Actel Announces First Quarter Results

Apr 24, 2001, 01:00 ET from Actel Corporation

    SUNNYVALE, Calif., April 24 /PRNewswire Interactive Press Release/ --
 Actel Corporation (Nasdaq:   ACTL) today announced first quarter revenue of
 $45.0 million, down 11 percent from the first quarter of 2000 and 25 percent
 from the fourth quarter of 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001019/ACTLLOGO )
     For the first quarter, net income (excluding acquisition-related costs)
 was $6.5 million, down 28 percent from the first quarter of 2000 and
 44 percent sequentially.  First quarter earnings (excluding
 acquisition-related costs) were $0.26 per share, a decrease of 28 percent from
 $0.36 for the first quarter of 2000 and 42 percent from $0.45 for the fourth
 quarter of 2000.
     Including acquisition-related costs in accordance with generally accepted
 accounting principles, first quarter net income was $2.8 million, down
 65 percent from the first quarter of 2000 and 19 percent sequentially.
 Earnings were $0.11 per share, down 66 percent from $0.32 for the first
 quarter of 2000 and 15 percent from $0.13 for the fourth quarter of 2000.
     John East, president and CEO, stated, "Our first quarter results reflect
 the same factors many other companies are seeing, a combination of slowing
 end-user demand and a correction in inventory positions.  We anticipate that
 revenue will be adversely affected again in the second quarter by these same
 factors.  Internally, we're continuing to focus on new products and new
 markets, but we're also prudently managing the business during this difficult
 time."
     A conference call to discuss first quarter results will be held today at
 2:30 p.m. Pacific Time.  A live web cast and replay of the call will be
 available to all interested parties.  Web cast and replay access information
 can be found on the Company's web site, www.actel.com.  In addition, financial
 updates will be made available on the Company's web site after the market
 closes on the fourth business day of the second and third fiscal months of
 each quarter.  For the second quarter, these dates will be May 10th and June
 7th.  A recorded message with the update information will also be available by
 calling 408-522-7500.
     Actel designs, develops, and markets FPGAs (field programmable gate
 arrays) and associated design and development software and programming
 hardware.  FPGAs are used by designers of communications, computer, consumer
 and internet-appliance, industrial, military/aerospace, and other electronic
 systems to differentiate their products and get them to market faster.  Actel
 is the leading supplier of FPGAs based on antifuse technology and has
 introduced the ProASIC family of reprogrammable FPGAs based on flash
 technology.  The Company also offers system-level design, prototyping, and
 consulting services through its Protocol Design Services Group.  Actel's
 strategy is to be The Programmable ASIC Solutions Company, a provider of
 complete solutions for programmable ASIC (application specific integrated
 circuit) systems.  The Company is traded on the Nasdaq National Market under
 the symbol ACTL and is located at 955 East Arques Avenue, Sunnyvale,
 California, 94086-4533.  Telephone:  888-99-ACTEL (992-2835).  Internet:
 http://www.actel.com .
     Actel's operating results are subject to a multitude of risks that could
 cause actual results to differ materially from past or projected performance,
 including general economic conditions and a variety of risks specific to Actel
 or characteristic of the semiconductor industry, such as fluctuating demand,
 intense competition, rapid technological change and related intellectual
 property and international trade issues, wafer and other supply shortages, and
 booking and shipment uncertainties.  For a discussion of these and other
 factors that could have a materially adverse effect on Actel's operating
 results, please see "Risk Factors" in Actel's most recent Forms 10-K and 10-Q,
 which will be provided to you free of charge upon request.
     NOTE:  The Actel name and logo are registered trademarks of Actel
 Corporation.  All other trademarks and servicemarks are the property of their
 respective owners.
 
                               ACTEL CORPORATION
 
                       CONSOLIDATED STATEMENTS OF INCOME
               (unaudited, in thousands except per share amounts)
 
                                                Three Months Ended
                                     Apr. 1,         Apr. 2,       Dec. 31,
                                      2001             2000          2000
 
     Net revenues                    $45,034         $50,666       $60,129
     Costs and expenses:
      Cost of revenues                16,874          19,208        22,069
      Research and development         9,764           8,351        10,035
      Selling, general, and
       administrative                 11,184          11,529        12,275
      Amortization of goodwill
       and other acquisition-
       related intangibles             3,749           1,023         3,165
      Purchased in-process
       research and development           --              --         5,088
          Total costs and expenses    41,571          40,111        52,632
     Income from operations            3,463          10,555         7,497
     Interest income and other, net    2,085           1,182         1,411
     Income before tax provision       5,548          11,737         8,908
     Tax provision                     2,753           3,638         5,453
     Net income                       $2,795          $8,099        $3,455
 
     Net income per share:
     Basic                             $0.12           $0.36         $0.14
     Diluted                           $0.11           $0.32         $0.13
 
     Shares used in computation:
     Basic                            23,472          22,767        23,890
     Diluted                          25,126          25,467        26,107
 
 
                               ACTEL CORPORATION
 
                             PRO-FORMA INFORMATION
                      EXCLUDING GOODWILL AMORTIZATION AND
             ACQUISITION-RELATED, RESTRUCTURING, AND OTHER CHARGES
                    (in thousands, except per share amounts)
 
     The following Pro-Forma supplemental information adjusts for the effect of
 amortization of goodwill and other acquisition-related charges (including
 in-process research and development), restructuring and other charges, and
 gains from the sale of Chartered Semiconductor Common Stock.  Not all goodwill
 amortization and acquisition-related charges are deductible for income tax
 purposes.  The tax implications of these items have been included in the
 determination of the pro forma net income.  This pro forma information is not
 prepared in accordance with generally accepted accounting principles.
 
                                                Three Months Ended
                                     Apr. 1,          Apr.2,       Dec. 31,
                                      2001             2000          2000
 
     Pro-Forma operating costs
      and expenses                   $20,948         $19,880       $22,310
     Pro-Forma operating income       $7,212         $11,578       $15,750
     Pro-Forma net income             $6,544          $9,084       $11,708
     Pro-Forma basic earnings
      per share                        $0.28           $0.40         $0.49
     Pro-Forma diluted earnings
      per share                        $0.26           $0.36         $0.45
 
 
                               ACTEL CORPORATION
 
                          CONSOLIDATED BALANCE SHEETS
                           (unaudited, in thousands)
 
 
                                                      Apr. 1,       Dec. 31,
                                                       2001           2000
                                     ASSETS
     Current assets:
      Cash and cash equivalents                          $529         $9,266
      Short-term investments                          137,538        131,544
      Accounts receivable, net                         20,978         29,256
      Inventories                                      31,836         25,503
      Deferred income taxes and other current assets   29,248         33,716
        Total current assets                          220,129        229,285
     Property and equipment, net                       12,965         12,137
     Goodwill                                          44,968         47,470
     Other assets                                      26,785         23,542
                                                     $304,847       $312,434
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities:
      Accounts payable                                $13,849        $14,921
      Accrued salaries and employee benefits            8,806         17,200
      Other accrued liabilities                         5,793          5,354
      Deferred income                                  38,331         44,858
        Total current liabilities                     $66,779        $82,333
      Deferred compensation plan liability              1,839             --
        Total liabilities                              68,618         82,333
     Shareholders' equity                             236,229        230,101
                                                     $304,847       $312,434
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X41525017
 
 

SOURCE Actel Corporation
    SUNNYVALE, Calif., April 24 /PRNewswire Interactive Press Release/ --
 Actel Corporation (Nasdaq:   ACTL) today announced first quarter revenue of
 $45.0 million, down 11 percent from the first quarter of 2000 and 25 percent
 from the fourth quarter of 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20001019/ACTLLOGO )
     For the first quarter, net income (excluding acquisition-related costs)
 was $6.5 million, down 28 percent from the first quarter of 2000 and
 44 percent sequentially.  First quarter earnings (excluding
 acquisition-related costs) were $0.26 per share, a decrease of 28 percent from
 $0.36 for the first quarter of 2000 and 42 percent from $0.45 for the fourth
 quarter of 2000.
     Including acquisition-related costs in accordance with generally accepted
 accounting principles, first quarter net income was $2.8 million, down
 65 percent from the first quarter of 2000 and 19 percent sequentially.
 Earnings were $0.11 per share, down 66 percent from $0.32 for the first
 quarter of 2000 and 15 percent from $0.13 for the fourth quarter of 2000.
     John East, president and CEO, stated, "Our first quarter results reflect
 the same factors many other companies are seeing, a combination of slowing
 end-user demand and a correction in inventory positions.  We anticipate that
 revenue will be adversely affected again in the second quarter by these same
 factors.  Internally, we're continuing to focus on new products and new
 markets, but we're also prudently managing the business during this difficult
 time."
     A conference call to discuss first quarter results will be held today at
 2:30 p.m. Pacific Time.  A live web cast and replay of the call will be
 available to all interested parties.  Web cast and replay access information
 can be found on the Company's web site, www.actel.com.  In addition, financial
 updates will be made available on the Company's web site after the market
 closes on the fourth business day of the second and third fiscal months of
 each quarter.  For the second quarter, these dates will be May 10th and June
 7th.  A recorded message with the update information will also be available by
 calling 408-522-7500.
     Actel designs, develops, and markets FPGAs (field programmable gate
 arrays) and associated design and development software and programming
 hardware.  FPGAs are used by designers of communications, computer, consumer
 and internet-appliance, industrial, military/aerospace, and other electronic
 systems to differentiate their products and get them to market faster.  Actel
 is the leading supplier of FPGAs based on antifuse technology and has
 introduced the ProASIC family of reprogrammable FPGAs based on flash
 technology.  The Company also offers system-level design, prototyping, and
 consulting services through its Protocol Design Services Group.  Actel's
 strategy is to be The Programmable ASIC Solutions Company, a provider of
 complete solutions for programmable ASIC (application specific integrated
 circuit) systems.  The Company is traded on the Nasdaq National Market under
 the symbol ACTL and is located at 955 East Arques Avenue, Sunnyvale,
 California, 94086-4533.  Telephone:  888-99-ACTEL (992-2835).  Internet:
 http://www.actel.com .
     Actel's operating results are subject to a multitude of risks that could
 cause actual results to differ materially from past or projected performance,
 including general economic conditions and a variety of risks specific to Actel
 or characteristic of the semiconductor industry, such as fluctuating demand,
 intense competition, rapid technological change and related intellectual
 property and international trade issues, wafer and other supply shortages, and
 booking and shipment uncertainties.  For a discussion of these and other
 factors that could have a materially adverse effect on Actel's operating
 results, please see "Risk Factors" in Actel's most recent Forms 10-K and 10-Q,
 which will be provided to you free of charge upon request.
     NOTE:  The Actel name and logo are registered trademarks of Actel
 Corporation.  All other trademarks and servicemarks are the property of their
 respective owners.
 
                               ACTEL CORPORATION
 
                       CONSOLIDATED STATEMENTS OF INCOME
               (unaudited, in thousands except per share amounts)
 
                                                Three Months Ended
                                     Apr. 1,         Apr. 2,       Dec. 31,
                                      2001             2000          2000
 
     Net revenues                    $45,034         $50,666       $60,129
     Costs and expenses:
      Cost of revenues                16,874          19,208        22,069
      Research and development         9,764           8,351        10,035
      Selling, general, and
       administrative                 11,184          11,529        12,275
      Amortization of goodwill
       and other acquisition-
       related intangibles             3,749           1,023         3,165
      Purchased in-process
       research and development           --              --         5,088
          Total costs and expenses    41,571          40,111        52,632
     Income from operations            3,463          10,555         7,497
     Interest income and other, net    2,085           1,182         1,411
     Income before tax provision       5,548          11,737         8,908
     Tax provision                     2,753           3,638         5,453
     Net income                       $2,795          $8,099        $3,455
 
     Net income per share:
     Basic                             $0.12           $0.36         $0.14
     Diluted                           $0.11           $0.32         $0.13
 
     Shares used in computation:
     Basic                            23,472          22,767        23,890
     Diluted                          25,126          25,467        26,107
 
 
                               ACTEL CORPORATION
 
                             PRO-FORMA INFORMATION
                      EXCLUDING GOODWILL AMORTIZATION AND
             ACQUISITION-RELATED, RESTRUCTURING, AND OTHER CHARGES
                    (in thousands, except per share amounts)
 
     The following Pro-Forma supplemental information adjusts for the effect of
 amortization of goodwill and other acquisition-related charges (including
 in-process research and development), restructuring and other charges, and
 gains from the sale of Chartered Semiconductor Common Stock.  Not all goodwill
 amortization and acquisition-related charges are deductible for income tax
 purposes.  The tax implications of these items have been included in the
 determination of the pro forma net income.  This pro forma information is not
 prepared in accordance with generally accepted accounting principles.
 
                                                Three Months Ended
                                     Apr. 1,          Apr.2,       Dec. 31,
                                      2001             2000          2000
 
     Pro-Forma operating costs
      and expenses                   $20,948         $19,880       $22,310
     Pro-Forma operating income       $7,212         $11,578       $15,750
     Pro-Forma net income             $6,544          $9,084       $11,708
     Pro-Forma basic earnings
      per share                        $0.28           $0.40         $0.49
     Pro-Forma diluted earnings
      per share                        $0.26           $0.36         $0.45
 
 
                               ACTEL CORPORATION
 
                          CONSOLIDATED BALANCE SHEETS
                           (unaudited, in thousands)
 
 
                                                      Apr. 1,       Dec. 31,
                                                       2001           2000
                                     ASSETS
     Current assets:
      Cash and cash equivalents                          $529         $9,266
      Short-term investments                          137,538        131,544
      Accounts receivable, net                         20,978         29,256
      Inventories                                      31,836         25,503
      Deferred income taxes and other current assets   29,248         33,716
        Total current assets                          220,129        229,285
     Property and equipment, net                       12,965         12,137
     Goodwill                                          44,968         47,470
     Other assets                                      26,785         23,542
                                                     $304,847       $312,434
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities:
      Accounts payable                                $13,849        $14,921
      Accrued salaries and employee benefits            8,806         17,200
      Other accrued liabilities                         5,793          5,354
      Deferred income                                  38,331         44,858
        Total current liabilities                     $66,779        $82,333
      Deferred compensation plan liability              1,839             --
        Total liabilities                              68,618         82,333
     Shareholders' equity                             236,229        230,101
                                                     $304,847       $312,434
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X41525017
 
 SOURCE  Actel Corporation