Lattice Semiconductor Corporation (LSCC) saw its loss narrow to $7.28 million, or $0.06 a share for the quarter ended Apr. 01, 2017. In the previous year period, the company reported a loss of $19.71 million, or $0.17 a share. On an adjusted basis, net profit for the quarter stood at $7.11 million, or $0.06 a share compared with a net loss of $0.93 million, or $0.01 a share in the last year period. Revenue during the quarter grew 8.37 percent to $104.59 million from $96.51 million in the previous year period. Gross margin for the quarter contracted 100 basis points over the previous year period to 58.16 percent. Operating margin for the quarter stood at negative 0.67 percent as compared to a negative 13.84 percent for the previous year period.
Operating loss for the quarter was $0.70 million, compared with an operating loss of $13.36 million in the previous year period.
However, the adjusted operating income for the quarter stood at $13.38 million compared to $5.97 million in the prior year period. At the same time, adjusted operating margin improved 661 basis points in the quarter to 12.79 percent from 6.18 percent in the last year period.
Darin G. Billerbeck, president and chief executive officer, said, "We achieved a 58.2% gross margin on a GAAP basis in the first quarter of 2017 as we continued to execute on our business strategy. Revenue was sequentially lower primarily reflecting macro demand softness from typical seasonality, compounded by lower shipments to a major consumer OEM, as a design we are supporting likely reached its peak life cycle shipment level in the December quarter. We continue to invest in our business as we capitalize on exciting opportunities, including video and enabling applications in consumer and industrial led by our fast growing CrossLinkTM video bridging product, along with our wireless products showcased in leading edge OEM wireless VR headsets. At the same time, our FPGA technology remains very unique and will allow us to thrive as we leverage the many advantages of our low power solutions critical to the interconnected world of smart devices."
Operating cash flow drops significantly
Lattice Semiconductor Corporation has generated cash of $7.66 million from operating activities during the quarter, down 66.85 percent or $ 15.46 million, when compared with the last year period. The company has spent $6.71 million cash to meet investing activities during the quarter as against cash outgo of $3.06 million in the last year period.
The company has spent $10.33 million cash to carry out financing activities during the quarter as against cash outgo of $0.28 million in the last year period.
Cash and cash equivalents stood at $97.45 million as on Apr. 01, 2017, down 6.85 percent or $7.17 million from $104.62 million on Apr. 02, 2016.
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