2013 Q2 Form 10-Q Financial Statement

#000085565813000106 Filed on August 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $84.69M $70.79M
YoY Change 19.64% -14.31%
Cost Of Revenue $39.58M $33.74M
YoY Change 17.32% 2.23%
Gross Profit $45.11M $37.05M
YoY Change 21.75% -25.31%
Gross Profit Margin 53.26% 52.34%
Selling, General & Admin $17.07M $19.41M
YoY Change -12.02% 13.02%
% of Gross Profit 37.85% 52.37%
Research & Development $20.27M $19.36M
YoY Change 4.67% -3.86%
% of Gross Profit 44.93% 52.26%
Depreciation & Amortization $4.900M $5.300M
YoY Change -7.55% 29.81%
% of Gross Profit 10.86% 14.3%
Operating Expenses $37.34M $38.77M
YoY Change -3.69% 3.91%
Operating Profit $7.015M -$2.786M
YoY Change -351.79% -126.62%
Interest Expense $700.0K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net -$54.00K $694.0K
YoY Change -107.78% 4.68%
Pretax Income $6.961M -$2.092M
YoY Change -432.74% -118.8%
Income Tax $1.921M $10.45M
% Of Pretax Income 27.6%
Net Earnings $5.040M -$12.54M
YoY Change -140.18% -214.86%
Net Earnings / Revenue 5.95% -17.72%
Basic Earnings Per Share $0.04 -$0.11
Diluted Earnings Per Share $0.04 -$0.11
COMMON SHARES
Basic Shares Outstanding 115.7M shares 117.9M shares
Diluted Shares Outstanding 117.1M shares 117.9M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.2M $184.5M
YoY Change -5.58% -21.72%
Cash & Equivalents $99.28M $132.5M
Short-Term Investments $74.90M $52.00M
Other Short-Term Assets $13.30M $16.00M
YoY Change -16.88% 88.24%
Inventory $49.65M $37.12M
Prepaid Expenses
Receivables $63.61M $60.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $300.8M $298.0M
YoY Change 0.95% -10.27%
LONG-TERM ASSETS
Property, Plant & Equipment $41.73M $42.06M
YoY Change -0.79% 4.12%
Goodwill $44.81M $44.81M
YoY Change 0.0%
Intangibles $13.96M $16.90M
YoY Change -17.43%
Long-Term Investments $4.700M $4.700M
YoY Change 0.0% -36.49%
Other Assets $8.503M $8.510M
YoY Change -0.08% 240.4%
Total Long-Term Assets $127.5M $146.0M
YoY Change -12.71% 189.75%
TOTAL ASSETS
Total Short-Term Assets $300.8M $298.0M
Total Long-Term Assets $127.5M $146.0M
Total Assets $428.3M $444.0M
YoY Change -3.54% 16.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.80M $31.70M
YoY Change 3.47% 20.53%
Accrued Expenses $9.200M $7.200M
YoY Change 27.78% -13.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.90M $51.32M
YoY Change 8.93% 1.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.222M $20.50M
YoY Change -74.52% 425.56%
Total Long-Term Liabilities $5.222M $20.50M
YoY Change -74.52% 425.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.90M $51.32M
Total Long-Term Liabilities $5.222M $20.50M
Total Liabilities $61.13M $71.82M
YoY Change -14.89% 32.26%
SHAREHOLDERS EQUITY
Retained Earnings -$257.6M -$255.2M
YoY Change 0.95%
Common Stock $624.2M $626.4M
YoY Change -0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $367.2M $372.2M
YoY Change
Total Liabilities & Shareholders Equity $428.3M $444.0M
YoY Change -3.54% 16.08%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $5.040M -$12.54M
YoY Change -140.18% -214.86%
Depreciation, Depletion And Amortization $4.900M $5.300M
YoY Change -7.55% 29.81%
Cash From Operating Activities -$3.200M -$3.000M
YoY Change 6.67% -190.23%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$5.900M
YoY Change -37.29% -245.14%
Acquisitions
YoY Change
Other Investing Activities $1.500M $10.30M
YoY Change -85.44% -25.9%
Cash From Investing Activities -$2.400M $4.400M
YoY Change -154.55% -41.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K -5.500M
YoY Change -94.55% 95.24%
NET CHANGE
Cash From Operating Activities -3.200M -3.000M
Cash From Investing Activities -2.400M 4.400M
Cash From Financing Activities -300.0K -5.500M
Net Change In Cash -5.900M -4.100M
YoY Change 43.9% -150.83%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$3.000M
Capital Expenditures -$3.700M -$5.900M
Free Cash Flow $500.0K $2.900M
YoY Change -82.76% -491.89%

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 is 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;">June 29, 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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<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, net, 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>
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CY2012Q2 lscc Entity Wide Revenue By Geographic Area Percentage
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
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CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
LATTICE SEMICONDUCTOR CORP

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