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» Lattice Semiconductor CEO Discusses Q4 2010 Results - Earnings Call Transcript
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» Lattice Semiconductor Corporation Q2 2010 Earnings Call Transcript
» Lattice Semiconductor Corporation 2Q 2010 Earnings Call Transcript
Investors are cautioned that forward-looking statements are neither promises nor guarantees. They involve risks and uncertainties that may cause actual results to differ materially from those projected in the forward-looking statements. Some of those risks and uncertainties are detailed in our fillings with the Securities and Exchange Commission including our fiscal 2011 10-K and our quarterly reports on Form 10-Q. The company disclaims any obligation to publicly update or revise any such forward-looking statements to reflect events or circumstances that occur after this call. Our prepared remarks also will be presented within the requirements of SEC Regulation G regarding Generally Accepted Accounting Principles or GAAP.I would like to now turn the call over to Mr. Darin Billerbeck. Please go ahead, sir. Darin Billerbeck – President and Chief Executive Officer Thank you, David, and thanks to everyone for joining us on the call today. The first quarter was a strong one for us across the board. Results came in at the high end of our prior guidance as we benefited from our competitive product lineup and market growth. Our revenue came in well above the high end of our prior guidance. We did not see all of the upside is fallen driven. Based on our customer feedback, we believe that only one $2 million of the upside came in from unexpected Japan related safety stock buying. The rest of the upside reflects the continued strength in our business, along with a higher than anticipated demand from our mainstream products. In terms of specific results for the quarter, revenue of $82.6 million was up 13% from the $73.1 million in Q4 of 2010 and up 17% from the $70.4 million in Q1 of 2010. Gross margins came in at 60% compared to the 62.7% in Q4 of 2010 and the 58.5% in Q1 of 2010. Positive demand trends in the consumer, industrial and other end-markets were bolstered by a pickup in the communications market.
Additionally, we are pleased with the design win momentum for our recently launched MachXO2. PLD designers have praised MachXO2 for its unprecedented mix of low power, low cost and high system integration.Let me now give you some additional color on the quarter. The revenue mix of new, mainstream and mature was 44%, 32% and 24% of revenue respectively in Q1. This compares to new at 43%, mainstream at 30% and mature at 27% in Q4 of 2010. New products were up 16% quarter-on-quarter outpacing the company’s over all growth of 13%. A particular note in the new category was our LatticeECP3 family, which grew 32% quarter-on-quarter and our programmable mixed signal families, which grew 28% quarter-on-quarter. The mixed signal family now account for 6% of our total revenue. Mainstream products were up 20% quarter-on-quarter with growth in all the one product family. Revenue from FPGA products represented 38% of the total revenue in Q1 compared to 33% in Q4. PLD products represented 62% of the total revenue in Q1 compared to 67% in Q4. On a geographic basis, revenue from Asia including Japan decreased to 61% of the total revenue compared to last quarter’s 66%. This decline was primarily due to Japan. Revenue from North America increased quarter-on-quarter to 18% of revenue compared to 15% in Q4. Europe also increased coming in at 21% of revenue compared to 19% of revenue in Q4. On an end market basis all markets increased on an absolute dollar basis. Communications was 44% of revenue in Q1 compared to 46% in Q4. Computing was unchanged at 13% of revenue in Q1 compared to 13% in Q4. Industrial and other came in at 31% of revenue in Q1 compared to 29% in Q4. The increase reflects the sequential increase in sales of our mainstream products. Read the rest of this transcript for free on seekingalpha.com