Actel Corp. (ACTL, Financial) filed Quarterly Report for the period ended 2010-04-04.
Actel Corp. has a market cap of $413.6 million; its shares were traded at around $15.65 with a P/E ratio of 97.8 and P/S ratio of 2.2. ACTL is in the portfolios of NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Net revenues increased from the first quarter of 2009 to the first quarter of 2010 by 7.8%. The increase resulted primarily from a $4.6 million increases in sales of radiation-tolerant antifuse products to satellite customers which was offset in part by a $1.1 million reduction in sales of other antifuse products and a $0.8 million reduction in royalties. Sales of flash and non-silicon products increased sequentially by $0.8 and $0.3 million, respectively.
R&D expenditures were $14.7 million, or 28% of net revenues for the first quarter of 2010 compared with $14.2 million, or 28% of net revenues for the fourth quarter of 2009 and $16.4 million, or 34% of net revenues for the first quarter of 2009. R&D spending increased in the first quarter of 2010 as compared with the fourth quarter of 2009 by $0.5 million due to increased employee costs resulting from bonus accruals and higher payroll taxes for the new year. Recognition of R&D related stock-based compensation expense was $0.8 million for the three month period ended April 4, 2010, compared with $0.9 million for the fourth quarter of 2009 and $0.9 million for the first quarter of 2009.
SG&A expenses increased in the first quarter of 2010 by $0.6 million compared with the fourth quarter of 2009 due to a worldwide sales conference related to the rollout of our Smart Fusion product line for $0.4 million and outside services of $0.3 million related to implementation of a new customer relationship management system. Recognition of SG&A related stock-based compensation expense was $0.9 million for the three month period ended April 4, 2010, compared with $0.9 million for the fourth quarter of 2009 and $0.6 million for the first quarter of 2009.
SG&A expenses were $1.5 million higher in the first quarter of 2010 than in the first quarter of 2009. Travel expenses were higher by $0.4 million due to a worldwide sales conference related to the rollout of our SmartFusion product line, an increased headcount in sales of $0.2 million and outside services of $0.3 million relating to implementation of a new customer relationship management system. The allowance for doubtful accounts increased by $0.2 million due to higher receivable balances and other employee related expenses increased by $0.2 million. Stock-based compensation expenses were higher by $0.2 million.
During the first quarter of 2009, we announced a Company-wide restructuring plan that, in conjunction with cost-reduction initiatives taken in the fourth quarter of 2008, is expected to result in a quarterly reduction in expenses of $6.5 million in the third quarter of 2010 compared with the third quarter of 2008. From the fourth quarter of 2008 through the first quarter of 2010, we have incurred $5.0 million for severance and other costs related to reductions in force. In addition, the Company has recorded $5.5 million in restructuring costs related to asset impairments. The Company expects to record approximately $1.1 million in additional reduction in force expenses through the second quarter of 2010. In addition, the Company anticipates expenses of $1.6 million in 2010 to relocate employees and inventory to other facilities and sublease excess capacity and approximately $1.7 million on leasehold improvements to facilitate the relocation.
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Actel Corp. has a market cap of $413.6 million; its shares were traded at around $15.65 with a P/E ratio of 97.8 and P/S ratio of 2.2. 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 $52.3 million for the first quarter of 2010, an increase of 5.2% from the fourth quarter of 2009. The increase resulted primarily from a $6.7 million increase in sales of radiation-tolerant antifuse products to satellite customers which was offset in part by a $2.7 million reduction in sales of other antifuse products and a $2.4 million reduction in royalties. Sales of flash and non-silicon products each increased sequentially by $0.5 million.Net revenues increased from the first quarter of 2009 to the first quarter of 2010 by 7.8%. The increase resulted primarily from a $4.6 million increases in sales of radiation-tolerant antifuse products to satellite customers which was offset in part by a $1.1 million reduction in sales of other antifuse products and a $0.8 million reduction in royalties. Sales of flash and non-silicon products increased sequentially by $0.8 and $0.3 million, respectively.
R&D expenditures were $14.7 million, or 28% of net revenues for the first quarter of 2010 compared with $14.2 million, or 28% of net revenues for the fourth quarter of 2009 and $16.4 million, or 34% of net revenues for the first quarter of 2009. R&D spending increased in the first quarter of 2010 as compared with the fourth quarter of 2009 by $0.5 million due to increased employee costs resulting from bonus accruals and higher payroll taxes for the new year. Recognition of R&D related stock-based compensation expense was $0.8 million for the three month period ended April 4, 2010, compared with $0.9 million for the fourth quarter of 2009 and $0.9 million for the first quarter of 2009.
SG&A expenses increased in the first quarter of 2010 by $0.6 million compared with the fourth quarter of 2009 due to a worldwide sales conference related to the rollout of our Smart Fusion product line for $0.4 million and outside services of $0.3 million related to implementation of a new customer relationship management system. Recognition of SG&A related stock-based compensation expense was $0.9 million for the three month period ended April 4, 2010, compared with $0.9 million for the fourth quarter of 2009 and $0.6 million for the first quarter of 2009.
SG&A expenses were $1.5 million higher in the first quarter of 2010 than in the first quarter of 2009. Travel expenses were higher by $0.4 million due to a worldwide sales conference related to the rollout of our SmartFusion product line, an increased headcount in sales of $0.2 million and outside services of $0.3 million relating to implementation of a new customer relationship management system. The allowance for doubtful accounts increased by $0.2 million due to higher receivable balances and other employee related expenses increased by $0.2 million. Stock-based compensation expenses were higher by $0.2 million.
During the first quarter of 2009, we announced a Company-wide restructuring plan that, in conjunction with cost-reduction initiatives taken in the fourth quarter of 2008, is expected to result in a quarterly reduction in expenses of $6.5 million in the third quarter of 2010 compared with the third quarter of 2008. From the fourth quarter of 2008 through the first quarter of 2010, we have incurred $5.0 million for severance and other costs related to reductions in force. In addition, the Company has recorded $5.5 million in restructuring costs related to asset impairments. The Company expects to record approximately $1.1 million in additional reduction in force expenses through the second quarter of 2010. In addition, the Company anticipates expenses of $1.6 million in 2010 to relocate employees and inventory to other facilities and sublease excess capacity and approximately $1.7 million on leasehold improvements to facilitate the relocation.
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