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Lattice Semiconductor Corporation (LSCC)
Q2 2010 Earnings Call
July 22, 2010, 5:00 p.m. ET
Bruno Guilmart – President and Chief Executive Officer
Michael D. Potter - Corporate Vice President and Chief Financial Officer
Apurva Patel – Ticonderoga Securities
Bill Dezellem - Titan Capital Management
David Duley – Steelhead Securities
Tristan Gerra - Robert Baird
Richard Shannon - Northland securities
Unknown Analyst – Morgan Stanley
Previous Statements by LSCC
» Lattice Semiconductor Corporation 2Q 2010 Earnings Call Transcript
» Lattice Semiconductor Corporation Q1 2010 Earnings Call Transcript
» Lattice Semiconductor Corp. Q4 2009 Earnings Call Transcript
I would now like to turn over the conference over to Mr. David Pasquale. Sir you may begin.
Thank you operator. Welcome everyone to Lattice Semiconductor second quarter 2010 results conference call. Joining us from the company today are Mr. Bruno Guilmart, the company’s president and CEO and Mr. Michael D. Potter, Lattice’s Corporate Vice President and chief financial officer. Both executives will be available for Q&A after the prepared comments. If you have not yet received a copy of toady’s results release, please email Global IR Partners using firstname.lastname@example.org or you can get a copy of the release off of the investor relations section of Lattice Semiconductor’s website.
Before we begin the formal remarks, I’ll review the Safe Harbor statement. It is our intention that this call will comply with the requirements of SEC regulation FD. This call includes and constitutes the company’s official guidance for the third quarter of fiscal 2010. If at any time after this call we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as press release or a publicly announced conference call.
The matters that we discuss today other than historical information include forward looking statements relating to our future financial and other performance metrics and expectations. Investors are cautioned that forward looking statements are neither promises nor guarantees.
They involve risks and uncertainties that may cause actual result to differ materially from those projected in the forward looking statements. Some of those risks and uncertainties are detailed in our filings with securities and exchange commissions including our fiscal year 2009 Form 10-K filed on March 10th and our quarterly reports on Form 10Q. The company disclaims any obligations to publicly update or revise any such forward looking statements to reflect event or circumstances that occur after this call.
Our prepared remarks will also presented within the requirements of the SEC Regulation G regarding Generally Accepted Accounting Principles or GAAP.
I now turn the call over to Mr. Bruno Guilmart. Please go ahead sir.
Thank you David and thank you everyone for joining our call today. This was another strong quarter for us with gross across all geographies and markets and product categories.
Asia and Europe showed particularly solid growth where the a computing industry and consumer markets were all strong. Our new mainstream and mature product categories all delivered sequential growth. Of note, the seventh quarter was the strongest quarter ever for our new SPGA business and our new MachXO product family. Lattice ECP3 revenue more than doubled from the prior quarter and it continues to be the best launch of an SPGA product in the company’s history. We remain very confident in our business given existing customer demand, growth from our new product families and the successful transition to our improved distributor network over the last year.
We are focused on expanding our business with existing customers and broadening our customer base by moving into new areas. Our strategic focus on high value and low power solutions continues to get attractions as customers seek to optimize cost and power consumptions of their design.
We expect to see a further acceleration of opportunities related to zero expansion of wireless dynamics requirements as companies try to meet the increased pressure on the networks due to the data intensive smart phones, clock computing and zero intensive applications.
Based on market forecast these are likely to be multi year prolonged global opportunities. Importantly we are not seeing any significant supply constraints, any time issues or investor issues that would impact our pursuit of this gross opportunity. Our midrange is from FPGA continues their (inaudible) and low power leadership and remain particularly attractive in the wireless communication markets. Our non-volatile FPGA’s continued with their design wind momentum in the consumer and industrial markets.
We are well positioned with our comprehensive road map in the Northern city states and we are working on capturing new business in high end portable consumer applications such as smart phones, identity through cameras and other products. The strategic growth segments were not traditionally served by preventable logic and we are aggressively working to win sockets.
We are already seeing new opportunities from our successful transition to our new improved distribution network over the last year. As one example, in the second quarter Nu Horizon became at 10% per customer for the first time. We attribute this to the growth in Asia where they have been working with us for a year as their efforts for us in the US and Europe starting (inaudible).
In terms of strategy results during the second quarter we achieved revenue growth of 10% compared to the first quarter and 64% compared to the year ago quarter. All the bookings remained strong throughout the quarter and we strictly manage our inventory exiting the quarter with levels.