Lattice Semiconductor Reports Q4, Annual Results
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.