Lattice Semiconductor Reports Fourth Quarter 2012 Results

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                     Lattice Semiconductor Corporation                      
                   Consolidated Statements of Operations                    
                   (in thousands, except per share data)                    
                                (unaudited)                                 
                                                                            
                         Three Months Ended                Year Ended       
                 ----------------------------------  ---------------------- 
                  December   September    December    December    December  
                  29, 2012    29, 2012    31, 2011    29, 2012    31, 2011  
                 ----------  ----------  ----------  ----------  ---------- 
Revenue          $   65,875  $   70,889  $   70,170  $  279,256  $  318,366 
Costs and                                                                   
 expenses:                                                                  
Cost of products                                                            
 sold                30,202      32,341      29,707     128,499     129,769 
Research and                                                                
 development         18,655      20,446      16,085      77,610      71,855 
Selling, general                                                            
 and                                                                        
 administrative      17,269      17,720      17,121      72,317      68,838 
Acquisition                                                                 
 related charges                                                            
 (1)                    760         729         536       4,178         536 
Restructuring                                                                                              
  (2)                                    5,375                    --              1,097              6,018              6,079  
                                  ----------    ----------    ----------    ----------    ----------  
                                          72,261            71,236            64,546          288,622          277,077  
                                  ----------    ----------    ----------    ----------    ----------  
(Loss)  income                                                                                                                              
  from  operations          (6,386)              (347)            5,624            (9,366)          41,289  
Other  (expense)                                                                                                                          
  income,  net                      (341)                  88                  255                  505              1,434  
                                  ----------    ----------    ----------    ----------    ----------  
(Loss)  income                                                                                                                              
  before                                                                                                                                          
  provision                                                                                                                                    
  (benefit)  for                                                                                                                            
  income  taxes                (6,727)              (259)            5,879            (8,861)          42,723  
Provision                                                                                                                                      
  (benefit)  for                                                                                                                            
  income  taxes                                                                                                                              
  (3)                                        448              1,916          (35,066)          20,745          (35,509)
                                  ----------    ----------    ----------    ----------    ----------  
Net  (loss)                                                                                                                                    
  income                    $      (7,175)  $      (2,175)  $      40,945    $    (29,606)  $      78,232  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Net  (loss)                                                                                                                                    
  income  per                                                                                                                                  
  share  (4):                                                                                                                                  
Basic                        $        (0.06)  $        (0.02)  $          0.35    $        (0.25)  $          0.66  
                                  ==========    ==========    ==========    ==========    ==========  
Diluted                    $        (0.06)  $        (0.02)  $          0.34    $        (0.25)  $          0.65  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Shares  used  in                                                                                                                            
  per  share                                                                                                                                    
  calculations                                                                                                                              
  (4):                                                                                                                                              
Basic                              115,943          116,785          117,528          117,194          117,875  
                                  ==========    ==========    ==========    ==========    ==========  
Diluted                          115,943          116,785          120,473          117,194          121,139  
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
Notes:                                                                                                                                            
(1)  The  Company  recorded  consulting,  legal  costs,  severance  related                  
        integration  costs  and  amortization  of  intangible  assets  associated  with  
        the  acquisition  of  SiliconBlue  from  the  acquisition  date,  December  16,    
        2011  through  fiscal  2012.                                                                                              
                                                                                                                                                        
(2)  Represents  costs  and  adjustments  incurred  related  to  the  corporate            
        restructuring  plans  announced  on  October  12,  2012  and  April  21,  2011.      
                                                                                                                                                        
(3)  The  tax  provision  for  the  year  ended  December  29,  2012  reflects  our  new  
        global  tax  structure  and  the  resulting  intercompany  sale  of  inventory      
        and  fixed  assets.                                                                                                              
                                                                                                                                                        
(4)  For  the  three  and  twelve  month  periods  in  fiscal  2012,  the  computation    
        of  diluted  earnings  per  share  excludes  the  effects  of  stock  options,        
        restricted  stock  units  and  ESPP  shares  as  they  are  antidilutive.  For  the
        three  and  twelve  month  periods  in  fiscal  2011,  the  computation  of              
        diluted  earnings  per  share  includes  the  effects  of  stock  options  and        
        restricted  stock  units  as  they  are  dilutive.  ESPP  shares  are  included  if
        dilutive.                                                                                                                              
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                            Lattice  Semiconductor  Corporation                                          
                                                  Consolidated  Balance  Sheets                                                
                                                              (in  thousands)                                                              
                                                                  (unaudited)                                                                
                                                                                                                                                        
                                                                                                  December  29,    December  31,  
                                                                                                            2012                    2011        
                                                                                                  -------------  -------------
                                          Assets                                                                                                  
Current  assets:                                                                                                                          
Cash,  cash  equivalents  and  short-term  marketable                                                        
  securities                                                                            $          183,401  $          210,134
Accounts  receivable,  net                                                                46,947                36,993
Inventories                                                                                          44,194                37,278
Other  current  assets                                                                        12,806                16,200
                                                                                                  -------------  -------------
Total  current  assets                                                                      287,348              300,605
                                                                                                                                                        
Property  and  equipment,  net                                                          40,384                40,430
Long-term  marketable  securities                                                    4,717                  6,946
Other  long-term  assets                                                                      6,854                11,628
Intangible  assets,  net  of  amortization                                    15,430                18,377
Goodwill                                                                                                44,808                44,808
Deferred  income  taxes                                                                      29,218                45,130
                                                                                                  -------------  -------------
                                                                                                  $          428,759  $          467,924
                                                                                                  =============  =============
                                                                                                                                                        
            Liabilities  and  Stockholders'  Equity                                                                    
Current  liabilities:                                                                                                                
Accounts  payable  and  other  accrued  liabilities      $            42,540  $            41,215
Deferred  income  and  allowances  on  sales  to  sell-                                                        
  through  distributors                                                                      10,553                10,761
                                                                                                  -------------  -------------
Total  current  liabilities                                                              53,093                51,976
                                                                                                                                                        
Other  long-term  liabilities                                                          18,116                22,387
                                                                                                  -------------  -------------
Total  liabilities                                                                              71,209                74,363
                                                                                                                                                        
Stockholders'  equity                                                                      357,550              393,561
                                                                                                  -------------  -------------
                                                                                                  $          428,759  $          467,924
                                                                                                  =============  =============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                          Lattice  Semiconductor  Corporation                                            
                          -  Supplemental  Historical  Financial  Information  -                            
                                                                                                                                                        
                                                                                                        4Q12          3Q12          4Q11    
                                                                                                    -------    -------    -------  
Operations  Information                                                                                                            
Percent  of  Revenue                                                                                                                    
Gross  Margin                                                                                  54.2%        54.4%        57.7%
R&D  Expense                                                                                    28.3%        28.8%        22.9%
SG&A  Expense                                                                                  26.2%        25.0%        24.4%
                                                                                                                                                        
Depreciation  and  amortization  (in  thousands)                5,987        5,892        4,084  
Capital  expenditures  (in  thousands)                                  2,363        3,156        4,309  
Stock  compensation  expense  (in  thousands)                      1,757        2,075        1,588  
Restructuring  and  severance  related  charges  (in                                                          
  thousands)                                                                                  5,299        1,195        1,124  
Taxes  paid  (cash,  in  thousands)                                              172            333              99  
                                                                                                                                                        
Balance  Sheet  Information                                                                                                      
Current  Ratio                                                                                  5.4            5.7            5.8  
A/R  Days  Revenue  Outstanding                                                      64              71          47.4  
Inventory  Months                                                                            4.4            3.5            3.2  
                                                                                                                                                        
Revenue%  (by  Product  Family)                                                                                                
PLD                                                                                                        68%            63%            69%
FPGA                                                                                                      32%            37%            31%
                                                                                                                                                        
Revenue%  (by  Product  Classification)                                                                                
New                                                                                                        29%            26%            12%
Mainstream                                                                                          53%            54%            58%
Mature                                                                                                  18%            20%            30%
                                                                                                                                                        
Revenue%  (by  Geography)                                                                                                          
Asia                                                                                                      69%            69%            64%
Europe  (incl.  Africa)                                                                    16%            18%            19%
Americas                                                                                              15%            13%            17%
                                                                                                                                                        
Revenue%  (by  End  Market)                                                                                                        
Communications                                                                                  41%            47%            42%
Industrial  &  Other                                                                          28%            27%            30%
Consumer                                                                                              20%            14%            13%
Computing                                                                                            11%            12%            15%
                                                                                                                                                        
Revenue%  (by  Channel)                                                                                                              
Sell-through  distribution                                                            55%            56%            65%
Direct                                                                                                  45%            44%            35%
                                                                                                                                                        
 




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