Lattice Semiconductor Reports First Quarter 2015 Results

Business Outlook - Second Quarter and Full Year 2015:

  • Revenue for the second quarter of 2015 is expected to be approximately $120 million plus or minus 3% on a non-GAAP basis, with revenue for the full year 2015 expected to be approximately $485 million plus or minus 3% on a non-GAAP basis.
  • Gross margin percentage for both the second quarter and full year 2015 is expected to be approximately 56.5% plus or minus 2% on a non-GAAP basis.
  • Total operating expenses, excluding acquisition or restructuring related charges, are expected to be approximately $65.2 million plus or minus 2% on a non-GAAP basis for the second quarter of 2015, and approximately $215 million plus or minus 2% on a non-GAAP basis for the full year 2015, which includes the benefit of synergy savings.
  • Restructuring charges are expected to be approximately $10 million for the second quarter of 2015 and approximately $25 million for the full year 2015.
  • Acquisition related charges, including amortization of acquired intangibles are expected to be approximately $10.5 million in the second quarter of 2015, and approximately $49.0 million for the full year 2015.
  • The Company expects operating synergies to be approximately $42 million on an annualized basis as it exits 2015.

Investor Conference Call / Webcast Details:

Lattice Semiconductor will review the Company's financial results for the first quarter of 2015 and business outlook for the second quarter and full year 2015 on Monday, May 4, 2015 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 23028933. 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 May 18, 2015, by telephone at 1-404-537-3406. To access the replay, use conference identification number 23028933. A webcast replay will also be available on Lattice's investor relations website at www.latticesemi.com.

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Such forward-looking statements include statements relating to: our expectation that we may achieve mid-point revenue of $485 million on a non-GAAP basis for the full year 2015; that we will continue to work to achieve above industry average growth; our ability to achieve 20% operating income on a non-GAAP basis at any revenue level, and to double our EPS on an annualized non-GAAP basis over the next two years; that we will experience continued growth in our new consumer initiatives and modest growth in the industrial market that should offset a sluggish communications market; that we will see the benefits of our synergy actions in the second quarter, with the balance coming as we move through 2015; that we will achieve synergies of $42 million; that these synergies can be achieved without adversely impacting customers or our product roadmap; that we will drive free cash flow, reduce debt and continue building value for shareholders; and those statements under the heading “Business Outlook - Second Quarter and Full Year 2015” relating to expected revenue, gross margin, total operating expenses, synergies and acquisition charges, including amortization of acquired intangibles. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology. Lattice believes the factors identified below could cause actual results to differ materially from the forward-looking statements.

Estimates of future revenue are inherently uncertain due to, among other things, the high percentage of quarterly “turns” business. In addition, revenue is affected by such factors as global economic conditions, which may affect customer demand, pricing pressures, competitive actions, the demand for our products, and in particular our iCE40™ and MachXO3L™ devices, the ability to supply products to customers in a timely manner, changes in our distribution relationships, or the volatility of our consumer business. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, including commodity costs, variations in manufacturing yields, the failure to sustain operational improvements, the actual amount of compensation charges due to stock price changes. Any unanticipated declines in revenue or gross margin, any unanticipated increases in our operating expenses or unanticipated charges could adversely affect our profitability. In addition, our results could vary due to our acquisition of Silicon Image. We have not had experience operating Silicon Image or projecting its operating results. The acquisition of another company carries inherent risks, including our discovering unknown liabilities or encountering unanticipated issues relating to integrating the business with ours. Any unanticipated declines in revenue or gross margin, any unanticipated increases in our operating expenses or unanticipated charges, including without limitation, restructuring charges, or issues with integrating Silicon Image, could adversely affect our profitability.

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