Financial Highlights*:
- Fourth quarter 2015 revenue of $101.2 million on a GAAP basis and $101.3 million on a non-GAAP basis (excluding $7 million of forecasted Q4 revenue from an IP contract that will now be recognized as revenue when payments are received).
- Fourth quarter 2015 net loss of $45.5 million or $0.38 per basic and diluted share on a GAAP basis, and net loss of $5.0 million or $0.04 per basic and diluted share on a non-GAAP basis.
- Fourth quarter 2015 operating expenses of $90.6 million on a GAAP basis (includes a $21.7 million impairment of goodwill and intangible assets), and $51.9 million on a non-GAAP basis.
- Fourth quarter 2015 gross margin of 53.5% on a GAAP basis and 54.6% on a non-GAAP basis.
- Fiscal year 2015 revenue of $406.0 million on a GAAP basis and $411.2 million on a non-GAAP basis.
- Fiscal year 2015 net loss of $159.2 million or $1.36 per basic and diluted share on a GAAP basis, and a net loss of $15.0 million or $0.13 per basic and diluted share on a non-GAAP basis
- Fiscal year 2015 operating expenses of $327.1 million on a GAAP basis and $218.3 million on a non-GAAP basis.
- Fiscal year 2015 gross margin of 54.2% on a GAAP basis and 56.2% on a non-GAAP basis.
* For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."
PORTLAND, Ore. — (BUSINESS WIRE) — February 17, 2016 — Lattice Semiconductor Corporation (NASDAQ: LSCC), the global leader in smart connectivity solutions, announced financial results today for the fiscal fourth quarter and full year ended January 2, 2016.
The Company reported revenues on a GAAP basis for the fourth quarter of 2015 of $101.2 million, which was down 7.8% sequentially, as compared to the third quarter 2015 revenue of $109.7 million, and was up 21.1%, as compared to the fourth quarter 2014 revenue of $83.6 million, which was prior to our acquisition of Silicon Image. Revenue for the fourth quarter of 2015 was $101.3 million on a non-GAAP basis. Gross margin on a GAAP basis was 53.5% for the fourth quarter of 2015, as compared to the third quarter of 2015 gross margin of 54.5% and 55.3% for the fourth quarter of 2014. Gross margin for the fourth quarter of 2015 was 54.6% on a non-GAAP basis, as compared to 55.7% for the third quarter of 2015. Total operating expenses for the fourth quarter of 2015 were $51.9 million on a non-GAAP basis, as compared to $57.6 million for the third quarter of 2015.
Net loss for the fourth quarter on a GAAP basis was $45.5 million ($0.38 per basic and diluted share), and net loss on a non-GAAP basis of $5.0 million ($0.04 per basic and diluted share) for the fourth quarter of 2015. GAAP results for the fourth quarter of 2015 reflect $3.5 million in restructuring costs, $0.4 million in acquisition related charges, $3.5 million in tax expense, $8.8 million in amortization of acquired intangible assets, $21.7 million in impairment of goodwill and intangible assets, and $4.8 million in stock-based compensation expense. This compares to a net loss on a GAAP basis in the prior quarter of $24.9 million ($0.21 per basic and diluted share), with a net loss on a non-GAAP basis in the prior quarter of $5.2 million ($0.04 per basic and diluted share), and compares to net income on a GAAP basis in the year ago period of $15.4 million ($0.13 per basic and diluted share), or $8.3 million ($0.07 per basic and diluted share) on a non-GAAP basis. GAAP results for the third quarter of 2015 reflect $6.8 million in restructuring costs, $0.6 million in acquisition related charges, $0.3 million in tax expense, $8.9 million in amortization of acquired intangible assets, and $4.2 million in stock-based compensation expense.
For the fiscal year 2015, revenue was $406.0 million on a GAAP basis, an
increase of 10.9% from $366.1 million in the fiscal year 2014. Revenue
for the fiscal year 2015 was $411.2 million on a non-GAAP basis. Net
loss on a GAAP basis for fiscal year 2015 was $159.2 million ($1.36 per
basic and diluted share), compared to a net income of $48.6 million
($0.41 per basic and $0.40 per diluted share) reported in fiscal year
2014. Net loss for the fiscal year 2015 was $15.0 million ($0.13 per
basic and diluted share) on a non-GAAP basis, compared to net income of
$57.1 million ($0.49 per basic and $0.47 per diluted share) for the
fiscal year 2014. GAAP results for the fiscal year 2015 reflect $19.2
million in restructuring costs, $22.5 million in acquisition related
charges, $32.5 million in tax expense, $29.6 million in amortization of
acquired intangible assets, $21.7 million in impairment of goodwill and
intangible assets, and $17.4 million in stock-based compensation expense.
