Lattice Semiconductor Corporation (LSCC) saw its loss narrow to $8.16 million, or $0.07 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $45.45 million, or $0.38 a share. On an adjusted basis, net profit for the quarter stood at $11.82 million, or $0.10 a share compared with a net loss of $4.52 million, or $0.04 a share in the last year period.
Revenue during the quarter grew 16.71 percent to $118.11 million from $101.19 million in the previous year period. Gross margin for the quarter expanded 28 basis points over the previous year period to 53.75 percent. Operating margin for the quarter stood at negative 0.81 percent as compared to a negative 36.02 percent for the previous year period.
Operating loss for the quarter was $0.96 million, compared with an operating loss of $36.45 million in the previous year period.
However, the adjusted operating income for the quarter stood at $18.59 million compared to $3.39 million in the prior year period. At the same time, adjusted operating margin improved 1239 basis points in the quarter to 15.74 percent from 3.35 percent in the last year period.
Darin G. Billerbeck, President and Chief Executive Officer, said, "Growth in the fourth quarter and second half of 2016 was led by the overall consumer market and the ramp of our flagship win at a major consumer OEM. The higher consumer volumes combined with targeted manufacturing efficiencies allowed us to deliver a 57.7% gross margin for the full year 2016, up from 54.2% in the prior year. Our long term growth will be based on a combination of new consumer design wins along with continuous growth in our industrial and communications businesses focused on new applications such as medical devices, virtual and augmented reality, along with wireless connectivity. Smart connectivity, made easy."
Operating cash flow turns positive
Lattice Semiconductor Corp has generated cash of $41.73 million from operating activities during the year as against cash outgo of $22.88 million in the last year.
The company has spent $17.37 million cash to meet investing activities during the year as against cash outgo of $336.82 million in the last year.
The company has spent $1.11 million cash to carry out financing activities during the year as against cash inflow of $329.94 million in the last year period.
Working capital remains almost stable
Working capital of Lattice Semiconductor Corp remained almost stable for the quarter at $175.05 million, when compared with the previous year period. Current ratio was at 2.25 as on Dec. 31, 2016, down from 2.57 on Jan. 02, 2016.
Debt comes down marginally
Lattice Semiconductor Corp has recorded a decline in total debt over the last one year. It stood at $334.62 million as on Dec. 31, 2016, down 1.12 percent or $3.81 million from $338.43 million on Jan. 02, 2016. Total debt was 43.63 percent of total assets as on Dec. 31, 2016, compared with 43.06 percent on Jan. 02, 2016. Debt to equity ratio was at 1.24 as on Dec. 31, 2016, up from 1.11 as on Jan. 02, 2016.
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