- Improved Profitability: Increased net income to $0.05 per diluted share on a GAAP basis in Q1 2019 from a net loss of $0.05 per diluted share in Q1 2018; more than doubled net income to $0.11 per diluted share on a non-GAAP basis in Q1 2019 from $0.05 per diluted share in Q1 2018.
- Continued Balance Sheet De-lever: Made an additional $25 million discretionary debt payment, while continuing to reduce leverage ratio.
- Tapeout of Next Generation FPGA Platform: Taped out the first version of our next generation FPGA platform, which will bring customers valuable differentiation around low power.
- New Reference Design for Video Applications: Announced availability of the first in a series of new reference designs featuring the popular Lattice CrossLink™ FPGA for video bridging applications. The MIPI CSI-2 Camera Aggregator Bridge reference design provides customers with a template combining all necessary IP and software needed to easily add CrossLink-based video bridging solutions to applications using multiple image sensors.
- 2019 Financial Analyst and Investor Day: Lattice Semiconductor will hold is 2019 Financial Analyst and Investor Day on Monday, May 20, 2019 at NASDAQ's MarketSite in Times Square, New York City. Financial analysts and institutional investors that have not already registered to attend the event can RSVP to Investor Relations (David Pasquale, dpasquale@globalirpartners.com or +1.914.337.8801). Advance registration is required to comply with NASDAQ security procedures.
Business Outlook - Second Quarter of 2019:
- Revenue for the second quarter of 2019 is expected to be between approximately $98 million and $102 million.
- Gross margin percentage for the second quarter of 2019 is expected to be approximately 58.5% plus or minus 1% on a non-GAAP basis.
- Total operating expenses for the second quarter of 2019 are expected to be between approximately $37 million and $38 million on a non-GAAP basis.
Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release makes reference to non-GAAP measures. With respect to the outlook for the second quarter of 2019, certain items that affect GAAP measurement of financial metrics are out of the Company’s control and/or cannot be reasonably predicted. Consequently, the Company is unable to provide a reasonable estimate of GAAP measurement for guidance or a corresponding reconciliation to GAAP for the quarter. Additional information regarding the reasons the Company uses non-GAAP measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below, following the GAAP financial information.
Investor Conference Call / Webcast Details:
Lattice Semiconductor will review the Company's financial results for the fiscal first quarter and business outlook on Tuesday, April 30 at 5:00 p.m. Eastern Time. The dial-in number for the live audio call is 1-888-684-5603 or 1-918-398-4852 with conference identification number 3755966. A live webcast and replay of the conference call will also be available on the investor relations section of www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our belief that we are still in the early stages of our planned enhancements; that we will we unlock additional value for the Company and its shareholders; that we will deliver improved operating leverage and the statements under the heading “Business Outlook - Second Quarter of 2019.” Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology. Lattice believes the factors identified below could cause actual results to differ materially from the forward-looking statements.
Estimates of future revenue are inherently uncertain due to such factors
as global economic conditions, which may affect customer demand, pricing
pressures, competitive actions, the demand for our Mature, Mainstream
and New products, and in particular our iCE40™ and MachXO3L™ devices,
international trade disputes and sanctions, the ability to supply
products to customers in a timely manner, changes in our distribution
relationships, or the volatility of our consumer business. Actual gross
margin percentage and operating expenses could vary from the estimates
on the basis of, among other things, changes in revenue levels, changes
in product pricing and mix, changes in wafer, assembly, test and other
costs, including commodity costs, variations in manufacturing yields,
the failure to sustain operational improvements, the actual amount of
compensation charges due to stock price changes. Any unanticipated
declines in revenue or gross margin, any unanticipated increases in our
operating expenses or unanticipated charges could adversely affect our
profitability.
