Actel Corp. (ACTL, Financial) filed Quarterly Report for the period ended 2010-07-04.
Actel Corp. has a market cap of $368.9 million; its shares were traded at around $14.06 with a P/E ratio of 29.9 and P/S ratio of 1.9. ACTL is in the portfolios of NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
R&D expenditures were $15.2 million, or 26% of net revenues, for the second quarter of 2010 compared with $14.7 million, or 28% of net revenues, for the first quarter of 2010 and $15.3 million, or 34% of net revenues, for the second quarter of 2009. R&D spending increased by $0.5 million in the second quarter of 2010 compared with the first quarter of 2010 due primarily to an increase of $0.5 million in outside services and materials associated with the development of 65 nanometer technology, an increase of $0.4 million in employee bonuses as result of the higher revenue and increased stock compensation offset by $0.7 million lower employee costs resulting from reductions in force. Recognition of R&D related stock-based compensation expense was $1.2 million for the second quarter of 2010 compared with $0.8 million for the first quarter of 2010 and $0.9 million for the second quarter of 2009.
R&D expenditures were $30.0 million, or 27% of net revenues, for the six months ended July 4, 2010 compared with $31.7 million, or 34% of net revenues, for the six months ended July 5, 2009. R&D spending declined in the first six months of 2010 compared with the first six months of 2009 primarily due to $1.6 million in lower employee costs resulting from reductions in force and a decrease of $0.6 million in R&D project development related expenses offset by $0.8 million in employee bonuses as a result of the higher revenue.
SG&A expenses were $30.1 million, or 27% of net revenues, for the six months ended July 4, 2010 compared with $27.1 million, or 29% of net revenues, for the six months ended July 5, 2009. The increase was due in part to increases of $1.0 million in employee bonuses as a result of increased revenue, $0.6 million in travel expenses related to a worldwide sales conference in connection with the rollout of our SmartFusion product line, $0.4 million in outside services primarily related to the implementation of a new customer relationship management system and $0.7 million in stock compensation.
Restructuring and asset impairment charges were $1.3 million, or 2% of net revenues, for the second quarter of 2010 compared with $14,000, or 0% of net revenues, for the first quarter of 2010. We recorded non-cash asset impairment charges totaling $5.5 million during the second quarter of 2009 for certain manufacturing fixed assets that were determined to be excess to current and expected future manufacturing requirements. Restructuring charges related to termination benefits were $1.3 million for the first six months of 2010 compared with $1.2 million for the first six months of 2009.
Investing activities used cash of $24.6 million in the first six months of 2010 compared with $0.7 million in the first six months of 2009. Short-term investments increased by $19.0 million in the first six months of 2010 compared with a reduction of $2.7 million in the first six months of 2009.
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Actel Corp. has a market cap of $368.9 million; its shares were traded at around $14.06 with a P/E ratio of 29.9 and P/S ratio of 1.9. ACTL is in the portfolios of NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net revenues were $110.0 million for the six months of 2010, a 17% increase from the first six months of 2009. The increase resulted primarily from an $11.6 million increases in sales of radiation-tolerant antifuse products to satellite customers and sales of other antifuse products. Sales of flash and non-silicon products increased by $4.2 million and $0.5 million, respectively. The growth in net revenues in the first six months of 2010 compared to the first six months of 2009 was primarily due to the Military market segment with small increases in Automotive and Communications market segments.R&D expenditures were $15.2 million, or 26% of net revenues, for the second quarter of 2010 compared with $14.7 million, or 28% of net revenues, for the first quarter of 2010 and $15.3 million, or 34% of net revenues, for the second quarter of 2009. R&D spending increased by $0.5 million in the second quarter of 2010 compared with the first quarter of 2010 due primarily to an increase of $0.5 million in outside services and materials associated with the development of 65 nanometer technology, an increase of $0.4 million in employee bonuses as result of the higher revenue and increased stock compensation offset by $0.7 million lower employee costs resulting from reductions in force. Recognition of R&D related stock-based compensation expense was $1.2 million for the second quarter of 2010 compared with $0.8 million for the first quarter of 2010 and $0.9 million for the second quarter of 2009.
R&D expenditures were $30.0 million, or 27% of net revenues, for the six months ended July 4, 2010 compared with $31.7 million, or 34% of net revenues, for the six months ended July 5, 2009. R&D spending declined in the first six months of 2010 compared with the first six months of 2009 primarily due to $1.6 million in lower employee costs resulting from reductions in force and a decrease of $0.6 million in R&D project development related expenses offset by $0.8 million in employee bonuses as a result of the higher revenue.
SG&A expenses were $30.1 million, or 27% of net revenues, for the six months ended July 4, 2010 compared with $27.1 million, or 29% of net revenues, for the six months ended July 5, 2009. The increase was due in part to increases of $1.0 million in employee bonuses as a result of increased revenue, $0.6 million in travel expenses related to a worldwide sales conference in connection with the rollout of our SmartFusion product line, $0.4 million in outside services primarily related to the implementation of a new customer relationship management system and $0.7 million in stock compensation.
Restructuring and asset impairment charges were $1.3 million, or 2% of net revenues, for the second quarter of 2010 compared with $14,000, or 0% of net revenues, for the first quarter of 2010. We recorded non-cash asset impairment charges totaling $5.5 million during the second quarter of 2009 for certain manufacturing fixed assets that were determined to be excess to current and expected future manufacturing requirements. Restructuring charges related to termination benefits were $1.3 million for the first six months of 2010 compared with $1.2 million for the first six months of 2009.
Investing activities used cash of $24.6 million in the first six months of 2010 compared with $0.7 million in the first six months of 2009. Short-term investments increased by $19.0 million in the first six months of 2010 compared with a reduction of $2.7 million in the first six months of 2009.
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