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Lattice Semiconductor Corp (NASDAQ: LSCC): Fourth Quarter 2012 Financial Results

Lattice Semiconductor Corp (NASDAQ: LSCC) is the source for innovative FPGA, PLD, programmable Power Management and Clock Management solutions. LSCC designs and develops programmable products, which allow the end customer to determine functionality and continues to expand our Asia presence to reduce costs and better align with its customers. LSCC’s┬ácustomers are primarily original equipment manufacturers in the communications, computing, consumer, industrial, automotive, medical and military end markets.

LSCC yesterday announced financial results for the fiscal fourth quarter ended December 29, 2012:

  • For the fourth quarter, revenue was $65.9 million, a decrease of 7.1% from $70.9 million reported in the prior quarter, and a decrease of 6.1% from the $70.2 million reported in the same quarter a year ago.
  • FPGA revenue for the fourth quarter was $20.9 million, a decrease from the $26.1 million reported in the prior quarter, and a slight decrease from the $22.1 million reported in the same quarter a year ago.
  • PLD revenue for the fourth quarter was $45.0 million, essentially flat with the $44.8 million reported in the prior quarter, and a decrease from the $48.1 million reported in the same quarter a year ago.
  • Net loss for the fourth quarter was $7.2 million ($0.06 per basic and diluted share), which includes a tax expense of $0.4 million, amortization expense from acquired intangibles of $0.8 million and restructuring charges of $5.4 million, compared to prior quarter net loss of $2.2 million ($0.02 per basic and diluted share) and net income of $40.9 million ($0.34 per diluted share) reported in the same quarter a year ago.
  • Third quarter of 2012 results included a tax provision of $1.9 million ($0.02 per basic and diluted share) and $0.7 million of amortization expense from acquired intangibles.
  • Fourth quarter of 2011 results included a tax benefit of $35.1 million ($0.29 per diluted share), $0.5 million of acquisition related charges and $1.1 million ($0.01 per diluted share) of restructuring charges.

Darin G. Billerbeck, President and Chief Executive Officer, commented:

Results for the fourth quarter of 2012 were in line with our revised guidance and reflect the continued challenging macro environment worldwide. Weakness was broad based across nearly all end markets and geographies except for the consumer market. Based on customer and market forecasts, we expect to see some improvement in the communications and other markets throughout 2013. We continue to gain traction in the consumer and mobile consumer markets led by our iCE products. We have shipped more than 15 million iCE40 devices, making this our fastest ramping product.

LSCC shares gained 15% at early trading on Friday.