Lattice Semiconductor Corporation (LSCC) saw its loss narrow to $12.41 million, or $0.10 a share for the quarter ended Oct. 01, 2016. In the previous year period, the company reported a loss of $24.86 million, or $0.21 a share. On an adjusted basis, net profit for the quarter stood at $5.95 million, or $0.05 a share compared with a net loss of $5.45 million, or $0.05 a share in the last year period.
Revenue during the quarter grew 3.20 percent to $113.22 million from $109.72 million in the previous year period. Gross margin for the quarter expanded 500 basis points over the previous year period to 59.55 percent. Operating margin for the quarter stood at negative 5.31 percent as compared to a negative 16.37 percent for the previous year period.
Operating loss for the quarter was $6.01 million, compared with an operating loss of $17.96 million in the previous year period.
However, the adjusted operating income for the quarter stood at $14.74 million compared to $3.64 million in the prior year period. At the same time, adjusted operating margin improved 970 basis points in the quarter to 13.02 percent from 3.32 percent in the last year period.
Darin G. Billerbeck, President and Chief Executive Officer, said, "Our growth remains on track as we execute on our second half ramp, our R&D roadmap and the strategic initiatives that will help ensure our longer-term success. We achieved a 23% gain in FPGA revenue and continued growth in the overall consumer market. Better than expected manufacturing efficiencies combined with a favorable product mix in the quarter enabled us to deliver a 59.5% gross margin, which was well above our guidance."
Working capital declines
Lattice Semiconductor Corporation has witnessed a decline in the working capital over the last year. It stood at $156.82 million as at Oct. 01, 2016, down 17.64 percent or $33.58 million from $190.40 million on Oct. 03, 2015. Current ratio was at 2.16 as on Oct. 01, 2016, down from 2.72 on Oct. 03, 2015.
Days sales outstanding went up to 69 days for the quarter compared with 67 days for the same period last year.
Days inventory outstanding has decreased to 80 days for the quarter compared with 146 days for the previous year period.
Debt increases substantially
Lattice Semiconductor Corporation has witnessed an increase in total debt over the last one year. It stood at $335.36 million as on Oct. 01, 2016, up 82,298.03 percent or $334.95 million from $0.41 million on Oct. 03, 2015. Total debt was 44.34 percent of total assets as on Oct. 01, 2016, compared with 0.05 percent on Oct. 03, 2015.
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