Mountain View, Calif. -- June 11, 2009
-- Actel Corporation (NASDAQ: ACTL) today announced that second quarter 2009 revenues will decline sequentially five percent to nine percent. The previous guidance was minus one percent to minus seven percent.
Gross margin is expected to be about 57 or 58 percent. The previous guidance was 59 percent.
Although bookings have been strong to date, the turns (i.e., current-quarter) component of bookings has been below expectations. More specifically, the declines in expected revenues and gross margin are the result of lower-than-anticipated shipments of radiation-tolerant devices to the satellite market.
Operating expenses are anticipated to come in at approximately $27.5 million, which excludes an estimated $1.8 million of stock-based compensation expense. The previous guidance was approximately $28 million. The guidance for operating expenses does not include the ongoing amortization of intangibles and deferred compensation for the Pigeon Point Systems acquisition of approximately $0.6 million or any charges that may be incurred during the second quarter of 2009 in connection with the Company’s restructuring program.
Other income is expected to be about $0.9 million. The previous guidance was about $1.2 million.
The tax rate for the quarter is expected to be about 30 percent, which is unchanged from the previous guidance.
Outstanding fully diluted share count is expected to be about 26.3 million shares, which is unchanged from the previous guidance.
The guidance for gross margin, operating expenses and tax rate does not take into account any unusual charges that may be incurred during the second quarter of 2009, which may include inventory reserves, deferred income tax asset valuation allowance adjustments, and/or fixed asset impairments. About Actel
Actel is the leader in low-power FPGAs and mixed-signal FPGAs, offering the most comprehensive portfolio of system and power management solutions. Power Matters. Learn more at www.actel.com