Mountain View, Calif. - October 24, 2005
– Actel Corporation (NASDAQ: ACTL) today announced net revenues of $46.4 million for the third quarter of 2005, up 18 percent from the third quarter of 2004 and up 2 percent from the second quarter of 2005.
Pro-forma net income, which excludes amortization of acquisition-related intangibles, was $2.8 million for the third quarter of 2005 compared with $1.2 million for the third quarter of 2004 and $2.8 million for the second quarter of 2005. Pro-forma earnings were $0.11 per diluted share compared with $0.05 for the third quarter of 2004 and $0.11 for the second quarter of 2005.
Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $2.2 million, or $0.09 per diluted share, for the third quarter of 2005 compared with net income of $0.5 million, or $0.02 per diluted share, for the third quarter of 2004 and net income of $2.2 million, or $0.09 per diluted share, for the second quarter of 2005.
Gross margin was 59.0 percent for the third quarter of 2005 compared with 59.3 percent for the third quarter of 2004 and 59.1 percent for the second quarter of 2005.
During the third quarter, the company unveiled its Fusion technology, launching the era of the Programmable System Chip (PSC). Leveraging its leadership position in flash-based field-programmable gate arrays (FPGAs), the company developed the industry’s first technology designed to bring true programmability to mixed-signal solutions. The Actel Fusion™ technology is the first to integrate mixed-signal analog capabilities with flash memory and FPGA fabric in a monolithic PSC, bringing the benefits of programmable logic to application areas that until now have only been served by discrete analog component and mixed-signal ASIC suppliers.
In addition, the company announced today the immediate availability of CoreMP7, a soft ARM7 family processor optimized for use in Actel FPGAs, bringing the flexibility and fast time-to-market of programmable logic to this industry-standard processor technology. Exploiting the benefits of Actel’s flash-based architecture, CoreMP7 may be used at no additional charge in ARM-ready versions of the company’s low-cost ProASIC3 family of FPGAs. The devices are optimal solutions for many value-based consumer, industrial, automotive, and high-reliability applications.
Business Outlook – Fourth Quarter 2005
The company believes that fourth quarter revenues will be flat sequentially to slightly down. Gross margin is expected to be about 58 percent. Operating expenses are anticipated to come in at approximately $25.2 million. Other income is expected to be around $1.0 million. The tax rate for the quarter is anticipated to be approximately 25 percent. Share count is expected to be around 25.7 million shares.
Click here to read financial tables
A conference call to discuss third quarter results will be held Tuesday, October 25, 2005, at 8:30 a.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 December 2005.
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 http://www.actel.com. Telephone: 888-99-ACTEL (992-2835).