UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

 

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

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes   ý    No   o

 

At June 28, 2003, there were 112,502,189 shares of the Registrant’s common stock, $.01 par value, outstanding.

 

 

LATTICE SEMICONDUCTOR CORPORATION

 

INDEX

 

PART I.   FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statement of Operations - Three and Six Months Ended June 30, 2003 and June 30, 2002
	Condensed Consolidated Balance Sheet - June 30, 2003 and December 31, 2002
	Condensed Consolidated Statement of Cash Flows - Six Months Ended June 30, 2003 and June 30, 2002
	Notes to Condensed Consolidated Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
Item 4.	Controls and Procedures
PART II.   OTHER INFORMATION
Item 5.	Submission of Matters to a Vote of Security Holders
Item 6.	Exhibits and Reports on Form 8-K
	Signatures

 

2

 

PART I.  FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

 

LATTICE SEMICONDUCTOR CORPORATION

 

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

		Three Months Ended						Six Months Ended
		June 30, 2003			June 30, 2002			June 30, 2003			June 30, 2002
Revenue		$	58,178		$	56,466		$	116,489		$	115,344
Costs and expenses:
Cost of products sold		23,289			22,492			46,497			46,098
Research and development		21,702			21,078			43,534			42,463
Selling, general and administrative		12,614			12,220			25,097			24,078
In-process research and development		—			—			—			24,200
Amortization of intangible assets (1)		18,687			17,923			39,801			36,546
Total costs and expenses		76,292			73,713			154,929			173,385
Loss from operations		(18,114		)	(17,247		)	(38,440		)	(58,041		)
Other (expense) income, net		(1,365		)	3,078			126			1,177
Loss before benefit for income taxes		(19,479		)	(14,169		)	(38,314		)	(56,864		)
Benefit for income taxes		(2,554		)	(6,022		)	(2,554		)	(23,100		)
Net loss		$	(16,925	)	$	(8,147	)	$	(35,760	)	$	(33,764	)
Basic net loss per share		$	(0.15	)	$	(0.07	)	$	(0.32	)	$	(0.31	)
Diluted net loss per share		$	(0.15	)	$	(0.07	)	$	(0.32	)	$	(0.31	)
Shares used in per share calculations:
Basic		111,507			109,684			111,473			109,619
Diluted		111,507			109,684			111,473			109,619

 

(1)   Includes $841 and $571 of amortization of deferred stock compensation expense for the three months ended June 30, 2003 and June 30, 2002, respectively, and $4,111 and $1,132 for the six months ended June 30, 2003 and June 30, 2002, respectively, attributable to Research and Development activities.

 

See Accompanying Notes to Condensed Consolidated Financial Statements

 

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LATTICE SEMICONDUCTOR CORPORATION

 

CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands, except share and par value data)

(unaudited)

 

		June 30, 2003			December 31, 2002
Assets
Current assets:
Cash and cash equivalents		$	315,738		$	169,475
Short-term investments		154,440			107,405
Accounts receivable, net		28,372			26,374
Inventories