Lattice Semiconductor Reports Second Quarter 2017 Results

In addition to the foregoing, other factors that may cause actual results to differ materially from the forward-looking statements in this press release include disruptions of our business arising from the announcement and pendency of our proposed acquisition by Canyon Bridge Capital Partners, Inc., global economic uncertainty, overall semiconductor market conditions, market acceptance and demand for our new products, the Company's dependencies on its silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks, the failure to achieve the anticipated benefits and synergies of the Silicon Image transaction. In addition, actual results are subject to other risks and uncertainties that relate more broadly to our overall business, including those risks more fully described in Lattice’s filings with the SEC including its annual report on Form 10-K for the fiscal year ended December 31, 2016, and Lattice’s quarterly reports filed on Form 10-Q.

You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. The Company does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures:

Included within this press release and the accompanying tables and notes are non-GAAP financial measures that supplement the Company's consolidated financial information prepared in accordance with U.S. GAAP. The non-GAAP measures presented exclude charges and adjustments primarily related to stock-based compensation, restructuring charges, acquisition-related charges, amortization of acquired intangible assets, purchase accounting adjustments, and the estimated tax effect of these items. These charges and adjustments may be nonrecurring in nature but are a result of periodic or non-core operating activities of the Company. The Company describes these non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures in the tables and notes attached to this press release.

The Company's management believes that these non-GAAP financial measures provide an additional and useful way of viewing aspects of our performance that, when viewed in conjunction with our GAAP results, provide a more comprehensive understanding of the various factors and trends affecting our ongoing financial performance and operating results than GAAP measures alone. In particular, investors may find the non-GAAP measures useful in reviewing our operating performance without the significant accounting charges resulting from the Silicon Image acquisition, alongside the comparably adjusted prior year results. Management also uses these non-GAAP measures for strategic and business decision-making, internal budgeting, forecasting, and resource allocation processes and believes that investors should have access to similar data when making their investment decisions.

In addition, the Company uses Adjusted EBITDA to measure compliance with certain of its debt covenants. These non-GAAP measures are included solely for informational and comparative purposes and are not meant as a substitute for GAAP and should be considered together with the consolidated financial information located in the tables attached to this press release.

About Lattice Semiconductor Corporation:

Lattice Semiconductor Corporation (NASDAQ: LSCC) provides smart connectivity solutions powered by our low power FPGA, video ASSP, 60 GHz millimeter wave, and IP products to the consumer, communications, industrial, computing, and automotive markets worldwide. Our unwavering commitment to our customers enables them to accelerate their innovation, creating an ever better and more connected world.

For more information, visit You can also follow us via LinkedIn, Twitter, Facebook, YouTube or RSS.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), iCE40 and MachXO3L, and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

Lattice Semiconductor Corporation

Consolidated Statements of Operations

(in thousands, except per share data)


  Three Months Ended   Six Months Ended
July 1,
  April 1,
  July 2,
July 1,
  July 2,
Revenue $ 94,137   $ 104,587   $ 99,209   $ 198,724   $ 195,721  
Costs and expenses:
Cost of sales 42,928 43,755 40,783 86,683 80,191
Research and development 26,820 27,389 30,915 54,209 63,523
Selling, general, and administrative 21,938 23,905 23,005 45,843 46,613
Amortization of acquired intangible assets 8,737 8,514 8,311 17,251 17,032
Restructuring 1,576 66 2,568 1,642 7,999
Acquisition related charges 867   1,660     2,527   94  
102,866   105,289   105,582   208,155   215,452  
Loss from operations (8,729 ) (702 ) (6,373 ) (9,431 ) (19,731 )
Interest expense (4,656 ) (5,568 ) (5,062 ) (10,224 ) (10,022 )
Other income (expense), net 564   (148 ) 2,532   416   3,349  
Loss before income taxes and equity in net loss of an unconsolidated affiliate (12,821 ) (6,418 ) (8,903 ) (19,239 ) (26,404 )
Income tax expense 47 518 4,539 565 6,439
Equity in net loss of an unconsolidated affiliate, net of tax (154 ) (339 ) (368 ) (493 ) (678 )
Net loss $ (13,022 ) $ (7,275 ) $ (13,810 ) $ (20,297 ) $ (33,521 )
Net loss per share, basic and diluted $ (0.11 ) $ (0.06 ) $ (0.12 ) $ (0.17 ) $ (0.28 )
Shares used in per share calculations, basic and diluted 122,390   121,800   119,445   122,095   119,125  

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