SAN FRANCISCOProgrammable logic supplier Actel Corp. Tuesday (July 28) reported a net loss in accordance with generally accepted accounting principles (GAAP) of $45.1 million on revenue of $45.2 million for the second quarter.
The GAAP net loss, which equates to $1.73 per share, was largely the product of non-cash charges, including a $24.4 million to increase the company's valuation allowance associated with its deferred income tax assets, Actel (Mountain View, Calif.) said.
Second quarter revenue was down 21.5 percent from the second quarter of 2008 and down 6.7 percent from the first quarter of 2009, Actel said. The $45.1 GAAP net loss compares with a net income of $2 million (8 cents per diluted share) for the second quarter of 2008 and a net loss of $3 million (11 cents per basic share) for the first quarter of 2009, the company said.
Revenue for the second quarter was within the range of the revised sales target that Actel issued last month. Actel said at that time that the revenue change was the result of lower-than-anticipated shipments of radiation-tolerant devices to the satellite market.
On a non-GAAP basis, excluding charges, Actel posted a net income of $14,000 for the second quarter, down from $800,000 in the first quarter and $4 million in the year-ago quarter, the company said.
Actel said it expects third quarter revenue of between $44.3 million and $47 million.