Lattice with 1Q net loss of USD 7.7 million
For the first quarter, revenue was $71.7 million, an increase of 2.2% from the $70.2 million reported in the prior quarter, and a decrease of 13.2% from the $82.6 million reported in the same quarter a year ago. FPGA revenue for the first quarter was $23.3 million, an increase from the $22.1 million reported in the prior quarter, and a decrease from the $31.2 million reported in the same quarter a year ago. PLD revenue for the first quarter was $48.4 million, which is slightly higher than the amount reported in the prior quarter, and a decrease from the $51.4 million reported in the same quarter a year ago.Net loss for the first quarter was $7.7 million, compared to prior quarter net income of $40.9 million and net income of $10.9 million reported in the same quarter a year ago. In the first quarter of 2012, we recorded a tax provision of $7.9 million compared to a tax benefit of $35.1 million recognized during the fourth quarter of 2011.First quarter of 2012, and the fourth quarter of 2011, taxes reflect the implementation of our new global tax structure, and for the fourth quarter of 2011, the release of tax valuation allowance for certain deferred tax assets. First quarter 2012 results include approximately $1.7 million of acquisition related costs compared to $0.5 million in the fourth quarter of 2011.First quarter 2012 financial results include approximately $0.6 million of restructuring related charges as compared to approximately $1.1 million of restructuring related charges included in the fourth quarter 2011 financial results.Darin G. Billerbeck, President and Chief Executive Officer, said, “Revenue in the first quarter 2012 was in line with prior guidance with sequential growth in our communications and consumer businesses offset by softer demand in computing and industrial. Geographically, strength in Asia was offset by continued weakness in Europe. Distribution was soft overall. Our gross margin was lower, primarily reflecting the impact of product mix, lower revenue growth, and iCE product shipment, which combined to offset the benefit of our earlier restructuring efforts. LatticeECP3 continues to gain share in the communications market, while we are beginning to see meaningful traction with Lattice’s MachXO2.”Joe Bedewi, Corporate Vice President and Chief Financial Officer, added, “Total operating expenses in the first quarter were $39.3 million, including approximately $1.7 million in acquisition related and $0.6 million in restructuring charges. Gross margin for the first quarter was 55.1%, which is at the low end of our original guidance due to product mix. We expect that gross margin during the near term will be impacted by our ongoing integration of SiliconBlue and finalization of our operational movement to our low cost site in the Philippines. During the first quarter, we repurchased approximately 250,000 shares valued at $1.6 million under our recently announced 2012 stock buyback program.”Business Outlook – Second Quarter 2012:Revenue is expected to increase approximately flat to up 4% on a sequential basis.Gross margin percentage is expected to be approximately 55% plus or minus 1%.Total operating expenses are expected to be approximately $39.5 million, including approximately $1.0 million in acquisition related charges (primarily amortization of intangible assets).