HILLSBORO, Ore. -- Lattice Semiconductor Corp.'s net income almost tripled in the fourth quarter due to an increase in sales of high-density programmable logic devices.
Net income for the fourth quarter ended Dec. 31 was $23.6 million, or 22 cents per share, up 195% from the $8 million, or 8 cents per share, reported in the same quarter a year ago. Profits rose about 4% from $22.7 million, or 22 cents per share, in the September quarter.
Revenue for the quarter was $150.8 million, an increase of 31% over the $115 million reported in the same quarter a year ago but flat in comparison to the $151 million reported last quarter.
Quarterly high density revenue was $118 million, up 50% from the $78.9 million in the same quarter a year ago. High density revenue accounted for 78% of the total quarterly revenue, up from 69% last year. Lattice designs, develops, and markets high performance programmable logic devices, and related software.
During the fourth quarter, Lattice, Hillsboro, Ore., added $21.2 million of cash to its balance sheet after the repurchase of 540,000 shares of common stock for $9.4 million and routine capital expenditures of $3 million.
For the year 2000, revenue reached $567.8 million and net income totaled $167.9 million. Due to a change in the company's fiscal year during 1999 and the reporting of a nine-month "fiscal period" for that fiscal year, there are no comparable financial results for the prior year.
"Financially, we posted record results and exited the year with all profitability metrics at historic highs," said Cyrus Tsui, Lattice's chief executive. "Although we remain confident in the long-term attractiveness of the PLD market, we enter the first quarter with a reduced backlog. Consequentially, we anticipate a challenging business environment during the first half of 2001 and therefore have adopted a cautious outlook."