Mountain View, Calif. - October 22, 2003 – Actel Corporation (NASDAQ: ACTL) today announced net revenues of $38.4 million for the third quarter of 2003, up 17 percent from the third quarter of 2002 and 5 percent from the second quarter of 2003.
Pro-forma net income, which excludes acquisition-related amortization and other nonoperating items, was $2.6 million for the third quarter of 2003, up 46 percent from the third quarter of 2002 and 33 percent sequentially. Pro-forma earnings were $0.10 per diluted share, compared with $0.07 for the third quarter of 2002 and $0.08 for the second quarter of 2003.
Including all amortization and other costs in accordance with generally accepted accounting principles (GAAP), Actel reported net income of $2.3 million, or $0.08 per share, for the third quarter of 2003 compared with $1.1 million, or $0.04 per share, for the third quarter of 2002 and $1.4 million, or $0.05 per share, for the second quarter of 2003.
Gross margin was 60.7 percent for the third quarter of 2003 compared with 58.4 percent for the third quarter of 2002 and 60.2 percent for the second quarter of 2003.
During the third quarter, Actel:
- Unveiled the industry’s first flash-based FPGAs qualified to full military specifications.
- Introduced the first embedded system platform for highly integrated single chip 8051 designs.
John East, president and CEO, stated, “Our revenues grew for the fourth consecutive quarter and are at the highest level since the first quarter of 2001. Design wins also continued to increase. We’re very excited about the future.”
Business Outlook – Fourth Quarter 2003
The company believes that fourth quarter revenues will grow sequentially in the 1% to 5% range. Gross margin is expected to be about 61%. Operating expenses are anticipated to come in at approximately $21.8 million. Other income will be about $0.7 million. The tax rate for the quarter is expected to be about 13%. Share count is expected to be approximately 27.5 million shares.
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A conference call to discuss third 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, the company expects to issue a press release providing a financial update during the second week of December.
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 2061 Stierlin Court, Mountain View, CA 94043-4655. Telephone: 888-99-ACTEL (992- 2835). Internet: http://www.actel.com.
The statements under the heading “Business Outlook – Fourth Quarter 2003” 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.