Actel Corp., Sunnyvale, Calif., Tuesday announced revenue for the quarter was $32.9 million, up 3% year-over-year, but down 4% on a sequential basis.
Pro-forma net income, excluding acquisition-related amortization and other non-operating charges, was $1.8 million, or 7 cents per diluted share, down 10%
from the second quarter, and up 37% from a year ago.
On a GAAP basis, however, Actel's earnings saw a sequential improvement. Third-quarter GAAP net income was $1.1 million, or 4 cents per share, compared with $400,000, or 2 cents per share in the second quarter, and a net loss of
$2.3 million, or 10 cents per share, in the third quarter of 2001.
Earnings were impacted favorably by a $1.3 million credit to income tax provision related to the first three quarters of 2002.
John East, president and chief executive, attributed the company's improved profitability partly to momentum building behind its programmable logic devices in specialized applications.
"While we are disappointed that revenue was down sequentially, the continued acceptance by our customers of our flash-based technology and our continued strengths in the military, industrial, and avionic markets have allowed us to weather these difficult economic times better than most high tech companies," East said in a released statement.
Gross margin improved year-over-year to 58.4%, compared with 52.3% for the third quarter of 2001, but slipped from 62.2% for the second quarter of 2002.