July 23, 2003 - Sunnyvale, Calif. - Actel Corporation (NASDAQ: ACTL) today announced net revenues of $36.6 million for the second quarter of 2003, up 7 percent from both the second quarter of 2002 and the first quarter of 2003.
Pro-forma net income, which excludes acquisition-related amortization and other nonoperating charges, was $2.0 million for the second quarter of 2003, down 2 percent from the second quarter of 2002 and up 115 percent sequentially. Pro-forma earnings were $0.08 per diluted share, compared with $0.08 for the second quarter of 2002 and $0.04 for the first quarter of 2003.
Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $1.4 million, or $0.05 per share, for the second quarter of 2003 compared with net income of $0.4 million, or $0.02 per share, for the second quarter of 2002 and net income of $0.2 million, or $0.01 per share, for the first quarter of 2003.
Gross margin was 60.2 percent for the second quarter of 2003 compared with 62.2 percent for the second quarter of 2002 and 57.1 percent for the first quarter of 2003. During the second quarter, Actel:
- Unveiled its next-generation, radiation-tolerant RTAX-S field-programmable gate array (FPGA) offerings. The family will feature densities of up to 2-million equivalent system gates (approximately 250,000 ASIC equivalent gates), hardened registers that offer practical single-event upset (SEU) immunity, and usable errorcorrected onboard RAM.
- Announced the production qualification of its AX1000, AX500, AX250, and AX125 FPGAs, the first four members of the company's high-performance Axcelerator family.
John East, president and CEO, stated, "We're pleased to post our third consecutive quarter of sequential revenue growth. Continued acceptance by customers of our flash families and increased design activity for the sixth straight quarter bode well for the future."
Business Outlook – September 2003 Quarter
The company believes that third quarter revenues will grow in the mid single digit range. Gross margin is expected to be about 60%. Operating expenses are anticipated to come in at approximately $21.4 million. Other income will be about $0.7 million. The tax rate for the quarter is expected to be about 7%. Share count is expected to be approximately 26.4 million shares.
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About Actel Corp.
Actel Corporation is a supplier of innovative programmable logic solutions, including 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 radiationtolerant 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.
The statements under the heading "Business Outlook – September 2003 Quarter" are forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and should be read with the "Risk Factors" in Actel's most recent Forms 10-K and 10-Q. Actel's quarterly revenues and operating results are subject to a multitude of risks, 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. These and the other Risk Factors make it difficult for Actel to accurately project quarterly revenues and operating results, and could cause actual results to differ materially from those projected in the forward-looking statements. Any failure to meet expectations could cause the price of Actel's stock to decline significantly.
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.