UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10–Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0 – 18032
LATTICE SEMICONDUCTOR CORPORATION
(Exact name of Registrant as specified in its charter)
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State of Delaware |
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93–0835214 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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5555 N.E. Moore Court, Hillsboro, Oregon |
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97124–6421 |
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(Address of principal executive offices) |
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(Zip Code) |
(503) 268-8000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
At June 30, 2002, there were 109,713,372 shares of the Registrant’s common stock, $.01 par value, outstanding.
LATTICE SEMICONDUCTOR CORPORATION
INDEX
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION
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2
PART I. FINANCIAL INFORMATION
LATTICE SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2002 |
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June 30, 2001 |
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June 30, 2002 |
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June 30, 2001 |
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Revenue |
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$ |
56,466 |
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$ |
74,082 |
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$ |
115,344 |
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$ |
185,180 |
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Costs and expenses: |
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Cost of products sold |
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22,492 |
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27,771 |
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46,098 |
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69,681 |
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Research and development |
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21,078 |
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18,126 |
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42,463 |
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36,315 |
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Selling, general and administrative |
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12,220 |
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13,366 |
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24,078 |
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30,767 |
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In-process research and development |
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— |
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— |
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24,200 |
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— |
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Amortization of intangible assets(1) |
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17,923 |
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21,160 |
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36,546 |
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41,897 |
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Total costs and expenses |
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73,713 |
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80,423 |
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173,385 |
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178,660 |
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(Loss) income from operations |
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(17,247 |
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(6,341 |
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(58,041 |
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6,520 |
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Other income, net |
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3,078 |
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1,383 |
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1,177 |
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4,334 |
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(Loss) income before (benefit) provision for income taxes |
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(14,169 |
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(4,958 |
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(56,864 |
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10,854 |
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(Benefit) provision for income taxes |
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(6,022 |
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(1,281 |
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(23,100 |
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3,255 |
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Net (loss) income |
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$ |
(8,147 |
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$ |
(3,677 |
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$ |
(33,764 |
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$ |
7,599 |
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Basic net (loss) income per share |
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$ |
(0.07 |
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$ |
(0.03 |
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$ |
(0.31 |
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$ |
0.07 |
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Diluted net (loss) income per share |
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$ |
(0.07 |
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$ |
(0.03 |
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$ |
(0.31 |
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$ |
0.07 |
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Shares used in per share calculations: |
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Basic |
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109,684 |
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108,623 |
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109,619 |
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108,368 |
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Diluted |
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109,684 |
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108,623 |
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109,619 |
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112,280 |
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(1) Includes $571 and $140 of amortization of deferred stock compensation expense for the three months ended June 30, 2002 and June 30, 2001, respectively, and $1,132 and $168 for the six months ended June 30, 2002 and June 30, 2001, respectively, attributable to Research and Development activities.
See Accompanying Notes to Condensed Consolidated Financial Statements
3
LATTICE SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except share and par value data)
(unaudited)
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June 30, 2002 |
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December 31, 2001 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
131,681 |
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$ |
250,203 |
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Short-term investments |
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176,508 |
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281,363 |
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Accounts receivable, net |
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28,679 |
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19,452 |
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Inventories |
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63,590 |
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64,926 |
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Other current assets |
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62,161 |
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28,747 |
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