Although revenue increased 31%, Actel Corp.'s net income declined 40% in the fourth quarter ended Dec. 31, 2000. The decline was, in part, due to an acquisition and the repurchase of company stock.
Net income in the fourth quarter was $3.5 million, or 14 cents per share. This is down 40% from the $5.8 million, or 26 cents per share, posted in the fourth quarter a year ago. During the quarter, Actel, Sunnyvale, Calif., completed its acquisition of GateField Corp. and repurchased 840,000 shares of Actel stock for $19.6 million.
Revenue in the fourth quarter was $60.1 million, compared with $46 million for the fourth quarter a year ago, an increase of 31%.
Gross margin in the fourth quarter increased to 63.3%, a 70 basis point improvement from the prior quarter, and up from 61.96% in the same quarter last year. For the fiscal year, gross margin reached 62.6%, compared with 61.3% for fiscal 1999.
Net income for the fiscal year was $43.4 million, or $1.65 per share, compared with $21.4 million, or 93 cents per share, for fiscal 1999. This represents an increase in net income of 103%.
For the full fiscal year, revenue was a record $226.4 million, compared with $171.7 million for fiscal 1999, an increase of 32%.