Lattice Semiconductor Corp. (LSCC, Financial) filed Quarterly Report for the period ended 2010-04-03.
Lattice Semiconductor Corp. has a market cap of $610.8 million; its shares were traded at around $5.28 with a P/E ratio of 44 and P/S ratio of 3.1. LSCC is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
As of April 3, 2010, our principal source of liquidity was $183.5 million of Cash and cash equivalents and Short-term marketable securities, which were approximately $19.0 million more than the balance of $164.5 million at January 2, 2010. Working capital increased to $218.7 million at April 3, 2010 from $205.5 million at January 2, 2010.
Under the terms of a letter agreement between the Company and Fujitsu, Fujitsu agreed to repay in cash to the Company $60.0 million, plus interest, in two installments, of which $30.0 million was received on April 15, 2009 and the remaining $30.0 million was received on October 15, 2009. In addition, as of April 3, 2010, we expect to receive the remaining advance of approximately $5.3 million in the form of advance credits, including engineering mask set charges, by the end of the second quarter of the Company's fiscal 2010, at which time cash flow from operations will no longer include receipts of these credits.
At April 3, 2010 and January 2, 2010, the Company held auction rate securities with a par value of $23.9 million and $24.1 million, respectively. During the first quarter of fiscal 2010, the Company accepted five partial redemptions at 100% of par value of auction rate securities. The Company intends to sell its auction rate securities as markets for these securities resume or offers become available. At April 3, 2010, due to continued multiple failed auctions and a determination of illiquidity, the $23.9 million par value of auction rate securities held by the Company had an estimated fair value of $12.8 million and are classified as Long-term marketable securities. At January 2, 2010, the fair value of auction rate securities held by the Company and classified as Long-term marketable securities was $12.9 million.
Long-term marketable securities with a par value of $15.6 million (estimated fair value of $12.6 million) are exposed to risks associated with student loan asset-backed notes. Such loans are insured by the federal government or guaranteed by the Federal Family Educational Loan Program. Long-term marketable securities with a par value of $8.3 million (estimated fair value of $0.2 million) are auction market preferred shares issued by Ambac Assurant Corporation (“AMBAC”). On August 1, 2009, AMBAC discontinued paying monthly dividends on its auction market preferred shares, which reduced interest income included in Other income (expense), net, by less than $0.1 million per quarter.
At April 3, 2010 and January 2, 2010, we held auction rate securities with a par value of $23.9 million and $24.1 million, respectively. At April 3, 2010, the auction rate securities held by us had an estimated fair value of $12.8 million. At January 2, 2010, the auction rate securities had an estimated fair value of $12.9 million.
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Lattice Semiconductor Corp. has a market cap of $610.8 million; its shares were traded at around $5.28 with a P/E ratio of 44 and P/S ratio of 3.1. LSCC is in the portfolios of Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Net cash provided by operating activities was $20.9 million in the first quarter of fiscal 2010, compared to $7.5 million in the first quarter of fiscal 2009, primarily as a result of an increase in cash flow from Net income (loss) due to a net loss of $5.8 million in the first quarter of fiscal 2009 compared to net income of $11.1 million in the first quarter of fiscal 2010. In addition, Deferred income and allowances on sales to distributors increased from $5.9 million in the first quarter of fiscal 2009 to $16.7 million in the first quarter of fiscal 2010 due to increased activity through sell-through distributors. This was partially offset by an increase in Accounts receivable, net from $25.3 million in the first quarter of fiscal 2009 to $48.3 million in the first quarter of fiscal 2010 due to increased activity through sell-through distributors and increased revenue levels.As of April 3, 2010, our principal source of liquidity was $183.5 million of Cash and cash equivalents and Short-term marketable securities, which were approximately $19.0 million more than the balance of $164.5 million at January 2, 2010. Working capital increased to $218.7 million at April 3, 2010 from $205.5 million at January 2, 2010.
Under the terms of a letter agreement between the Company and Fujitsu, Fujitsu agreed to repay in cash to the Company $60.0 million, plus interest, in two installments, of which $30.0 million was received on April 15, 2009 and the remaining $30.0 million was received on October 15, 2009. In addition, as of April 3, 2010, we expect to receive the remaining advance of approximately $5.3 million in the form of advance credits, including engineering mask set charges, by the end of the second quarter of the Company's fiscal 2010, at which time cash flow from operations will no longer include receipts of these credits.
At April 3, 2010 and January 2, 2010, the Company held auction rate securities with a par value of $23.9 million and $24.1 million, respectively. During the first quarter of fiscal 2010, the Company accepted five partial redemptions at 100% of par value of auction rate securities. The Company intends to sell its auction rate securities as markets for these securities resume or offers become available. At April 3, 2010, due to continued multiple failed auctions and a determination of illiquidity, the $23.9 million par value of auction rate securities held by the Company had an estimated fair value of $12.8 million and are classified as Long-term marketable securities. At January 2, 2010, the fair value of auction rate securities held by the Company and classified as Long-term marketable securities was $12.9 million.
Long-term marketable securities with a par value of $15.6 million (estimated fair value of $12.6 million) are exposed to risks associated with student loan asset-backed notes. Such loans are insured by the federal government or guaranteed by the Federal Family Educational Loan Program. Long-term marketable securities with a par value of $8.3 million (estimated fair value of $0.2 million) are auction market preferred shares issued by Ambac Assurant Corporation (“AMBAC”). On August 1, 2009, AMBAC discontinued paying monthly dividends on its auction market preferred shares, which reduced interest income included in Other income (expense), net, by less than $0.1 million per quarter.
At April 3, 2010 and January 2, 2010, we held auction rate securities with a par value of $23.9 million and $24.1 million, respectively. At April 3, 2010, the auction rate securities held by us had an estimated fair value of $12.8 million. At January 2, 2010, the auction rate securities had an estimated fair value of $12.9 million.
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