April 26, 2005 -- Mountain View, Calif.
– Actel Corporation (NASDAQ: ACTL) today announced net revenues of $44.0 million for the first quarter of 2005, up 4 percent from the first quarter of 2004 and up 9 percent from the fourth quarter of 2004.
Pro-forma net income, which excludes acquisition-related amortization and other non-recurring items, was $2.0 million for the first quarter of 2005 compared with $3.2 million for the first quarter of 2004 and $0.6 million for the fourth quarter of 2004. Pro-forma earnings were $0.08 per diluted share compared with $0.12 for the first quarter of 2004 and $0.03 for the fourth quarter of 2004.
Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $1.4 million, or $0.06 per diluted share, for the first quarter of 2005 compared with net income of $2.5 million, or $0.09 per diluted share, for the first quarter of 2004 and a net loss of $3.2 million, or ($0.12) per share, for the fourth quarter of 2004.
Gross margin was 59.3 percent for the first quarter of 2005 compared with 60.9 percent for the first quarter of 2004 and 48.2 percent for the fourth quarter of 2004.
John East, president and CEO, stated, “In addition to better than expected financial results during the first quarter, we also announced our third generation flash-based programmable logic solutions. I’m very excited about the new ProASIC3 and ProASIC3E families, which include the world’s lowest priced FPGA.” Business Outlook – Second Quarter 2005
The company believes that second quarter revenues will be flat to up slightly sequentially. Gross margin is expected to be about 59 percent. Operating expenses are anticipated to come in at approximately $24.7 million. Other income is expected to be about $0.8 million. The tax rate for the quarter is anticipated to be approximately 10 percent. Share count is expected to be about 25.6 million shares.
A conference call to discuss first quarter results will be held today at 2:30 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 early in June 2005.Financial TablesClick here to read financial tablesAbout Actel Corp.
Actel Corporation is a supplier of innovative programmable logic solutions, including FPGAs based on antifuse and flash technologies, high-performance intellectual property (IP) cores, software development tools and design services, targeted for the high-speed communications, application-specific integrated circuit (ASIC) replacement and radiation-tolerant markets. Founded in 1985, Actel employs more than 500 people worldwide. The Company is traded on the Nasdaq National Market under the symbol ACTL and is headquartered at 2061 Stierlin Court, Mountain View, CA 94043-4655. Telephone: 888-99-ACTEL (992-2835). Internet: http://www.actel.com
. The statements under the heading “Business Outlook – Second Quarter 2005” are forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and should be read with the “Risk Factors” in Actel’s most recent Form 10-K, which can be found on Actel’s web site, www.actel.com. Actel’s quarterly revenues and operating results are subject to a multitude of risks, including general economic conditions and a variety of risks specific to Actel or characteristic of the semiconductor industry, such as fluctuating demand, intense competition, rapid technological change and related intellectual property and international trade issues, wafer and other supply shortages, and booking and shipment uncertainties. These and the other Risk Factors make it difficult for Actel to accurately project quarterly revenues and operating results, and could cause actual results to differ materially from those projected in the forward-looking statements. Any failure to meet expectations could cause the price of Actel’s stock to decline significantly.
Editor’s Note: The Actel name and logo are trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners.