Lattice Semiconductor Reports First Quarter 2015 Results

(1) During the second quarter of fiscal 2014, the Company condensed its End Market categories. All periods presented have been revised accordingly.

 

Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)

 
  Three Months Ended
April 4,
2015
  January 3,
2015
  March 29,
2014
 
GAAP Revenue $ 88,597 $ 83,600 $ 96,637
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 1,809      
Non-GAAP Revenue 90,406 83,600 96,637
 
GAAP Cost of Products Sold $ 40,765 $ 37,337 $ 42,499
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 644
Inventory Step-Up Expense (3,041 )
Stock-Based Compensation (240 ) (227 ) (166 )
Non-GAAP Cost of Products Sold 38,128 37,110 42,333
 
GAAP Gross Margin $ 47,832 $ 46,263 $ 54,138
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 1,165
Inventory Step-Up Expense 3,041
Stock-Based Compensation 240   227   166  
Non-GAAP Gross Margin 52,278 46,490 54,304
Non-GAAP Gross Margin % 57.8% 55.6% 56.2%
 
GAAP Operating Expenses $ 74,764 $ 41,524 $ 40,736
Restructuring (4,894 ) (1 ) (11 )
Acquisition Related Charges (1) (18,198 )
Amortization of Acquired Intangible Assets (2,942 ) (737 ) (737 )
Stock-Based Compensation - Operations (3,144 ) (3,030 ) (2,924 )
Non-GAAP Operating Expenses 45,586 37,756 37,064
 
GAAP Income (Loss) from Operations $ (26,932 ) $ 4,739 $ 13,402
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 1,165
Inventory Step-Up Expense 3,041
Stock-Based Compensation - Gross Margin 240 227 166
Restructuring 4,894 1 11
Acquisition Related Charges (1) 18,198
Amortization of Acquired Intangible Assets 2,942 737 737
Stock-Based Compensation - Operations 3,144   3,030   2,924  
Non-GAAP Income from Operations 6,692 8,734 17,240
 
 
 
 
(1) Includes stock-based compensation and severance costs related to change in control.
 

Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)

         
Three Months Ended
April 4,
2015
January 3,
2015
March 29,
2014
 
GAAP Income (Loss) before Income Taxes $ (28,697 ) $ 4,796 $ 13,711
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 1,165
Inventory Step-Up Expense 3,041
Stock-Based Compensation - Gross Margin 240 227 166
Restructuring 4,894 1 11
Acquisition Related Charges (1) 18,198
Amortization of Acquired Intangible Assets 2,942 737 737
Stock-Based Compensation - Operations 3,144   3,030   2,924  
Non-GAAP Income before Income Taxes 4,927 8,791 17,549
 
GAAP Income Tax Expense (Benefit) $ 24,665 $ (10,623 ) $ 1,727
Non-cash Income Tax Expense (Benefit) (23,602 ) 11,132   (1,347 )
Non-GAAP Income Tax Expense 1,063 509 380
 
GAAP Net Income (Loss) $ (53,362 ) $ 15,419 $ 11,984
Fair Value Adjustment To Deferred Revenue From Purchase Accounting 1,165
Inventory Step-Up Expense 3,041
Stock-Based Compensation - Gross Margin 240 227 166
Restructuring 4,894 1 11
Acquisition Related Charges (1) 18,198
Amortization of Acquired Intangible Assets 2,942 737 737
Stock-Based Compensation - Operations 3,144 3,030 2,924
Non-cash Income Tax Expense (Benefit) 23,602   (11,132 ) 1,347  
Non-GAAP Net Income 3,864 8,282 17,169
 
GAAP Net Income (Loss) per Share - Basic $ (0.46 ) $ 0.13 $ 0.10
Cumulative Effect of Non-GAAP Adjustments 0.49   (0.06 ) 0.05  
Non-GAAP Net Income per Share - Basic 0.03 0.07 0.15
 
GAAP Net Income (Loss) per Share - Diluted $ (0.46 ) $ 0.13 $ 0.10
Cumulative Effect of Non-GAAP Adjustments 0.49   (0.06 ) 0.04  
Non-GAAP Net Income per Share - Diluted 0.03 0.07 0.14
 
Shares Used In Per Share Calculations:
Basic 116,863 117,931 116,436
Diluted 116,863 119,486 118,917
 

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