SUNNYVALE, Calif. - FPGA maker Actel Corp. here said its 1999 fourth quarter and fiscal year revenues hit new records of $46.0 million and $171.7 million, respectively. That works out to increases of 15% from the fourth quarter a year ago and 11% over fiscal 1998.
The company's net income in the fourth quarter, excluding goodwill amortization and other charges related to the acquisition of AutoGate Logic Inc. was a record $7.3 million, or 30 cents per share. This compares with $6.1 million, or 26 cents per share, in the prior quarter and $4.4 million, or 20 cents per share, in the fourth quarter a year ago.
This represents an increase in net income of 20% from the prior quarter and 63% from the fourth quarter a year ago. Excluding restructuring and other charges taken in the second quarter of 1999 and goodwill amortization and other acquisition-related charges, net income for the fiscal year was a record $21.4 million, or 93 cents per share, compared with $15.8 million, or 72 cents per share, for fiscal 1998.
Gross margin improved in the fourth quarter to a record 62%, and a record 61.3% for the fiscal year, compared with 60.1% for fiscal 1998.
"We again had a solid bookings quarter and feel better going into 2000 than any previous year," said John East, president and CEO. He noted that Actel shipped more than 1 million units of the MX product family, the first time any Actel product has ramped to that level.