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» Lattice Semiconductor's CEO Presents at UBS Global Technology and Services Conference - Conference Call Transcript
» Lattice Semiconductor's CEO Discusses Q3 2011 Results - Earnings Call Transcript
» Lattice Semiconductor's CEO Discusses Q2 2011 Results - Earnings Call Transcript
» Lattice Semiconductor Corporation Q1 2011 Earnings Conference Call Transcript
The matters that we discuss today, other than historical information include forward-looking statements relating to our future financial performance and other performance expectations. 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 filings with the Securities and Exchange Commission including our fiscal year 2010 Form 10-K filed on March 11 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 Principals or GAAP. At this time I would like to now turn the call over to Mr. Darin Billerbeck. Please go ahead sir. Darin Billerbeck Thank you, David and thanks everybody for joining us on the call today. Results for the fourth quarter were impacted by the same trends facing the broader semiconductor industry. The broader market continued to be weak and the communications business softened in December. Even with the challenging environment specifically in the second half of the year, we accomplished a tremendous amount in 2011, our major accomplishments in 2011 included. We took great care in assembling our executive leadership team. I am confident in the team and our ability to grow the business. We became the low density leader with our innovative, low-cost, low-power products. We broadened our MachXO2 product line. This has been well received by our customers as we gain traction in multiple low power and high performance markets. We launched ECP4 , low cost, low power 6 gig SERDES product for the LTE comps market. We released two more versions of our Diamond software. These releases continued to improve our product capabilities or making our products easier to use. We restructured the company for cost, efficiencies and to be closer to our customers. This effort increases our competitiveness in a global market.
We established our R&D and operation teams in the Philippines. This expansion aligns another low cost, high value side to our core competencies in the United States. We completed our acquisition of SiliconBlue in December which I will touch on in a minute. Significantly during this period of uncertainty, we grew our revenue 7% year-on-year. Despite continued uncertainty, we remained focused on controlling our cost and our spending.This included our restructuring efforts to streamline our company for long-term efficiencies. We are supporting a healthy margin level, generating cash and maintaining a strong balance sheet. This gives us the flexibility to support our product portfolio, to launch new R&D initiatives and to pursue external growth opportunities like SiliconBlue. In terms of specific results for the fourth quarter, revenue of $70.2 million was down 14% from the $81.7 million in Q3 of 2011 and down 4% from $73.1 million in Q4 of 2010. The revenue mix of New, Mainstream and Mature was 50%, 27% and 23% of revenue respectively in Q4. New products were down 10% quarter-on-quarter reflecting a particular weakness in the comps market. Mainstream products were down 13% quarter-on-quarter. Mature products were down 22% from the prior quarter. The revenue mix of FPGA and PLD products was 31% and 69% respectively. The revenue decline was fairly broad based. On a geographic basis, revenue from Asia, including Japan, remained at 64% of the total revenue, but declined 15% on an absolute dollar basis. Revenue from North America increased quarter-on-quarter to 17% of revenue compared to 16% in Q3, but declined 4% on an absolute dollar basis. Read the rest of this transcript for free on seekingalpha.com