies across its global operations. Actions taken included discontinuing its non-core millimeter wave business to focus entirely on programmable solutions moving forward, as well as optimizing the R&D project list to focus investments on areas with the greatest potential return. These actions are in-line with management's strategy to drive profitable growth and increase shareholder value.
  • New Management Team Added: Lattice strengthened its executive team with highly experienced, proven leaders with both broader semiconductor industry experience and deep FPGA knowledge. The new team and simplified structure is now in place across R&D, sales, marketing, operations and finance.
  • Jim Anderson joined Lattice in September from AMD as the Company’s President and Chief Executive Officer;
  • Steve Douglass joined Lattice in September from Xilinx, Inc. as Corporate Vice President, R&D
  • Esam Elashmawi joined Lattice in September from Microsemi Corporation as Chief Marketing and Strategy Officer;
  • Glenn O’Rourke joined Lattice in December from Xilinx, Inc. as Corporate Vice President, Global Operations;
  • Sherri Luther joined Lattice in January from Coherent, Inc. as Chief Financial Officer;
  • Mark Nelson joined Lattice in January from Intel Corporation’s Programmable Solutions Group (PSG) as Corporate Vice President of Worldwide Sales.
  • New Product Introductions in 2018: Lattice further built upon its strong product portfolio with notable 2018 developments including:
  • Introduction and expansion of the ultra-low power Lattice sensAITM solution stack with a full ecosystem to help speed time-to-market for developers of low-power machine learning applications;
  • Initial samples of Lattice's new security solution for Platform Firmware Resilience delivered to top server manufacturers;
  • Expansion of Lattice's FPGA based modular video interface platform to simplify video connectivity for embedded vision system designs;
  • Launch of Lattice's RadiantTM next-generation FPGA software with enhanced ease-of-use for broad market low power applications.

Business Outlook - First Quarter of 2019:

  • Revenue for the first quarter of 2019 is expected to be between approximately $94 million and $98 million.
  • Gross margin percentage for the first quarter of 2019 is expected to be approximately 57.5% plus or minus 2% on a non-GAAP basis.
  • Total operating expenses for the first quarter of 2019 are expected to be between approximately $37 million and $39 million on a non-GAAP basis.

Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP measures. With respect to the outlook for the first quarter of 2019, certain items that affect GAAP measurement of financial metrics are out of the Company’s control and/or cannot be reasonably predicted. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for guidance or a corresponding reconciliation to GAAP for the quarter. Additional information regarding the reasons the Company uses non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below, following the GAAP financial information.

Investor Conference Call / Webcast Details:

Lattice Semiconductor will review the Company's financial results for the fiscal fourth quarter and full year 2018 and business outlook on Tuesday, February 12 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-888-684-5603 or 1-918-398-4852 with conference identification number 8287936. A live webcast and replay of the conference call will also be available on the investor relations section of 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.

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