Sunnyvale, Calif. - July 23, 2002 – Actel Corporation (NASDAQ: ACTL) today announced net revenues of $34.3 million for the second quarter of 2002, down six percent from the second quarter of 2001 and up four percent from the first quarter of 2002.
Pro-forma net income, which excludes acquisition-related amortization and other non-operating charges, was $2.0 million for the second quarter of 2002, up 81 percent from the second quarter of 2001 and up 68 percent sequentially. Pro-forma earnings were $0.08 per diluted share, compared with $0.04 for the second quarter of 2001 and $0.05 for the first quarter of 2002.
Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $0.4 million, or $0.02 per share, for the second quarter of 2002, compared with a net loss of $2.6 million, or $(0.11) per diluted share, for the second quarter of 2001 and net income of $0.4 million, or $0.02 per share, for the first quarter of 2002.
Gross margin was 62.2 percent for the second quarter of 2002, compared with 51.8 percent for the second quarter of 2001 and 61.3 percent for the first quarter of 2002.
Since the end of the first quarter, Actel launched the Axcelerator family of field programmable gate arrays (FPGAs). Based on a 0.15-micron, seven-layer metal antifuse process, the Axcelerator family is extremely fast and delivers up to 100 percent resource utilization in densities ranging up to 2-million system gates. The Axcelerator family is built on a new architecture designed specifically to address the performance bottleneck created when FPGAs with slow internal core architectures are used in high-speed applications. The internal core performance of the new architecture can exceed 500 MHz. The new architecture also has been used by Actel as the platform for the development of its BridgeFPGA solutions for next-generation, high-speed communications and bridging applications.
John East, president and CEO, stated, "I am pleased with the execution of our product strategy. Two quarters ago we introduced our ProASIC Plus flash family, which has been very well received. I believe the recent introduction of our Axcelerator antifuse family was also an excellent product launch, and I have similarly high expectations for our next flash and antifuse offerings."
A conference call to discuss second 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 can be found on Actel's web site, www.actel.com. In addition, a financial update will be made available on Actel's web site after the market close on September 12, 2002. A recorded message with the update information will also be available at 408.522.7500.
Actel Corporation is a supplier of innovative programmable logic solutions, including field programmable gate arrays (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 approximately 500 people worldwide. The Company is traded on the Nasdaq National Market under the symbol ACTL and is headquartered at 955 East Arques Avenue, Sunnyvale, California, 94086-4533. Telephone: 888-99-ACTEL (992-2835). Internet: http://www.actel.com .
Actel's operating results are subject to a multitude of risks that could cause actual results to differ materially from past or projected performance, 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. For a discussion of these and other factors that could have a materially adverse effect on Actel's operating results, please see "Risk Factors" in Actel's most recent Forms 10-K and 10-Q, which will be provided to you free of charge upon request.
Editor's Note: The Actel name and logo, Axcelerator, and BridgeFPGA are trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners.
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