After watching sales decline for the better part of a year, Actel Corp. today said its fourth quarter revenue was flat over the prior quarter, an indication that the bottom of the cycle has finally been reached.
The Sunnyvale, Calif. programmable logic supplier said it posted $32.1 million in revenue, slightly better than the $32 million in the September-ended quarter, but nearly half of the $60.1 million posted in the fourth quarter a year ago.
"Holding revenue flat with the previous quarter was a positive development," said John East, president and chief executive of Actel, Sunnyvale, Calif., in a released statement.
Gross margin also improved sequentially to 61% from 52.3%, but was down for the full year at 57.3% compared with 62.6% in fiscal 2000.
Net income on a pro forma basis was $1.1 million, or 4 cents per diluted share. Including acquisition-related costs in accordace with generally accepted accounting principles (GAAP), Actel recorded a net loss for the quarter of $2.5 million, or 11 cents per share, compared with a net loss of $2.3 million, or 10 cents per share, in the previous quarter.
For the whole of fiscal 2001, Actel earned $10.1 million on a pro forma basis, or 40 cents per diluted share, compared with $43.4 million the year before. Under GAAP, Actel recorded a net loss for the year of $4.7 million, or 20 cents per share, compared with net income in the prior year of $41.4 million, or $1.58 per diluted share.
Revenue for the fiscal year was $145.6 million, down 36% from the prior year's $226.4 million.
East said significant product releases during the fourth quarter -- including the launch of Actel's first million-gate single-chip flash FPGA -- position the company for future growth.
For full details of Actel's financials, click here.