Mountain View, Calif. - October 28, 2008 – Actel Corporation (NASDAQ: ACTL) today announced net revenues of $53.2 million for the third quarter of 2008, down 8 percent from the second quarter of 2008 and up 11 percent from the third quarter of 2007.
Non-GAAP net income, which excludes stock-based compensation, option restatement expenses, and other nonrecurring adjustments, was $1.9 million for the third quarter of 2008 compared with $4.0 million for the second quarter of 2008 and $3.3 million for the third quarter of 2007. Non-GAAP earnings were $0.07 per diluted share for the third quarter of 2008 compared with $0.15 for the second quarter of 2008 and $0.12 for the third quarter of 2007. Including stock-based compensation and other adjustments in accordance with generally accepted accounting principles (GAAP), Actel reported a net loss of $1.4 million, or ($0.05) per basic share, for the third quarter of 2008 compared with net income of $2.0 million, or $0.08 per diluted share, for the second quarter of 2008 and net income of $1.8 million, or $0.07 per diluted share, for the third quarter of 2007.
Gross margin was 58.0 percent for the third quarter of 2008 compared with 60.0 percent for the second quarter of 2008 and 59.7 percent for the third quarter of 2007.
Business Outlook – Fourth Quarter 2008
The Company believes that fourth quarter 2008 revenues will be flat to down four percent sequentially. Gross margin is expected to be around 59 to 60 percent. Operating expenses are anticipated to come in at approximately $29 million, which excludes an estimated $1.8 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 a credit of approximately $1 million. Outstanding fully diluted share count is expected to be about 25.9 million shares. The guidance for operating expenses does not include the ongoing amortization of intangibles and deferred compensation for the acquisition of Pigeon Point Systems of approximately $0.7 million or the one-time charge for the reduction in force that is expected to be around $3 million.
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Actel is the leader in low-power and mixed-signal FPGAs, offering the most comprehensive portfolio of system and power management solutions. Power Matters. Learn more at www.actel.com.