Lattice Semi Swings to Profit

Chip component maker Lattice Semiconductor ( LSCC) swung to a profit in the second quarter, led by higher revenue.

The company earned $2.07 million, or 2 cents a share, for the second quarter, compared with a loss of $8.16 million, or 7 cents a share, for the corresponding quarter of the previous year.

These figures include charges of $2.7 million for the amortization of intangible assets and $100,000 for restructuring charges and $600,000 for stock based compensation expenses. Excluding these charges,the company earned $5.5 million or 5 cents a share. Analysts polled by Thomson First Call were expecting earnings of 3 cents a share.

Lattice's second-quarter revenue was up about 20% to $62.7 million vs. analysts' expectation of $60.9 million.

In the business outlook for its September, the company expects sequential quarterly revenue growth to be flat to 4% and also expects its gross margins to remain flat.

"We are pleased to report that we achieved two key business goals during the second quarter," said the company. "First, strong revenue growth and improved margins combined with solid execution contributed to a return to profitability for the first time since the first quarter of 2001. Second, the market acceptance of our new FPGA products continues to be positive, as we posted record quarterly FPGA revenue and continued market share gains. Successful execution of our new product strategy has resulted in a significant upgrade to our product portfolio and I remain optimistic about our future prospects."

This story was created through a joint venture between TheStreet.com and IRIS.

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