Lattice Semiconductor Reports First Quarter 2016 Results

In addition to the foregoing, other factors that may cause actual results to differ materially from the forward-looking statements in this press release include global economic uncertainty, overall semiconductor market conditions, market acceptance and demand for our new products, the Company's dependencies on its silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks, the failure to achieve the anticipated benefits and synergies of the Silicon Image transaction. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its annual report on Form 10-K for the fiscal year ended January 2, 2016, and Lattice’s quarterly reports filed on Form 10-Q.

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.

Non-GAAP Financial Measures:

Included within this press release and the accompanying tables and notes are non-GAAP financial measures that supplement the Company's consolidated financial information prepared under GAAP. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release. The Company's management believes that these non-GAAP measures provide a more meaningful representation of the Company’s ongoing financial performance than GAAP measures alone. In addition, the Company uses Adjusted EBITDA to measure compliance with certain of its debt covenants. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

About Lattice Semiconductor:

Lattice Semiconductor (NASDAQ: LSCC) provides smart connectivity solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets worldwide. Our unwavering commitment to our customers enables them to accelerate their innovation, creating an ever better and more connected world.

For more information about Lattice please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube 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

April 2,
2016

 

January 2,
2016

 

April 4,
2015

Revenue $ 96,512   $ 101,194   $ 88,597  
Costs and expenses:
Cost of sales 39,408 47,092 40,765
Research and development 32,608 32,055 27,642
Selling, general and administrative 23,608 24,253 21,088
Amortization of acquired intangible assets 8,721 8,756 2,942
Restructuring charges 5,431 3,459 4,894
Acquisition related charges 94 372 18,198
Impairment of goodwill and intangible assets   21,655    
109,870   137,642   115,529  
Loss from operations (13,358 ) (36,448 ) (26,932 )
Interest expense (4,960 ) (5,519 ) (1,611 )
Other income (expense), net 817   515   (139 )
Loss before income taxes and equity in net loss of an unconsolidated affiliate (17,501 ) (41,452 ) (28,682 )
Income tax expense 1,900 3,510 24,665
Equity in net loss of an unconsolidated affiliate, net of tax (310 ) (492 )  
Net loss $ (19,711 ) $ (45,454 ) $ (53,347 )
 
Net loss per share:
Basic $ (0.17 ) $ (0.38 ) $ (0.46 )
Diluted $ (0.17 ) $ (0.38 ) $ (0.46 )
 
Shares used in per share calculations:
Basic 118,833   118,095   116,863  
Diluted 118,833   118,095   116,863  
 
 

Lattice Semiconductor Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
  April 2,
2016
  January 2,
2016
Assets
Current assets:

Cash, cash equivalents and short-term marketable securities

$ 116,474 $ 102,574
Accounts receivable, net 84,399 88,471
Inventories 82,598 75,896
Other current assets 17,030   18,922
Total current assets 300,501 285,863
 
Property and equipment, net 53,318 51,852
Intangible assets, net of amortization 153,675 162,583
Goodwill 269,766 267,549
Deferred income taxes 578 578
Other long-term assets 15,791   17,495
$ 793,629   $ 785,920
 
Liabilities and Stockholders' Equity
Current liabilities:

Accounts payable and other accrued liabilities

$ 96,835 $ 83,761
Current portion of long-term debt 2,308 7,557

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

26,607   19,859
Total current liabilities 125,750 111,177
 
Long-term debt 335,485 330,870
Other long-term liabilities 41,226   38,353
Total liabilities 502,461 480,400
 
Stockholders' equity 291,168   305,520
$ 793,629   $ 785,920
 
 

Lattice Semiconductor Corporation

- Supplemental Historical Financial Information -

(unaudited)

 
  Three Months Ended
April 2,
2016
  January 2,
2016
  April 4,
2015
Operations Information
Percent of Revenue
Gross Margin 59.2 % 53.5 % 54.0 %
R&D Expense 33.8 % 31.7 % 31.2 %
SG&A Expense 24.5 % 24.0 % 23.8 %
Depreciation and amortization (in thousands) 17,331 17,892 7,904
Capital expenditures (in thousands) 5,700 6,624 2,878
Stock-based compensation (in thousands) 4,556 4,788 3,384

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

3,891

Restructuring and severance related charges (in thousands)

5,431 3,459 4,894

Severance costs included in acquisition related charges (in thousands)

4,017
Taxes paid (cash, in thousands) 2,496 2,936 1,063
Balance Sheet Information
Current Ratio 2.4 2.6 2.9
A/R Days Revenue Outstanding 80 80 82
Inventory Months 6.3 4.8 5.9
Revenue% (by Geography)
Asia 68 % 75 % 70 %
Europe (incl. Africa) 17 % 12 % 19 %
Americas 15 % 13 % 11 %
Revenue% (by End Market) (1)
Communications and Computing 34 % 35 % 45 %
Mobile and Consumer 26 % 30 % 22 %
Industrial and Automotive 31 % 23 % 30 %
Licensing and Services 9 % 12 % 3 %
Revenue% (by Channel)
Sell-through distribution 53 % 44 % 48 %
Direct 47 % 56 % 52 %
 

(1) During the first quarter of fiscal 2016, the Company realigned its End Market categories; prior periods have been reclassified to match current period presentation.

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