Lattice Semiconductor Reports Third Quarter of 2018 Results
Lattice Semiconductor Corporation | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(unaudited) |
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Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 29, |
June 30, |
September 30, |
September 29, |
September 30, |
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Revenue | $ | 101,484 | $ | 102,715 | $ | 91,971 | $ | 302,822 | $ | 290,695 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | 43,120 | 52,467 | 38,649 | 137,689 | 125,332 | |||||||||||||||
Research and development | 19,131 | 21,081 | 25,648 | 63,153 | 79,857 | |||||||||||||||
Selling, general, and administrative | 21,775 | 21,068 | 21,290 | 69,886 | 67,133 | |||||||||||||||
Amortization of acquired intangible assets | 3,823 | 4,523 | 8,526 | 13,982 | 25,777 | |||||||||||||||
Restructuring | 90 | 4,376 | 3,071 | 5,495 | 4,713 | |||||||||||||||
Acquisition related charges | — | 864 | 681 | 1,531 | 3,208 | |||||||||||||||
Impairment of acquired intangible assets | 586 | 11,900 | 36,198 | 12,486 | 36,198 | |||||||||||||||
Gain on sale of building | — | — | (4,624 | ) | — | (4,624 | ) | |||||||||||||
88,525 | 116,279 | 129,439 | 304,222 | 337,594 | ||||||||||||||||
Income (loss) from operations | 12,959 | (13,564 | ) | (37,468 | ) | (1,400 | ) | (46,899 | ) | |||||||||||
Interest expense | (5,500 | ) | (4,968 | ) | (3,888 | ) | (15,582 | ) | (14,112 | ) | ||||||||||
Other expense, net | (452 | ) | (348 | ) | (2,027 | ) | (246 | ) | (2,104 | ) | ||||||||||
Income (loss) before income taxes | 7,007 | (18,880 | ) | (43,383 | ) | (17,228 | ) | (63,115 | ) | |||||||||||
Income tax expense (benefit) | 33 | 1,343 | (331 | ) | 1,973 | 234 | ||||||||||||||
Net income (loss) | $ | 6,974 | $ | (20,223 | ) | $ | (43,052 | ) | $ | (19,201 | ) | $ | (63,349 | ) | ||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.05 | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.15 | ) | $ | (0.52 | ) | ||||||
Diluted | $ | 0.05 | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.15 | ) | $ | (0.52 | ) | ||||||
Shares used in per share calculations: | ||||||||||||||||||||
Basic | 127,816 | 124,843 | 122,990 | 125,578 | 122,393 | |||||||||||||||
Diluted | 129,474 | 124,843 | 122,990 | 125,578 | 122,393 | |||||||||||||||
Lattice Semiconductor Corporation | |||||||
Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
September 29, |
December 30, |
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Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 107,893 | $ | 106,815 | |||
Short-term marketable securities | 9,600 | 4,982 | |||||
Accounts receivable, net | 75,648 | 55,104 | |||||
Inventories | 66,381 | 79,903 | |||||
Other current assets | 24,143 | 16,567 | |||||
Total current assets | 283,665 | 263,371 | |||||
Property and equipment, net | 35,724 | 40,423 | |||||
Intangible assets, net | 24,977 | 51,308 | |||||
Goodwill | 267,514 | 267,514 | |||||
Deferred income taxes | 188 | 198 | |||||
Other long-term assets | 20,259 | 13,147 | |||||
$ | 632,327 | $ | 635,961 | ||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and other accrued liabilities | $ | 56,788 | $ | 64,821 | |||
Current portion of long-term debt | 14,104 | 1,508 | |||||
Deferred income and allowances on sales to distributors and deferred license revenue | — | 17,318 | |||||
Total current liabilities | 70,892 | 83,647 | |||||
Long-term debt | 261,035 | 299,667 | |||||
Other long-term liabilities | 39,274 | 34,954 | |||||
Total liabilities | 371,201 | 418,268 | |||||
Stockholders' equity | 261,126 | 217,693 | |||||
$ | 632,327 | $ | 635,961 | ||||
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