Lattice Semiconductor Reports First Quarter 2019 Results
- Revenue Growth of 2.2% Sequentially
- Gross Margin Expansion from Q4’18 to Q1’19 of 220 /190 Basis Points on a GAAP / Non-GAAP Basis
-
Net Income Improves to
$0.05 /$0.11 Per Diluted Share on a GAAP / Non-GAAP Basis
* GAAP represents U.S. Generally Accepted Accounting Principles. Non-GAAP represents GAAP excluding the impact of certain activities which the Company's management excludes in analyzing the Company's operating results and in understanding trends in the Company's earnings. For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."
Selected First Quarter 2019 Financial Results and Comparisons (in thousands, except per share data)
GAAP — Three Months Ended | Non-GAAP — Three Months Ended | |||||||||||||||||||||||
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
|||||||||||||||||||
Revenue | $ | 98,091 | $ | 95,977 | $ | 98,623 | $ | 98,091 | $ | 95,977 | $ | 98,623 | ||||||||||||
Gross Margin % | 58.8 | % | 56.6 | % | 57.3 | % | 58.6 | % | 56.7 | % | 57.6 | % | ||||||||||||
Operating Expense | $ | 45,176 | $ | 56,026 | $ | 57,316 | $ | 37,985 | $ | 37,814 | $ | 45,421 | ||||||||||||
Net Income (Loss) | $ | 7,408 | $ | (7,121 | ) | $ | (5,952 | ) | $ | 14,561 | $ | 11,131 | $ | 6,118 | ||||||||||
Net Income (Loss) per share - Basic | $ | 0.06 | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.11 | $ | 0.09 | $ | 0.05 | ||||||||||
Net Income (Loss) per share - Diluted | $ | 0.05 | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.11 | $ | 0.08 | $ | 0.05 | ||||||||||
First Quarter 2019 Highlights
- Improved Profitability: Increased net income to
$0.05 per diluted share on a GAAP basis in Q1 2019 from a net loss of$0.05 per diluted share in Q1 2018; more than doubled net income to$0.11 per diluted share on a non-GAAP basis in Q1 2019 from$0.05 per diluted share in Q1 2018. - Continued Balance Sheet De-lever: Made an additional
$25 million discretionary debt payment, while continuing to reduce leverage ratio. - Tapeout of Next Generation FPGA Platform: Taped out the first version of our next generation FPGA platform, which will bring customers valuable differentiation around low power.
- New Reference Design for Video Applications: Announced
availability of the first in a series of new reference designs
featuring the popular Lattice CrossLink™ FPGA for video bridging
applications.
The MIPI CSI-2 Camera Aggregator Bridge reference design provides customers with a template combining all necessary IP and software needed to easily add CrossLink-based video bridging solutions to applications using multiple image sensors. - 2019 Financial Analyst and Investor Day:
Lattice Semiconductor will hold is 2019 Financial Analyst and Investor Day onMonday, May 20, 2019 at NASDAQ's MarketSite inTimes Square ,New York City . Financial analysts and institutional investors that have not already registered to attend the event can RSVP to Investor Relations (David Pasquale , dpasquale@globalirpartners.com or +1.914.337.8801). Advance registration is required to comply with NASDAQ security procedures.
Business Outlook - Second Quarter of 2019:
-
Revenue for the second quarter of 2019 is expected to be between
approximately
$98 million and$102 million . - Gross margin percentage for the second quarter of 2019 is expected to be approximately 58.5% plus or minus 1% on a non-GAAP basis.
-
Total operating expenses for the second quarter of 2019 are expected
to be between approximately
$37 million and$38 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 second quarter of 2019, certain items that affect GAAP measurement offinancial 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:
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our belief that we are still in the early stages of our planned enhancements; that we will we unlock additional value for the Company and its shareholders; that we will deliver improved operating leverage and the statements under the heading “Business Outlook - Second Quarter of 2019.” Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “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 such factors as global economic conditions, which may affect customer demand, pricing pressures, competitive actions, the demand for our Mature, Mainstream and New products, and in particular our iCE40™ and MachXO3L™ devices, international trade disputes and sanctions, 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 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. 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
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 certain non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with U.S. GAAP. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation, restructuring plans and related charges, acquisition-related charges, amortization and impairment of acquired intangible assets, inventory adjustments related to restructured operations, and the estimated tax effect of these items. These charges and adjustments are a result of periodic or non-core operating activities of the Company. 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 financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data.
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
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Lattice Semiconductor Corporation | ||||||||||||
Consolidated Statements of Operations | ||||||||||||
(in thousands, except per share data) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
||||||||||
Revenue | $ | 98,091 | $ | 95,977 | $ | 98,623 | ||||||
Costs and expenses: | ||||||||||||
Cost of sales | 40,439 | 41,671 | 42,102 | |||||||||
Research and development | 19,665 | 19,296 | 22,941 | |||||||||
Selling, general, and administrative | 20,781 | 21,168 | 27,043 | |||||||||
Amortization of acquired intangible assets | 3,389 | 3,708 | 5,636 | |||||||||
Restructuring | 1,341 | 11,854 | 1,029 | |||||||||
Acquisition related charges | — | — | 667 | |||||||||
85,615 | 97,697 | 99,418 | ||||||||||
Income (loss) from operations | 12,476 | (1,720 | ) | (795 | ) | |||||||
Interest expense | (4,987 | ) | (5,018 | ) | (5,114 | ) | ||||||
Other income (expense), net | 153 | (3 | ) | 554 | ||||||||
Income (loss) before income taxes | 7,642 | (6,741 | ) | (5,355 | ) | |||||||
Income tax expense | 234 | 380 | 597 | |||||||||
Net income (loss) | $ | 7,408 | $ | (7,121 | ) | $ | (5,952 | ) | ||||
Net income (loss) per share: | ||||||||||||
Basic | $ | 0.06 | $ | (0.05 | ) | $ | (0.05 | ) | ||||
Diluted | $ | 0.05 | $ | (0.05 | ) | $ | (0.05 | ) | ||||
Shares used in per share calculations: | ||||||||||||
Basic | 130,992 | 129,521 | 124,076 | |||||||||
Diluted | 134,810 | 129,521 | 124,076 | |||||||||
Lattice Semiconductor Corporation | |||||||
Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
March 30, 2019 |
December 29, 2018 |
||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 130,391 | $ | 119,051 | |||
Short-term marketable securities | — | 9,624 | |||||
Accounts receivable, net | 55,606 | 60,890 | |||||
Inventories | 66,773 | 67,096 | |||||
Other current assets | 28,993 | 27,762 | |||||
Total current assets | 281,763 | 284,423 | |||||
Property and equipment, net | 36,758 | 34,883 | |||||
Operating lease right-of-use assets | 27,868 | — | |||||
Intangible assets, net | 17,187 | 21,325 | |||||
Goodwill | 267,514 | 267,514 | |||||
Deferred income taxes | 215 | 215 | |||||
Other long-term assets | 13,421 | 15,327 | |||||
$ | 644,726 | $ | 623,687 | ||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and other accrued liabilities | $ | 57,366 | $ | 61,128 | |||
Current portion of long-term debt | 7,796 | 8,290 | |||||
Current portion of operating lease liabilities | 5,027 | — | |||||
Total current liabilities | 70,189 | 69,418 | |||||
Long-term debt, net of current portion | 225,662 | 251,357 | |||||
Long-term operating lease liabilities, net of current portion | 25,376 | — | |||||
Other long-term liabilities | 42,344 | 44,455 | |||||
Total liabilities | 363,571 | 365,230 | |||||
Stockholders' equity | 281,155 | 258,457 | |||||
$ | 644,726 | $ | 623,687 | ||||
Lattice Semiconductor Corporation | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
March 30, 2019 |
March 31, 2018 |
|||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 7,408 | $ | (5,952 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 8,403 | 12,356 | ||||||
Amortization of operating lease right-of-use assets | 1,487 | — | ||||||
Amortization of debt issuance costs and discount | 686 | 507 | ||||||
Gain on sale or maturity of marketable securities | (53 | ) | (1 | ) | ||||
(Gain) loss on forward contracts | (84 | ) | 99 | |||||
Stock-based compensation expense | 3,686 | 4,800 | ||||||
Impairment of operating lease right-of-use asset (recorded in Restructuring charges) | 757 | — | ||||||
Loss (gain) on disposal of fixed assets | 8 | (58 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | 5,284 | (8,867 | ) | |||||
Inventories | 323 | 2,356 | ||||||
Prepaid expenses and other assets | (1,965 | ) | (3,253 | ) | ||||
Accounts payable and accrued expenses (includes restructuring) | 330 | 1,567 | ||||||
Accrued payroll obligations | (2,788 | ) | (1,441 | ) | ||||
Operating lease liabilities, current and long-term portions | (2,089 | ) | — | |||||
Income taxes payable | 365 | 413 | ||||||
Deferred licensing and services revenue | — | (68 | ) | |||||
Net cash provided by operating activities | 21,758 | 2,458 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of and maturities of short-term marketable securities | 9,655 | 2,500 | ||||||
Purchases of marketable securities | — | (9,603 | ) | |||||
Capital expenditures | (3,074 | ) | (1,804 | ) | ||||
Cash paid for software licenses | (1,739 | ) | (1,837 | ) | ||||
Net cash provided by (used in) investing activities | 4,842 | (10,744 | ) | |||||
Cash flows from financing activities: | ||||||||
Restricted stock unit tax withholdings | (418 | ) | (459 | ) | ||||
Proceeds from issuance of common stock | 11,986 | 1,608 | ||||||
Repayment of debt | (26,875 | ) | (875 | ) | ||||
Net cash (used in) provided by financing activities | (15,307 | ) | 274 | |||||
Effect of exchange rate change on cash | 47 | 589 | ||||||
Net increase (decrease) in cash and cash equivalents | 11,340 | (7,423 | ) | |||||
Beginning cash and cash equivalents | 119,051 | 106,815 | ||||||
Ending cash and cash equivalents | $ | 130,391 | $ | 99,392 | ||||
Supplemental disclosure of cash flow information and non-cash investing and financing activities: | ||||||||
Interest paid | $ | 4,383 | $ | 4,420 | ||||
Operating lease payments | $ | 2,597 | $ | — | ||||
Income taxes paid, net of refunds | $ | 280 | $ | 40 | ||||
Accrued purchases of plant and equipment | $ | 1,417 | $ | 232 | ||||
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | 219 | $ | — | ||||
Change in unrealized (gain) loss related to marketable securities, net of tax, included in Accumulated other comprehensive loss | $ | (42 | ) | $ | 7 | |||
Lattice Semiconductor Corporation | ||||||||||||
- Supplemental Historical Financial Information - | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
||||||||||
Operations and Cash Flow Information | ||||||||||||
Percent of Revenue | ||||||||||||
Gross Margin | 58.8 | % | 56.6 | % | 57.3 | % | ||||||
R&D Expense | 20.0 | % | 20.1 | % | 23.3 | % | ||||||
SG&A Expense | 21.2 | % | 22.1 | % | 27.4 | % | ||||||
Depreciation and amortization (in thousands) | $ | 8,403 | $ | 8,521 | $ | 12,356 | ||||||
Stock-based compensation expense (in thousands) | $ | 3,686 | $ | 3,738 | $ | 4,800 | ||||||
Restructuring and severance related charges (in thousands) | $ | 1,341 | $ | 11,854 | $ | 1,029 | ||||||
Net cash provided by operating activities (thousands) | $ | 21,758 | $ | 30,898 | $ | 2,458 | ||||||
Capital expenditures (in thousands) | $ | 3,074 | $ | 2,206 | $ | 1,804 | ||||||
Repayment of debt (in thousands) | $ | 26,875 | $ | 15,875 | $ | 875 | ||||||
Interest paid (in thousands) | $ | 4,383 | $ | 4,631 | $ | 4,420 | ||||||
Taxes paid (cash, in thousands) | $ | 280 | $ | 338 | $ | 40 | ||||||
Balance Sheet Information | ||||||||||||
Current Ratio | 4.0 | 4.1 | 4.2 | |||||||||
A/R Days Revenue Outstanding | 52 | 58 | 61 | |||||||||
Inventory Months | 5.0 | 4.8 | 5.6 | |||||||||
Revenue% (by Geography) | ||||||||||||
Asia | 70 | % | 74 | % | 73 | % | ||||||
Europe (incl. Africa) | 12 | % | 10 | % | 12 | % | ||||||
Americas | 18 | % | 16 | % | 15 | % | ||||||
Revenue% (by End Market) | ||||||||||||
Communications and Computing | 36 | % | 34 | % | 28 | % | ||||||
Mobile and Consumer | 20 | % | 22 | % | 27 | % | ||||||
Industrial and Automotive | 37 | % | 37 | % | 41 | % | ||||||
Licensing and Services | 7 | % | 7 | % | 4 | % | ||||||
Revenue% (by Channel) | ||||||||||||
Distribution | 79 | % | 76 | % | 87 | % | ||||||
Direct | 21 | % | 24 | % | 13 | % | ||||||
Lattice Semiconductor Corporation | ||||||||||||
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - | ||||||||||||
(in thousands, except per share data) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
||||||||||
Gross Margin Reconciliation | ||||||||||||
GAAP Gross margin | $ | 57,652 | $ | 54,306 | $ | 56,521 | ||||||
Inventory adjustment related to restructured operations | (338 | ) | (160 | ) | — | |||||||
Stock-based compensation - gross margin | 202 | 288 | 237 | |||||||||
Non-GAAP Gross margin | $ | 57,516 | $ | 54,434 | $ | 56,758 | ||||||
Gross Margin % Reconciliation | ||||||||||||
GAAP Gross margin % | 58.8 | % | 56.6 | % | 57.3 | % | ||||||
Cumulative effect of non-GAAP Gross Margin adjustments | (0.2 | )% | 0.1 | % | 0.3 | % | ||||||
Non-GAAP Gross margin % | 58.6 | % | 56.7 | % | 57.6 | % | ||||||
Operating Expenses Reconciliation | ||||||||||||
GAAP Operating expenses | $ | 45,176 | $ | 56,026 | $ | 57,316 | ||||||
Amortization of acquired intangible assets | (3,389 | ) | (3,708 | ) | (5,636 | ) | ||||||
Restructuring charges | (1,341 | ) | (11,854 | ) | (1,029 | ) | ||||||
Acquisition related charges (1) | — | — | (667 | ) | ||||||||
Impairment of acquired intangible assets | 1,023 | 800 | — | |||||||||
Stock-based compensation - operations | (3,484 | ) | (3,450 | ) | (4,563 | ) | ||||||
Non-GAAP Operating expenses | $ | 37,985 | $ | 37,814 | $ | 45,421 | ||||||
Income (Loss) from Operations Reconciliation | ||||||||||||
GAAP Income (loss) from operations | $ | 12,476 | $ | (1,720 | ) | $ | (795 | ) | ||||
Inventory adjustment related to restructured operations | (338 | ) | (160 | ) | — | |||||||
Stock-based compensation - gross margin | 202 | 288 | 237 | |||||||||
Amortization of acquired intangible assets | 3,389 | 3,708 | 5,636 | |||||||||
Restructuring charges | 1,341 | 11,854 | 1,029 | |||||||||
Acquisition related charges (1) | — | — | 667 | |||||||||
Impairment of acquired intangible assets | (1,023 | ) | (800 | ) | — | |||||||
Stock-based compensation - operations | 3,484 | 3,450 | 4,563 | |||||||||
Non-GAAP Income from operations | $ | 19,531 | $ | 16,620 | $ | 11,337 | ||||||
Income (Loss) from Operations % Reconciliation | ||||||||||||
GAAP Income (loss) from operations % | 12.7 | % | (1.8 | )% | (0.8 | )% | ||||||
Cumulative effect of non-GAAP Gross Margin and Operating adjustments | 7.2 | % | 19.1 | % | 12.3 | % | ||||||
Non-GAAP Income from operations % | 19.9 | % | 17.3 | % | 11.5 | % | ||||||
(1) Legal fees and outside services that were related to our proposed acquisition by Canyon Bridge Acquisition Company, Inc. | ||||||||||||
Lattice Semiconductor Corporation | ||||||||||||
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures - | ||||||||||||
(in thousands, except per share data) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
March 30, 2019 |
December 29, 2018 |
March 31, 2018 |
||||||||||
Income Tax Expense Reconciliation | ||||||||||||
GAAP Income tax expense | $ | 234 | $ | 380 | $ | 597 | ||||||
Estimated tax effect of non-GAAP adjustments (2) | (98 | ) | 88 | 62 | ||||||||
Non-GAAP Income tax expense | $ | 136 | $ | 468 | $ | 659 | ||||||
Net Income (Loss) Reconciliation | ||||||||||||
GAAP Net income (loss) | $ | 7,408 | $ | (7,121 | ) | $ | (5,952 | ) | ||||
Inventory adjustment related to restructured operations | (338 | ) | (160 | ) | — | |||||||
Stock-based compensation - gross margin | 202 | 288 | 237 | |||||||||
Amortization of acquired intangible assets | 3,389 | 3,708 | 5,636 | |||||||||
Restructuring charges | 1,341 | 11,854 | 1,029 | |||||||||
Acquisition related charges (1) | — | — | 667 | |||||||||
Impairment of acquired intangible assets | (1,023 | ) | (800 | ) | — | |||||||
Stock-based compensation - operations | 3,484 | 3,450 | 4,563 | |||||||||
Estimated tax effect of non-GAAP adjustments (2) | 98 | (88 | ) | (62 | ) | |||||||
Non-GAAP Net income | $ | 14,561 | $ | 11,131 | $ | 6,118 | ||||||
Net Income (Loss) Per Share Reconciliation | ||||||||||||
GAAP Net income (loss) per share - basic | $ | 0.06 | $ | (0.05 | ) | $ | (0.05 | ) | ||||
Cumulative effect of Non-GAAP adjustments | 0.05 | 0.14 | 0.10 | |||||||||
Non-GAAP Net income per share - basic | $ | 0.11 | $ | 0.09 | $ | 0.05 | ||||||
GAAP Net income (loss) per share - diluted | $ | 0.05 | $ | (0.05 | ) | $ | (0.05 | ) | ||||
Cumulative effect of Non-GAAP adjustments | 0.06 | 0.13 | 0.10 | |||||||||
Non-GAAP Net income per share - diluted | $ | 0.11 | $ | 0.08 | $ | 0.05 | ||||||
Shares used in per share calculations: | ||||||||||||
Basic | 130,992 | 129,521 | 124,076 | |||||||||
Diluted - GAAP (3) | 134,810 | 129,521 | 124,076 | |||||||||
Diluted - Non-GAAP (3) | 134,810 | 132,471 | 125,144 | |||||||||
(1) Legal fees and outside services that were related to our proposed acquisition by Canyon Bridge Acquisition Company, Inc. | ||||||||||||
(2) We calculate non-GAAP tax expense by applying our tax provision model to year-to-date and projected income after adjusting | ||||||||||||
for non-GAAP items. The difference between calculated values for GAAP and non-GAAP tax expense has been included as | ||||||||||||
the “Estimated tax effect of non-GAAP adjustments.” | ||||||||||||
(3) Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190430005988/en/
Source:
MEDIA:
Lattice Semiconductor Corporation
Doug Hunter,
503.268.8512
doug.hunter@latticesemi.com
INVESTORS:
Global IR Partners
David Pasquale,
914.337.8801
lscc@globalirpartners.com