2013 Q1 Form 10-Q Financial Statement

#000085565813000075 Filed on May 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $71.16M $71.70M
YoY Change -0.76% -1.92%
Cost Of Revenue $33.00M $32.22M
YoY Change 2.45% 18.44%
Gross Profit $38.16M $39.49M
YoY Change -3.37% -13.79%
Gross Profit Margin 53.62% 55.07%
Selling, General & Admin $16.50M $17.92M
YoY Change -7.95% 7.32%
% of Gross Profit 43.24% 45.39%
Research & Development $18.11M $19.15M
YoY Change -5.39% 21.95%
% of Gross Profit 47.47% 48.49%
Depreciation & Amortization $5.066M $5.027M
YoY Change 0.78% 28.9%
% of Gross Profit 13.28% 12.73%
Operating Expenses $34.61M $37.07M
YoY Change -6.63% 14.41%
Operating Profit $2.641M $153.0K
YoY Change 1626.14% -98.86%
Interest Expense $100.0K
YoY Change -75.0%
% of Operating Profit 65.36%
Other Income/Expense, Net -$52.00K $64.00K
YoY Change -181.25% -36.0%
Pretax Income $2.589M $217.0K
YoY Change 1093.09% -98.45%
Income Tax $699.0K $7.931M
% Of Pretax Income 27.0% 3654.84%
Net Earnings $1.890M -$7.714M
YoY Change -124.5% -155.5%
Net Earnings / Revenue 2.66% -10.76%
Basic Earnings Per Share $0.02 -$0.07
Diluted Earnings Per Share $0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 115.4M shares 118.2M shares
Diluted Shares Outstanding 116.7M shares 118.2M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.0M $196.2M
YoY Change -8.77% -17.63%
Cash & Equivalents $105.5M $136.5M
Short-Term Investments $73.60M $59.70M
Other Short-Term Assets $14.00M $19.90M
YoY Change -29.65% 131.4%
Inventory $43.76M $36.85M
Prepaid Expenses
Receivables $55.98M $52.81M
Other Receivables $0.00 $0.00
Total Short-Term Assets $292.8M $305.7M
YoY Change -4.23% -6.04%
LONG-TERM ASSETS
Property, Plant & Equipment $40.60M $40.72M
YoY Change -0.31% 3.57%
Goodwill $44.81M $44.81M
YoY Change 0.0%
Intangibles $14.69M $17.64M
YoY Change -16.71%
Long-Term Investments $4.700M $6.900M
YoY Change -31.88% -32.35%
Other Assets $8.795M $9.923M
YoY Change -11.37% 261.63%
Total Long-Term Assets $142.2M $158.3M
YoY Change -10.14% 202.63%
TOTAL ASSETS
Total Short-Term Assets $292.8M $305.7M
Total Long-Term Assets $142.2M $158.3M
Total Assets $435.0M $464.0M
YoY Change -6.24% 22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.10M $33.20M
YoY Change 11.75% 22.96%
Accrued Expenses $8.100M $7.400M
YoY Change 9.46% -36.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.91M $54.58M
YoY Change 4.28% 0.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.10M $21.31M
YoY Change -15.06% 360.76%
Total Long-Term Liabilities $18.10M $21.31M
YoY Change -15.06% 360.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.91M $54.58M
Total Long-Term Liabilities $18.10M $21.31M
Total Liabilities $75.01M $75.89M
YoY Change -1.15% 28.7%
SHAREHOLDERS EQUITY
Retained Earnings -$262.6M -$242.6M
YoY Change 8.24% -22.52%
Common Stock $622.0M $629.8M
YoY Change -1.24% -0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 194.0K shares
Shareholders Equity $360.0M $388.1M
YoY Change
Total Liabilities & Shareholders Equity $435.0M $464.0M
YoY Change -6.24% 22.85%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $1.890M -$7.714M
YoY Change -124.5% -155.5%
Depreciation, Depletion And Amortization $5.066M $5.027M
YoY Change 0.78% 28.9%
Cash From Operating Activities $4.227M -$9.943M
YoY Change -142.51% -155.86%
INVESTING ACTIVITIES
Capital Expenditures $3.054M $3.442M
YoY Change -11.27% -163.74%
Acquisitions
YoY Change
Other Investing Activities $4.194M $1.082M
YoY Change 287.62% -128.47%
Cash From Investing Activities -$16.01M $4.470M
YoY Change -458.12% -148.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $987.0K -$933.0K
YoY Change -205.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.096M $557.0K
YoY Change -296.77% -161.89%
NET CHANGE
Cash From Operating Activities $4.227M -$9.943M
Cash From Investing Activities -$16.01M $4.470M
Cash From Financing Activities -$1.096M $557.0K
Net Change In Cash -$12.88M -$4.916M
YoY Change 161.94% -163.84%
FREE CASH FLOW
Cash From Operating Activities $4.227M -$9.943M
Capital Expenditures $3.054M $3.442M
Free Cash Flow $1.173M -$13.39M
YoY Change -108.76% -157.69%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration Risk</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Potential exposure to concentration risk consists primarily of cash and cash equivalents, marketable securities, trade receivables and supply of wafers for our new products. We place our investments primarily through three financial institutions and mitigate the concentration of credit risk by limiting the maximum portion of the investment portfolio which may be invested in any one instrument. The Company's investment policy defines approved credit ratings for investment securities. Investments on-hand consisted primarily of money market instruments, &#8220;AA&#8221; or better corporate notes and bonds, and U.S. government agency obligations. See Note 4 for a discussion of the liquidity attributes of our marketable securities.</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">&#160;</font></div><div style="line-height:120%;text-indent:30px;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">&#160;</font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Concentration of credit risk with respect to trade receivables are mitigated by a geographically diverse customer base and our credit and collection process. Accounts receivable do not bear interest, and are shown net of allowances for doubtful accounts of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">March 30, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December 29, 2012</font><font style="font-family:inherit;font-size:10pt;">, respectively. We perform credit evaluations for essentially all customers and secure transactions with letters of credit or advance payments where appropriate. We regularly review our allowance for doubtful accounts and the aging of our accounts receivable. Write-offs for uncollected trade receivables have not been significant to date. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We rely on a limited number of foundries for our wafer purchases including: Fujitsu Limited, Seiko Epson Corporation Taiwan Semiconductor Manufacturing Company, Ltd, United Microelectronics Corporation, and GLOBALFOUNDRIES.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
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CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2013Q1 us-gaap Preferred Stock Shares Authorized
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CY2013Q1 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Allowance For Distributor Advances
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CY2013Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and classification of assets, such as marketable securities, accounts receivable, inventory, auction rate securities, goodwill - including the assessment of reporting unit, intangible assets, current and deferred income taxes, accrued liabilities - including restructuring charges and bonus arrangements, deferred income and allowances on sales to sell-through distributors, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the fiscal periods presented. Actual results could differ from those estimates.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q4 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Allowance For Distributor Advances
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CY2012Q4 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Deferred Cost Of Sales On Inventory Held By Sell Through Distributors
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5620000 USD
CY2013Q1 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Deferred Cost Of Sales On Inventory Held By Sell Through Distributors
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5437000 USD
CY2013Q1 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Inventory Valued At Published List Price And Held By Sell Through Distributors With Right Of Return
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CY2012Q4 lscc Deferred Income And Allowances On Sales To Sell Through Distributors Inventory Valued At Published List Price And Held By Sell Through Distributors With Right Of Return
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38623000 USD
CY2013Q1 lscc Distribution Of Deferred Compensation From Trust Assets
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CY2012Q1 lscc Distribution Of Deferred Compensation From Trust Assets
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65000 USD
CY2013Q1 lscc Entity Wide Revenue By Geographic Area Percentage
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CY2012Q1 lscc Entity Wide Revenue By Geographic Area Percentage
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1.00
CY2012Q1 lscc Intercompany Sale Of Inventory And Fixed Assets Tax Expense Benefit
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CY2012Q1 lscc Net Share Settlement Upon Issuance Of Restricted Stock Units
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CY2013Q1 lscc Net Share Settlement Upon Issuance Of Restricted Stock Units
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109000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
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--12-28
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-30
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000855658
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
115638383 shares
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
LATTICE SEMICONDUCTOR CORP

Files In Submission

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0000855658-13-000075.txt Edgar Link pending
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