Sunnyvale, Calif. – April 23, 2003 - Actel Corporation (NASDAQ: ACTL) today announced net revenues of $34.3 million for the first quarter of 2003, up 4 percent from the first quarter of 2002 and up 1 percent from the fourth quarter of 2002.
Pro-forma net income, which excludes acquisition-related amortization and other nonoperating charges, was $0.9 million for the first quarter of 2003, down 23 percent from the first quarter of 2002 and down 36 percent sequentially. Pro-forma earnings were $0.04 per diluted share, compared with $0.05 for the first quarter of 2002 and $0.06 for the fourth quarter of 2002. Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $0.2 million, or $0.01 per share, for the first quarter of 2003 compared with net income of $0.4 million, or $0.02 per share, for the first quarter of 2002 and a net loss of $1.8 million, or ($0.08) per share, for the fourth quarter of 2002.
Gross margin was 57.1 percent for the first quarter of 2003 compared with 61.3 percent for the first quarter of 2002 and 60.4 percent for the fourth quarter of 2002. John East, president and CEO, stated, "Our design starts are up and our bookings are up, so I'm feeling really good. Our flash design starts in particular continued to ramp, increasing for the fifth straight quarter."
A conference call to discuss fourth 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, a financial update will be made available on Actel's web site after the market close on June 12, 2003. 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, highperformance 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, Calif., 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 are trademarks of Actel Corporation. All other trademarks and servicemarks are the property of their respective owners.