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Actel Announces Record Quarterly Financial Results
SUNNYVALE, Calif., Oct 24, 2000 (BUSINESS WIRE) -- Actel Corporation(Nasdaq:ACTL) today announced record revenues of 60.1 million for the third quarter of 2000, compared with $55.5 million for the second quarter and $43.2 million for the third quarter a year ago. This represents an increase of 8 percent from the prior quarter and 39 percent from the third quarter a year ago. New product sales, consisting of the MX, SX/SXA and radiation-tolerant families, increased by 25 percent over the second quarter and represented 43 percent of sales compared with 37 percent for the prior quarter.

Net income for the third quarter, excluding goodwill and other acquisition-related intangibles, was a record $12.1 million, or 45 cents per share. This compares with $10.5 million, or 40 cents per share, for the second quarter and $6.1 million, or 26 cents per share, for the third quarter a year ago. This represents an increase in net income of 15 percent from the prior quarter and 100 percent from the third quarter a year ago. Second quarter numbers also exclude IPRD from the Prosys acquisition and gains from the sale of Chartered Semiconductor common stock.

Including goodwill and other acquisition-related intangibles, net income for the third quarter was $9.8 million, or 36 cents per share. This compares with $20.1 million, or 77 cents per share, for the second quarter and $5.7 million, or 25 cents per share, for the third quarter a year ago. This represents a decrease in net income of 51 percent from the second quarter and an increase of 73 percent from the third quarter a year ago. IPRD and gains from the stock sale are also included in the second quarter numbers. The sale of Chartered Semiconductor common stock resulted in a contribution to net income of $16.7 million, or 64 cents per share.

Gross margin improved in the third quarter to a record 62.6 percent, representing a 30 basis point improvement from the prior quarter. Before the effect of goodwill and other acquisition-related intangibles, operating income for the third quarter was $16.0 million, or 27 percent of revenue. This represents a 15 percent increase in operating income from the second quarter and a 104 percent increase from the third quarter a year ago.

John East, president and CEO, stated, "We are pleased with our solid financial and operational performance. The third quarter results represent record revenue, gross margin, and operating margin. In addition, days sales outstanding and days of inventory both hit record lows. We also announced our eX family, a programmable ASIC product family aimed at the market for consumer and e-appliance applications."

A conference call to discuss third 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. Additionally, financial updates will be made available on the Company`s web site after the market close on the third business day of the second and third fiscal months of each quarter. For the fourth quarter, these dates will be November 1st and November 29th. 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 complete solution provider 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 to Editors: 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 Nine Months Ended Oct. 1, Oct. 3, Jul. 2, Oct. 1, Oct. 3, 2000 1999 2000 2000 1999 Net revenues $ 60,080 $ 43,162 $ 55,544 $ 166,290 $ 125,619 Costs and expenses: Cost of revenues 22,454 16,659 20,949 62,611 48,891 Research and development 9,325 7,740 8,888 26,564 24,251 Selling, general, and administrative 12,329 10,921 11,827 35,685 34,266 Amortization of goodwill and other acquisition-related intangibles 2,324 350 1,544 4,891 1,179 Restructure and other charges -- -- -- -- 1,963 Purchased in-process research and development -- -- 5,558 5,558 -- Total costs and expenses 46,432 35,670 48,766 135,309 110,550 Income from operations 13,648 7,492 6,778 30,981 15,069 Interest income and other, net 1,769 724 1,503 4,454 2,186 Gain on sale of Chartered stock -- -- 28,329 28,329 -- Income before tax provision 15,417 8,216 36,610 63,764 17,255 Tax provision 5,638 2,548 16,498 25,774 5,440 Net income $ 9,779 $ 5,668 $ 20,112 $ 37,990 $ 11,815

Net income per share: Basic $ 0.41 $ 0.26 $ 0.86 $ 1.63 $ 0.55 Diluted $ 0.36 $ 0.25 $ 0.77 $ 1.45 $ 0.52

Shares used in computation: Basic 23,869 21,748 23,263 23,300 21,535 Diluted 26,999 23,003 26,186 26,207 22,711

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 Oct. 1, Oct. 3, Jul. 2, 2000 1999 2000

Operating costs and expenses $ 21,654 $ 18,661 $ 20,715

Operating income $ 15,972 $ 7,842 $ 13,880

Net income excluding amortization of goodwill and other acquisition-related intangibles, purchased in-process research and development, restructuring and other charges, and gain from sale of Chartered stock $ 12,103 $ 6,052 $ 10,500

Basic earnings per share excluding amortization of goodwill and other acquisition-related intangibles, purchased in-process research and development, restructuring and other charges, and gain from sale of Chartered stock $ 0.51 $ 0.28 $ 0.45

Diluted earnings per share excluding amortization of goodwill and other acquisition-related intangibles, purchased in-process research and development, restructuring and other charges, and gain from sale of Chartered stock $ 0.45 $ 0.26 $ 0.40

NOTE: Certain prior amounts have been reclassified to conform with the current presentation.

ACTEL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

Oct. 1, Jan. 2, 2000 2000 ASSETS

Current assets: Cash and cash equivalents $ 14,062 $ 4,939 Short-term investments 161,624 102,201 Accounts receivable, net 25,799 22,753 Inventories 26,486 25,324 Deferred income taxes and other current assets 23,432 22,667 Total current assets 251,403 177,884 Property and equipment, net 11,014 12,564 Investment in foundry -- 37,619 Other assets 48,062 31,144 $ 310,479 $ 259,211

LIABILITIES AND SHAREHOLDERS` EQUITY

Current liabilities: Accounts payable $ 11,616 $ 15,374 Accrued salaries and employee benefits 13,844 6,884 Other accrued liabilities 9,958 6,912 Deferred income 42,365 39,896 Total current liabilities $ 77,783 $ 69,066 Deferred tax liability 949 11,515 Total liabilities 78,732 80,581 Shareholders` equity 231,747 178,630 ======== ======== $ 310,479 $ 259,211

CONTACT: Actel Corporation, Sunnyvale Hank Perret, 408/522-4542

URL: http://www.businesswire.com Today`s News On The Net - Business Wire`s full file on the Internet with Hyperlinks to your home page.

Copyright (C) 2000 Business Wire. All rights reserved.

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE SOFTWARE CONFERENCE CALLS EARNINGS

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Finde ich jedenfalls aber -13% an der Nasdag????

Was soll das?