Lattice Semiconductor Reports Q4, Annual ResultsJanuary 23, 2003 by Jeff Shepard
Lattice Semiconductor Corp. (Hillsboro, OR) announced financial results for the fourth quarter and year ending December 2002. For the year 2002, revenue was $229.1 million, a decrease of 22 percent from the $295.3 million reported in 2001. For the fourth quarter, revenue was $57.7 million, an increase of 11 percent from the $52.1 million reported in the same quarter a year ago and an increase of three percent from the $56.1 million reported last quarter.
Non-GAAP earnings for 2002 were $24 million, or $0.21 per share, a decrease of 55 percent from the $53.9 million, or $0.48 per share. Non-GAAP earnings for the quarter were $6.4 million, or $0.06 per share, an increase of 25 percent from the $5.1 million, or $0.05 per share, reported in the same quarter a year ago and a decrease of four percent from the $6.6 million, or $0.06 per share, reported last quarter.
On a GAAP basis, net loss for 2002 was $175.2 million, or $1.59 per share, as compared to the net loss of $109.5 million, or $1.01 per share, reported in 2001. Net loss for 2002 includes a non-recurring, non-cash charge of $111.1 million, or $1.01 per share, to eliminate deferred tax assets. Net loss for 2001 included a non-recurring, non-cash charge of $94.9 million, or $0.87 per share, related to foundry investments.
On a GAAP basis, net loss for the fourth quarter of 2002 was $127.1 million, or $1.14 per share, as compared to the net loss of $12.5 million, or $0.11 per share, reported in the same quarter a year ago and the net loss of $14.4 million, or $0.13 per share, reported last quarter. Excluding the charge related to deferred tax assets, net loss for the fourth quarter of 2002 was $16.0 million, or $0.14 per share.