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Actel Announces First Quarter 2006 Financial Results
Mountain View, Calif. April 25, 2006 – Actel Corporation (NASDAQ: ACTL) today announced net revenues of $46.3 million for the first quarter of 2006, up 5 percent from the first quarter of 2005 and up 6 percent from the fourth quarter of 2005. Non-GAAP net income, which excludes stock-based compensation charges and amortization of acquisition-related intangibles, was $2.6 million for the first quarter of 2006 compared with $2.0 million for the first quarter of 2005 and $1.4 million for the fourth quarter of 2005. Non-GAAP earnings were $0.10 per diluted share for the first quarter of 2006 compared with $0.08 for the first quarter of 2005 and $0.06 for the fourth quarter of 2005. Including stock-based compensation and amortization charges in accordance with generally accepted accounting principles (GAAP), Actel reported a loss of $0.2 million, or ($0.01) per basic share, for the first quarter of 2006 compared with net income of $1.4 million, or $0.06 per diluted share, for the first quarter of 2005 and net income of $1.2 million, or $0.05 per diluted share, for the fourth quarter of 2005. Gross margin was 59.9 percent for the first quarter of 2006 compared with 59.3 percent for the first quarter of 2005 and 59.1 percent for the fourth quarter of 2005. During the first quarter, the Actel Fusion™ Programmable System Chip (PSC), the industry’s first mixed-signal field-programmable gate array (FPGA), was named the winner in the Digital IC and Programmable Logic category of EDN’s 2005 Innovation of the Year competition. It was also named the winner of the International Engineering Consortium’s DesignVision award in the category of Semiconductors and ICs. The Actel Fusion PSC offers the unprecedented integration of mixed-signal analog, embedded flash memory and FPGA fabric in a single chip, enabling designers to quickly move from concept to completed design and deliver feature-rich systems to market. Business Outlook – Second Quarter 2006 The company believes that second quarter revenues will be flat to up in the low single digit range. Gross margin is expected to be about 59 percent. Operating expenses are anticipated to come in at approximately $29.6 million, which includes an estimated $2.9 million of stock-based compensation expense. Other income is expected to be about $1.5 million. The tax provision for the quarter is expected to be approximately $0.2 million. Outstanding share count is expected to be about 25.8 million shares; fully diluted share count is expected to be about 27.3 million shares. A conference call to discuss first quarter results will be held on Tuesday, April 25, 2006, at 2:00 p.m. Pacific Time. A live web cast and replay of the call will be available. Web cast and replay access information as well as financial and other statistical information can be found on Actel’s web site, www.actel.com. In addition, the company expects to issue a press release providing a financial update in early June 2006. Financial Tables Click here to read Financial Tables About Actel Actel Corporation is the leader in single-chip FPGA solutions. The company trades on the NASDAQ National Market under the symbol ACTL and is headquartered at 2061 Stierlin Court, Mountain View, Calif., 94043-4655. For more information about Actel, visit www.actel.com. Telephone: 888-99-ACTEL (992-2835).
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