Lattice Semiconductor Corp. said revenue stabilized in its most recent fiscal quarter, though the weak semiconductor market continued to be a drag on earnings.
The Hillsboro, Ore. programmable logic supplier today announced revenue for the third quarter of 2002 was $56.1 million, flat with the second quarter's $56.5 million, and down 3% from the $58 million reported in the same quarter a year ago.
Pro forma earnings for the quarter were $6.6 million, or 6 cents per diluted share, down 6% from the $7 million, or 6 cents per diluted share, reported in the second quarter, and down 17% from the $8 million, or 7 cents per diluted
share, in the comparable year-ago period.
Pro forma earnings excluded non-cash charges related to Lattice's acquisition of Cerdelinx Technologies, a San
Jose-based developer of high-speed serializer/deserializer technology, and included acquisiton-related cash tax benefits.
On a GAAP basis, Lattice posted a net loss of $14.4 million, or 13 cents per share, including an $18.1 million, pre-tax charge for amortization of intangible assets, and a one-time $5.7 million pre-tax write-off of in-process research and development related to the Cerdelinx acquisition. The loss compared to a loss of $8.1 million in the second quarter, and a loss of $97 million in the year-ago quarter.
Despite challenging market conditions, the company was able to generate cash from operations of $408,000 and pull a profit before amortization of intangible assets, said Cyrus Y. Tsui, chairman and chief executive of Lattice.
The company has used the downturn to concentrate on enhancing its product portfolio, including the recent introduction of the ispXPGA and ispXPLD families, as well as introducing the FPSC (field-programmable system chip)
product line acquired from Agere Systems Inc. in January.
For the second quarter in a row, FPGAs represented 13% of Lattice's revenue, while CPLDs represented 69% and SPLDs dropped to 18% of the total.
"With these new product families, we believe we are well positioned to benefit from a future industry recovery," Tsui said in a released statement, adding that Lattice remains cautious about short-term business prospects.