Lattice Semiconductor Reports Fourth Quarter and Full Year 2015 Results

Lattice was founded in 1983 and is headquartered in Portland, Oregon. In March 2015, the Company acquired Silicon Image, which is a leader in setting industry standards including the highly successful HDMI®, DVI™, MHL® and WirelessHD® standards.

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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 2,
2016
  October 3,
2015
  January 3,
2015
January 2,
2016
  January 3,
2015
Revenue $ 101,194   $ 109,715   $ 83,600   $ 405,966   $ 366,127  
Costs and expenses:
Cost of sales 47,092 49,866 37,337 186,057 159,940
Research and development 32,055 37,619 22,485 136,868 88,079

Selling, general, and
administrative

24,253 23,819 18,301 97,349 73,527
Acquisition related charges 372 610 22,450
Restructuring 3,459 6,818 1 19,239 17

Amortization of acquired
intangible assets

8,756 8,941 737 29,580 2,948

Impairment of goodwill and
intangible assets

21,655       21,655    
137,642   127,673   78,861   513,198   324,511  
(Loss) income from operations (36,448 ) (17,958 ) 4,739 (107,232 ) 41,616
Interest expense (5,519 ) (5,754 ) (87 ) (18,389 ) (262 )
Other income (expense), net 466   (943 ) 144   (832 ) 1,587  

(Loss) income before income taxes
and equity in net loss of an
unconsolidated affiliate

(41,501 ) (24,655 ) 4,796 (126,453 ) 42,941
Income tax expense (benefit) 3,510 309 (10,623 ) 32,540 (5,639 )

Equity in net loss of an
unconsolidated affiliate, net of tax

(492 )     (492 )  
Net (loss) income (45,503 ) (24,964 ) 15,419 (159,485 ) 48,580

Net loss attributable to
non-controlling interest

49   102     252    

Net (loss) income attributable to
common stockholders

$ (45,454 ) $ (24,862 ) $ 15,419   $ (159,233 ) $ 48,580  
 
Net (loss) income per share:
Basic $ (0.38 ) $ (0.21 ) $ 0.13   $ (1.36 ) $ 0.41  
Diluted $ (0.38 ) $ (0.21 ) $ 0.13   $ (1.36 ) $ 0.40  
 

Shares used in per share
calculations:

Basic 118,095   117,669   117,931   117,387   117,708  
Diluted 118,095   117,669   119,486   117,387   120,245  
 
   

Lattice Semiconductor Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
January 2,
2016
January 3,
2015
Assets
Current assets:
Cash, cash equivalents and short-term marketable securities $ 102,574 $ 254,844
Accounts receivable, net 88,471 62,372
Inventories 75,896 64,925
Other current assets 18,922   16,281
Total current assets 285,863 398,422
 
Property and equipment, net 51,852 27,796
Other long-term assets 17,495 9,862
Intangible assets, net of amortization 162,583 9,537
Goodwill 267,549 44,808
Deferred income taxes 578   20,105
$ 785,920   $ 510,530
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued liabilities $ 83,761 $ 45,800
Current portion of long-term debt 7,557

Deferred income and allowances on sales to sell-through distributors and deferred
license revenue

19,859   14,946
Total current liabilities 111,177 60,746
 
Long-term debt 330,870
Other long-term liabilities 38,353   8,809
Total liabilities 480,400 69,555
 
Stockholders' equity 305,520   440,975
$ 785,920   $ 510,530
 
   

Lattice Semiconductor Corporation

- Supplemental Historical Financial Information -

(unaudited)

 
Three Months Ended Year Ended
January 2, 2016   October 3, 2015   January 3, 2015 January 2, 2016   January 3, 2015
Operations Information
Percent of Revenue
Gross Margin 53.5 % 54.5 % 55.3 % 54.2 % 56.3 %
R&D Expense 31.7 % 34.3 % 26.9 % 33.7 % 24.1 %
SG&A Expense 24.0 % 21.7 % 21.9 % 24.0 % 20.1 %
Depreciation and amortization (in thousands) 17,892 17,553 5,375 60,808 22,248
Capital expenditures (in thousands) 6,624 4,552 3,394 18,209 10,267

Stock-based compensation expense (in
thousands)

4,788 4,199 3,257 17,350 12,801

Stock-based compensation included in
acquisition related charges (in thousands)

402 4,293

Restructuring and severance related charges
(in thousands)

3,459 6,818 59 19,239 628

Severance costs included in acquisition
related charges (in thousands)

4,017
Taxes paid (cash, in thousands) 2,936 2,291 509 8,339 1,599
Balance Sheet Information
Current Ratio 2.6 2.7 6.6
A/R Days Revenue Outstanding 80 71 67
Inventory Months 4.8 4.8 5.2
Revenue% (by Geography)
Asia 75 % 79 % 68 % 76 % 73 %
Europe (incl. Africa) 12 % 12 % 16 % 14 % 16 %
Americas 13 % 9 % 16 % 10 % 11 %
Revenue% (by End Market) (1)
Communications 28 % 26 % 41 % 28 % 42 %
Consumer 30 % 33 % 20 % 31 % 25 %
Industrial 30 % 31 % 39 % 32 % 33 %
Licensing 12 % 10 % % 9 % %
Revenue% (by Channel)
Sell-through distribution 44 % 46 % 49 % 45 % 45 %
Direct 56 % 54 % 51 % 55 % 55 %
 

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