Recent Business Highlights
- Expands CrossLink Programmable ASSP (pASSP) IP Solutions: Lattice Semiconductor announced the expansion of its Lattice CrossLink™ pASSP solutions to enable new video bridging capabilities with the release of three new CrossLink intellectual property (IP) and two new CrossLink demonstration platforms showcasing MIPI® DSI to LVDS and CMOS to MIPI CSI-2. By optimizing existing IP, leveraging new IP and development platforms, along with additional resources, Lattice can offer even more solutions for a greater variety of bridging applications that capture the best of both worlds with the combined flexibility and fast time to market of an FPGA and the power and functional optimization of an ASSP. The latest expansion reinforces Lattice’s commitment to providing bridging solutions for consumer, industrial, and automotive applications.
- Releases New Embedded Vision Development Kit Targeted for Mobile-Influenced Applications at the Edge: Lattice announced the availability of its Embedded Vision Development Kit, the first-of-a-kind development kit optimized for mobile-influenced system designs that require flexible, low cost, and low power image processing architectures. By leveraging a mix of Lattice’s FPGA, ASSP and programmable ASSP (pASSP™) products in a single, modular platform, this unique solution provides an intelligent balance of flexibility and energy efficiency required for a variety of embedded vision applications in the industrial, automotive and consumer markets.
- Merger with Canyon Bridge: The Merger was approved by Lattice’s shareholders on February 28, 2017. On March 24, 2017, Lattice and Canyon Bridge Fund I, LP (“Canyon Bridge”) jointly withdrew and re-filed their joint voluntary notice to the Committee on Foreign Investment ("CFIUS") under the Defense Production Act of 1950, as amended, to allow more time for review and discussion with CFIUS in connection with the proposed merger (the “Merger”) between Lattice and an indirect wholly-owned subsidiary of Canyon Bridge. Lattice and Canyon Bridge remain fully committed to the Merger and plan to continue to actively engage in further discussions with CFIUS during its review, and to allowing Lattice’s stockholders to realize the value offered by the proposed transaction.
Investor Conference Call / Outlook:
As a result of the acquisition announcement with Canyon Bridge, the Company will not hold a quarterly conference call and webcast, and will not provide an outlook for its future financial results.
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our expectation that we will 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; our expectation that our FPGA technology will allow us to thrive as we leverage the many advantages of our low power solutions critical to the interconnected world of smart devices; and our intention to remain committed to actively managing our operating expenses as we focus on our financial model. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology; and our expectation that we will remain focused on maximizing the leverage of our operating model and reduce our outstanding debt balance. Lattice believes the factors identified below could cause actual results to differ materially from the forward-looking statements.
Estimates of future revenue are inherently uncertain due to, among other things, the high percentage of quarterly “turns” business. In addition, revenue is affected by such factors as global economic conditions, which may affect customer demand, pricing pressures, competitive actions, the demand for our Mature, Mainstream and New products, and in particular our iCE40™ and MachXO3L™ devices, the ability to supply products to customers in a timely manner, changes in our distribution relationships, or the volatility of our consumer business. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, including commodity costs, variations in manufacturing yields, the failure to sustain operational improvements, the actual amount of compensation charges due to stock price changes. Any unanticipated declines in revenue or gross margin, any unanticipated increases in our operating expenses or unanticipated charges could adversely affect our profitability.
In addition to the foregoing, other factors that may cause actual
results to differ materially from the forward-looking statements in this
press release include disruptions of our business arising from the
announcement and pendency of our proposed acquisition by Canyon Bridge
Capital Partners, Inc., global economic uncertainty, overall
semiconductor market conditions, market acceptance and demand for our
new products, the Company's dependencies on its silicon wafer suppliers,
the impact of competitive products and pricing, technological and
product development risks, the failure to achieve the anticipated
benefits and synergies of the Silicon Image transaction. In addition,
actual results are subject to other risks and uncertainties that relate
more broadly to our overall business, including those risks more fully
described in Lattice’s filings with the SEC including its annual report
on Form 10-K for the fiscal year ended December 31, 2016, and Lattice’s
quarterly reports filed on Form 10-Q.
