UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported)
July
25, 2006
Lattice
Semiconductor Corporation
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-18032
|
93-0835214
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
5555
N. E. Moore Court
Hillsboro,
Oregon 97124-6421
(Address
of principal executive offices, including zip code)
(503)
268-8000
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02. Results of Operations and Financial Condition.
On
July
25, 2006, Lattice Semiconductor Corporation (the "Company") issued a press
release announcing the Company's financial results for the fiscal quarter ended
July 1, 2006. A copy of the press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K.
The
information in this Item 2.02, in Item 9.01 hereof and in Exhibit 99.1 shall
not
be deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference
in
such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibit is being furnished (not filed) herewith:
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
release, dated July 25, 2006, entitled “Lattice Semiconductor Reports
Second Quarter Results - Revenue Up 20%.”
|
|
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
LATTICE
SEMICONDUCTOR CORPORATION
|
|||||
|
Date:
July 25, 2006
|
By:
|
/s/
Jan Johannessen
|
|
||
|
|
|
Jan
Johannessen
Senior
Vice President and
Chief
Financial Officer
|
|||
3
EXHIBIT
INDEX
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
release, dated July 25, 2006, entitled “Lattice Semiconductor Reports
Second Quarter Results - Revnue Up 20%.”
|
|
4
Exhibit 99.1
NEWS
RELEASE
For
more
information contact:
Jan
Johannessen
Chief
Financial Officer
Lattice
Semiconductor Corporation
(503)
268-8000
LATTICE
SEMICONDUCTOR REPORTS SECOND
QUARTER
RESULTS - REVENUE UP 20%
Posts
Record FPGA Revenue and Returns to Profitability
HILLSBORO,
Ore. - July 25, 2006 - Lattice Semiconductor Corporation (NASDAQ: LSCC)
today announced financial results for the second quarter ended June 2006.
For
the
second quarter, revenue was $62.7 million, an increase of 20 percent from
the
$52.4 million reported in the same quarter a year ago and an increase of
nine
percent from the $57.5 million reported last quarter.
Quarterly
revenue from FPGA products was a record $13.1 million, or 21 percent of
total
revenue, and increased 33 percent year-over-year and 21 percent sequentially.
Quarterly revenue from PLD products was $49.6 million, or 79 percent of
total
revenue, and increased 17 percent from the same quarter a year ago and
six
percent sequentially.
Other
income for the second quarter was $4.5 million and included a $1.3 million
gain
related to the sale of foundry investments.
Net
income for the second quarter was $2.1 million, or $0.02 per share, a
significant improvement compared to a net loss of $8.2 million ($0.07 per
share)
in the same quarter a year ago, and a net loss of $0.8 million ($0.01 per
share)
in the previous quarter. The second quarter results include charges of
$2.7
million for the amortization of intangible assets (currently expected to
be
substantially eliminated in 2008), $0.6 million for stock-based compensation
expenses, and $0.1 million for restructuring charges. Excluding these charges,
the Company posted net income for the first quarter of $5.5 million, or
$0.05
per share. The Company believes exclusion of these charges more closely
approximates its ongoing operational performance.
A
reconciliation of non-GAAP net income (loss) to GAAP net income (loss)
accompanies the financial tables in this earnings release.
“We
are
pleased to report that we achieved two key business goals during the second
quarter. First, strong revenue growth and improved margins combined with
solid
execution contributed to a return to profitability for the first time since
the
first quarter of 2001. Second, the market acceptance of our new FPGA products
continues to be positive, as we posted record quarterly FPGA revenue and
continued market share gains,” said Steve Skaggs, President and Chief Executive
Officer of Lattice Semiconductor Corporation. “Successful execution of our new
product strategy has resulted in a significant upgrade to our product portfolio
and I remain optimistic about our future prospects.”
Second
Quarter Business Highlights:
| § |
Expanded
the Lattice programmable mixed signal product portfolio with the
introduction of three additional members of the ispClockTM
family and the introduction of the ispPAC®-POWER6AT6
device. This device provides margining selectable output levels
and
monitoring support for low cost embedded or discrete IC-based power
supply
designs, and allows simultaneous control for up to six separate
power
supplies.
|
| § |
Introduced
the ispLever®
6.0 design tool suite with industry-leading performance and significant
design flow enhancements. This design tool supports all of Lattice’s FPGA
and PLD product families including the newest 90nm LatticeECP2TM
and LatticeSCTM
Extreme PerformanceTM
FPGA families.
|
| § |
Expanded
significantly the Intellectual Property core offerings, together
with our
partners, for the LatticeSC Extreme Performance FPGA family. This
portfolio now includes forty-four IP cores including a complete
range of
PCI Express solutions, enabling designers to quickly implement
system
level designs on LatticeSC devices.
|
Business
Outlook - September 2006 Quarter:
| § |
Sequential
quarterly revenue growth is expected to be approximately 0%-4%;
|
| § |
Gross
margin percentage is expected to be approximately flat;
|
| § |
Total
operating expenses are expected to be approximately $35 million,
which
includes an estimated $1 million of stock-based compensation expense
(inclusion of stock-based compensation in operating expenses adds
significant uncertainty to our estimates of expenses due to the
effect of
the volatility in our stock price and the effect of forfeitures,
which we
cannot predict);
|
| § |
Intangible
asset amortization is expected to be approximately $2.7 million;
and
|
| § |
Other
income is expected to be approximately $3.2
million.
|
Discussion
of Non-GAAP Financial Measures:
Management
evaluates and makes operating decisions using various performance measures.
In
addition to our GAAP results, we also consider adjusted net income (loss),
which
we refer to as non-GAAP net income (loss). This measure is generally
based on
the revenues of our products and the costs of those operations, such
as cost of
revenue, research and development, sales and marketing and general and
administrative expenses, that management considers in evaluating our
ongoing
core operating performance. Non-GAAP net income (loss) consists of net
income
(loss) excluding amortization of intangible assets, stock-based compensation
and
restructuring charges.
Intangible
assets relate to assets acquired through acquisitions and consist of
purchased
technology and deferred stock compensation issued in connection with
the
acquisitions. Restructuring charges consist of expenses incurred under
our
corporate restructuring plan which was implemented and substantially
completed
in the fourth quarter of 2005, and include items such as separation packages,
costs to vacate space under long-term lease arrangements, cost to write-off
an
intellectual property license and other related expenses.
Non-GAAP
net income (loss) is a supplemental measure of our performance that is
not
required by and not presented in accordance with GAAP. Moreover, it should
not
be considered as an alternative to net income (loss), operating income
(loss) or
any other performance measure derived in accordance with GAAP, or as
an
alternative to cash flow from operating activities or as a measure of
our
liquidity. Investors and potential investors are encouraged to review
the
reconciliation of non-GAAP financial measures contained within this press
release with our net income (loss), which is our most directly comparable
GAAP
financial result. For more information, see the consolidated statements
of
operations contained in this earnings release.
These
non-GAAP adjustments are provided to enhance the user’s overall understanding of
our operating performance and our prospects for the future. Lattice
Semiconductor believes that both management and investors benefit from
referring
to these non-GAAP financial measures in assessing Lattice’s performance and
provides useful information regarding financial and business trends
relating to
its financial condition and results of operations, in particular by
excluding
certain expense and income items that we believe are not indicative
of our core
operating results. These non-GAAP financial measures also facilitate
comparisons
to Lattice’s historical performance and our competitors’ operating results.
Lattice also measures its employees and compensates them in part based
on such
non-GAAP financial measures. For the same reasons, Lattice management
also uses
this information in its budgeting and forecasting activities. We include
these
non-GAAP financial measures because we believe they are useful to investors
in
allowing for greater transparency with respect to supplemental information
used
by management in its financial and operational
decision-making.
On
July
25, 2006, Lattice will hold a telephone conference call at 2:00 pm (Pacific
Time) with financial analysts. Investors may listen to our conference
call live
via the web at www.lscc.com. Replays
of the call will also be available at www.lscc.com.
On
September 13, 2006, we plan to publish a “Business Update Statement” on our
website. Our financial guidance will be limited to the comments on our
public
quarterly earnings call and these public business outlook statements.
Additionally, during the September 2006 quarter, Lattice plans to participate
in
an investor conference sponsored by Pacific Crest Securities and participate
in
the 2006 Oregon Technology Tour. Specific presentation dates and times
are
posted on our website at www.lscc.com.
The
foregoing paragraphs contain forward-looking statements that involve
estimates,
assumptions, risks and uncertainties. With respect to particular forward-looking
statements in the Business Outlook - September 2006 Quarter section of
this
release, Lattice believes the factors identified below in connection
with each
such statement could cause actual results to differ materially from the
forward-looking statements.
Estimates
of future revenue are inherently uncertain due to the high percentage
of
quarterly “turns” business. In addition, revenue is affected by such factors as
pricing pressures, competitive actions, the demand for our products,
and the
ability to supply products to customers in a timely manner. Actual gross
margin
percentage and operating costs could vary from the estimates contained
herein on
the basis of, among other things, changes in revenue levels, product
pricing and
mix, changes in wafer, assembly and test costs, and variations in manufacturing
yields.
In
addition to the foregoing, other factors that may cause actual results
to differ
materially from the forward-looking statements herein include the Securities
and
Exchange Commission’s informal inquiry and any resulting actions, the Company’s
dependencies on its silicon wafer suppliers, technological and product
development risks, and the other risks that are described from time to
time in
our filings with the Securities and Exchange Commission. 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.
About
Lattice Semiconductor:
Lattice
Semiconductor Corporation provides the industry’s broadest range of Field
Programmable Gate Arrays (FPGA) and Programmable Logic Devices (PLD),
including
Field Programmable System Chips (FPSC), Complex Programmable Logic Devices
(CPLD), Programmable Mixed-Signal Products (ispPAC®) and Programmable Digital Interconnect
Devices
(ispGDX®). Lattice also offers industry leading
SERDES products.
Lattice
continues to deliver “More of the Best” to its customers with comprehensive
solutions for system design, including an unequaled portfolio of high
performance, non-volatile and low cost FPGAs.
Lattice
products are sold worldwide through an extensive network of independent
sales
representatives and distributors, primarily to OEM customers in communications,
computing, industrial, consumer, automotive, medical and military end
markets.
For more information, visit http://www.latticesemi.com
#
# #
Lattice
Semiconductor Corporation, Lattice (& design), L (& design), ISP,
ispPAC, ispGDX, ispClock, ispLever, LatticeECP2, LatticeSC, Extreme Performance,
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
Statement of Operations
|
|
|||||||||||||||
|
(in
thousands, except per share data)
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Three
months ended
|
|
Six months
ended
|
|
|||||||||||
|
Description
|
|
June
30, 2006
|
|
March 31,
2006
|
|
June
30, 2005
|
|
June 30,
2006
|
|
June
30, 2005
|
|
|||||
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenue
|
|
$
|
62,719
|
|
$
|
57,452
|
|
$
|
52,396
|
|
$
|
120,171
|
|
$
|
103,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Costs
of products sold
|
|
|
27,150
|
|
|
25,297
|
|
|
22,862
|
|
|
52,447
|
|
|
45,033
|
|
|
Research
and development (2)
|
|
|
21,124
|
|
|
21,121
|
|
|
25,065
|
|
|
42,245
|
|
|
50,236
|
|
|
Selling,
general and administrative
|
|
|
13,801
|
|
|
12,616
|
|
|
16,433
|
|
|
26,417
|
|
|
30,766
|
|
|
Amortization
of intangible assets (1)
|
|
|
2,670
|
|
|
2,813
|
|
|
3,531
|
|
|
5,483
|
|
|
7,333
|
|
|
Restructuring
costs
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
costs and expenses
|
|
|
64,884
|
|
|
61,847
|
|
|
67,891
|
|
|
126,731
|
|
|
133,368
|
|
|
Loss
from operations
|
|
|
(2,165
|
)
|
|
(4,395
|
)
|
|
(15,495
|
)
|
|
(6,560
|
)
|
|
(29,689
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income, net
|
|
|
4,487
|
|
|
3,777
|
|
|
7,436
|
|
|
8,264
|
|
|
10,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income
(loss) before provision for income taxes
|
|
|
2,322
|
|
|
(618
|
)
|
|
(8,059
|
)
|
|
1,704
|
|
|
(18,844
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
|
|
256
|
|
|
189
|
|
|
100
|
|
|
445
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
$
|
2,066
|
|
$
|
(807
|
)
|
$
|
(8,159
|
)
|
$
|
1,259
|
|
$
|
(19,044
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic
net income (loss) per share
|
|
$
|
0.02
|
|
$
|
(0.01
|
)
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Diluted
net income (loss) per share
|
|
$
|
0.02
|
|
$
|
(0.01
|
)
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Shares
used in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic
|
|
|
114,165
|
|
|
113,791
|
|
|
113,469
|
|
|
113,960
|
|
|
113,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
(3)
|
|
|
115,104
|
|
|
113,791
|
|
|
113,469
|
|
|
114,287
|
|
|
113,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Intangible
assets subject to amortization aggregate $21.0 million, net, at June
30,
2006 and relate to the acquisition of Cerdelinx Technologies, Inc. on
August 26, 2002, the acquisition of the FPGA business of Agere
Systems, Inc. on January 18, 2002 and the acquisition of
Integrated Intellectual Property Inc. on March 16, 2001. These
intangible assets are amortized to expense generally over three to
seven
years on a straight-line basis.
|
| (2) |
With
the adoption of SFAS No. 123(R) effective January 1, 2006,
deferred stock compensation expense attributable to research and
development activities previously recorded to Amortization of intangible
assets has been reclassified to Research and development expense.
Includes $0.0 million for 2006 periods presented and $0.6 million
of
deferred stock compensation expense for the quarter ended June 30,
2005 and $1.2 million for the six months ended June 30,
2005.
|
| (3) |
For
the three months ended June 30, 2006 the six months ended June 30,
2006, the computation of diluted earnings includes the effects
of stock options as they are dilutive. For all other periods,
the effects of stock options are excluded as they are antidilutive.
The effects of the Zero Coupon Convertible Notes are excluded
in the
computation as the contingent conversion features were not triggered
for
any of the periods presented.
|
|
Reconciliation
of GAAP Net Income (Loss) to Non-GAAP Net Income
(Loss)
|
|
(unaudited)
|
|
|
|
Three
months ended
|
|
Six months
ended
|
|
|||||||||||
|
|
|
June
30, 2006
|
|
March 31,
2006
|
|
June
30, 2005
|
|
June 30,
2006
|
|
June
30, 2005
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP
net income (loss)
|
|
$
|
2,066
|
|
$
|
(807
|
)
|
$
|
(8,159
|
)
|
$
|
1,259
|
|
$
|
(19,044
|
)
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangible assets (1)
|
|
|
2,670
|
|
|
2,813
|
|
|
3,531
|
|
|
5,483
|
|
|
7,333
|
|
|
Stock-based
compensation (2)
|
|
|
638
|
|
|
707
|
|
|
582
|
|
|
1,345
|
|
|
1,196
|
|
|
Restructuring
charges (3)
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
Non-GAAP
net income (loss)
|
|
$
|
5,513
|
|
$
|
2,713
|
|
$
|
(4,046
|
)
|
$
|
8,226
|
|
$
|
(10,515
|
) |
|
Reconciliation
of GAAP Net Income (Loss) per Share to Non-GAAP Net Income (Loss)
per
Share
|
|
(unaudited)
|
|
|
|
Three
months ended
|
|
Six months
ended
|
|
|||||||||||
|
|
|
June
30, 2006
|
|
March 31,
2006
|
|
June
30, 2005
|
|
June 30,
2006
|
|
June
30, 2005
|
|
|||||
|
Basic
and Diluted (5):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP
net income (loss)
|
|
$
|
0.02
|
|
$
|
(0.01
|
)
|
$
|
(0.07
|
)
|
$
|
0.01
|
|
$
|
(0.17
|
)
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of intangible assets (1)
|
|
|
0.02
|
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
0.07
|
|
|
Stock-based
compensation (2)
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
Restructuring
charges (3)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income (loss)
|
|
$
|
0.05
|
|
$
|
0.02
|
|
$
|
(0.04
|
)
|
$
|
0.07
|
|
$
|
(0.09
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares used in per share calculations: | ||||||||||||||||
|
Basic
|
|
|
114,165
|
|
|
113,791
|
|
|
113,469
|
|
|
113,960
|
|
|
113,463
|
|
|
Diluted
(4)
|
115,104
|
114,091
|
113,469
|
114,287
|
113,463
|
Notes:
| (1) |
Relates
to intangible assets acquired through our acquisition of Cerdelinx
Technologies, Inc. on August 26, 2002, the acquisition of the
FPGA
business of Agere Systems, Inc. on January 18, 2002 and the acquisition
of
Integrated Intellectual Property Inc. on March 16, 2001.
|
| (2) |
With
the adoption of SFAS No. 123(R) effective January 1, 2006, deferred
stock
compensation expense attributable to research and development activities
previously recorded to Amortization of intangible assets has been
reclassified to Research and development expense. Includes $0.0
million
for the 2006 periods presented and $0.6 million of deferred stock
compensation expense for the quarter ended June 30, 2005 and $1.2
million for the six months ended June 30,
2005.
|
| (3) |
Represents
costs incurred under the corporate restructuring plan, which was
implemented in the fourth quarter of 2005.
|
| (4) |
For
the three months ended June 30, 2006 and March 31, 2006, and
for the six
months ended June 30, 2006, the computation of diluted non-GAAP
earnings includes the effects of stock options as they are dilutive.
The
effects of the Zero Coupon Convertible Notes are excluded in
the
computation as the contingent conversion features were not triggered
for
any of the periods presented.
|
| (5) |
Per
share amounts may differ due to
rounding.
|
|
Lattice
Semiconductor Corporation
|
|||||||
|
Consolidated
Balance Sheet
|
|||||||
|
(in
thousands)
|
|||||||
|
June
30,
|
December
31,
|
||||||
|
Description
|
2006
|
2005
|
|||||
|
(unaudited)
|
|||||||
|
|
|
||||||
|
Assets
|
|||||||
|
Current
assets:
|
|||||||
|
Cash
and short-term investments
|
$
|
262,727
|
$
|
264,192
|
|||
|
Accounts
receivable, net
|
33,050
|
23,577
|
|||||
|
Inventories
|
35,750
|
28,581
|
|||||
|
Other
current assets
|
24,615
|
24,614
|
|||||
|
Total
current assets
|
356,142
|
340,964
|
|||||
|
Property
and equipment, net
|
47,681
|
45,450
|
|||||
|
Foundry
investments, advances and other assets
|
60,720
|
79,432
|
|||||
|
Goodwill
and other intangible assets, net (1)
|
244,535
|
250,011
|
|||||
|
$
|
709,078
|
$
|
715,857
|
||||
|
Liabilities
and Stockholders' Equity
|
|||||||
|
Current
liabilities:
|
|||||||
|
Accounts
payable and other accrued liabilities
|
$
|
51,500
|
$
|
53,438
|
|||
|
Deferred
income and allowances on sales to distributors
|
11,437
|
10,449
|
|||||
|
Total
current liabilities
|
62,937
|
63,887
|
|||||
|
Zero
Coupon Convertible notes due in 2010
|
123,500
|
133,500
|
|||||
|
Other
long-term liabilities
|
18,168
|
20,386
|
|||||
|
Total
liabilities
|
204,605
|
217,773
|
|||||
|
Stockholders'
equity
|
504,473
|
498,084
|
|||||
|
$
|
709,078
|
$
|
715,857
|
||||
|
Note: |
|||||||
|
(1)
At June 30, 2006, includes approximately $223.6 million in goodwill
and
$21.0 million of other intangible assets, net, related to previous
acquisitions. The other intangible assets will be amortized to
expense
generally over three to seven years. Goodwill is not amortized
effective
with the March 2002
quarter.
|
|||||||
|
Lattice
Semiconductor Corporation
|
|||
|
-
Supplemental Historic Financial Information -
|
|||
|
|
|||
|
Operations
Information
|
Q206
|
Q106
|
Q205
|
|
Percent
of Revenue:
|
|||
|
Gross
Margin
|
56.7%
|
56.0%
|
56.4%
|
|
R&D
Expense
|
33.7%
|
36.8%
|
47.8%
|
|
SG&A
Expense
|
22.0%
|
22.0%
|
31.4%
|
|
Restructuring
Expense
|
0.2%
|
0.0%
|
—
|
|
Depreciation
Expense ($000)
|
3,028
|
2,956
|
3,412
|
|
Capital
Expenditures ($000)
|
5,461
|
2,754
|
2,768
|
|
Balance
Sheet Information
|
|||
|
Current
Ratio
|
5.7
|
5.5
|
6.6
|
|
A/R
Days Revenue Outstanding
|
48
|
40
|
45
|
|
Inventory
Months
|
4.0
|
3.8
|
4.5
|
|
Revenue
% (by Product Family)
|
|||
|
FPGA
|
21%
|
19%
|
19%
|
|
PLD
|
79%
|
81%
|
81%
|
|
Revenue
% (by Product Classification*)
|
|||
|
New
|
14%
|
10%
|
—
|
|
Mainstream
|
51%
|
50%
|
—
|
|
Mature
|
35%
|
40%
|
—
|
|
Revenue
% (by Geography)
|
|||
|
Americas
|
30%
|
30%
|
32%
|
|
Europe
(incl. Africa)
|
25%
|
27%
|
23%
|
|
Asia
(incl. ROW)
|
45%
|
43%
|
45%
|
|
Revenue
% (by End Market)
|
|||
|
Communications
|
51%
|
50%
|
53%
|
|
Computing
|
17%
|
18%
|
16%
|
|
Other
|
32%
|
32%
|
31%
|
|
Revenue
% (by Channel)
|
|||
|
Direct
|
58%
|
60%
|
62%
|
|
Distribution
|
42%
|
40%
|
38%
|
|
|
|||
|
* Product Classification: |
|||
|
New:
|
LatticeEC/ECP,
LatticeXP, MachXO, FPSC, ispXPLD, ispGDX2, Power Manager,
ispCLK
|
|
Mainstream:
|
ispMACH
4000/Z, ispXPGA, ispGDX/V, ispMACH 4/LV, ispLSI 2000V, ispLSI
5000V,
ispMACH 5000VG, and Other
|
|
Mature:
|
ORCA
2, ORCA 3, ORCA 4, ispPAC, ispLSI 8000V, ispMACH 5000B, ispMACH
2LV,
ispMACH 5LV, All 5-Volt CPLDs, all
SPLDs
|