Actel CEO East to retire

The board has formed a committee to conduct a search for a new president and CEO. East will participate in the search. He will remain in his current role until a new CEO is in place, and will then serve as a consultant until August 2, 2011, under the terms of a transition agreement that was filed today with the U.S. Securities and Exchange Commission (SEC).

East ''will receive his current base salary during the employment and consulting periods, a 2010 annual bonus, and a pro-rated 2011 annual bonus. At the end of the consulting period, his unvested stock awards will vest and any remaining stock options will be exercisable for two years from the termination date,'' according to the filing.

"I have had the privilege and pleasure of leading Actel for more than two decades, but I'm 65 now and the time has come for me to pass the baton," said East, in a statement.

Actel (Mountain View, Calif.) also announced net revenues of $49.7 million for the fourth quarter of 2009, down 5.8 percent from the fourth quarter of 2008, and up 5.2 percent from the third quarter of 2009. For the full fiscal year, net revenues were $190.6 million, down 12.7 percent from fiscal 2008.

Actel reported net income in accordance with U.S. generally accepted accounting principles (GAAP) of $1.0 million, or $0.04 per diluted share, for the fourth quarter of 2009.

This compares with a net loss of $12.5 million, or minus $0.48 per basic share, for the fourth quarter of 2008 and a net income of $0.9 million, or $0.03 per diluted share, for the third quarter of 2009. For the full fiscal year, net loss was $46.2 million, or minus $1.77 per basic share, compared with a net loss of $11.7 million, or minus $0.45 per basic share, in fiscal 2008.

The company believes that first quarter 2010 revenues will be up two percent to six percent sequentially.