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Lattice Semiconductor LSCC CEO Discusses Q2 2013 Results Good afternoon. My name is Chanel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lattice Semiconductor Second Quarter 2013 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. ( Instructions).Thank you, operator. Welcome everyone to Lattice Semiconductor s second quarter 2013 results conference call. Joining us today from the company are Mr. Darin Billerbeck, the company s President and CEO; and Mr. Joe Bedewi, Lattice s Chief cheap childrens ugg boots Financial Officer. Both executives will be available for Q after the prepared comments.Before we begin the formal remarks, I ll read the Safe Harbor statements. It is our intention that this call will comply with the requirements of SEC Regulation FD. This call includes and constitutes the company s official guidance for the third quarter of fiscal 2013. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call.The matters that we discuss today, other than historical information, include forward looking statements relating to our future financial performance and other performance expectations. Investors are cautioned that forward looking statements are neither promises nor guarantees. They involve risks and uncertainties that may cause actual results to differ materially from those projected in the forward looking statements. Some of those risks and uncertainties are detailed in our filings with the Securities and Exchange Commission including our fiscal year 2012 Form 10 K and our quarterly reports on Form 10 Q. The company disclaims any obligation to publicly update or revise any such forward looking statements to reflect events or circumstances that occur after this call. Our prepared remarks also be presented within the requirements of SEC Regulation G, regarding Generally Accepted Accounting Principles or GAAP.I d like to now turn the call over to Mr. Darin Billerbeck. Please go ahead, sir.Thank you, David, and thanks everyone for joining us on the call today. This is another strong quarter for us, and is a direct result of our solid executions to our strategic long range plan. We achieved the highest quarterly revenue in the past decade, reflecting the expansion into the consumer mobile market, and more specifically, into smartphone opportunity. We also saw an improvement in the broader communications and automotive markets, in both Asia and North America.Q2 revenue was $84.7 million, up 19% from Q1. This was at the high end of our guidance for growth of 15% to 20%. Our margins came in above the high end of our prior guidance, and we doubled our EPS compared to Q1. Based on all financial measures, this was a great quarter for us. We remain confident entering Q3, based on existing customer backlog, our inventory levels, and the strength of our balance sheet.Today, we have design wins at multiple mobile handset companies. Our challenge is to replicate our key wins (inaudible) various other OEMs, both large and small.The mobile market is quickly moving to a cost versus performance focus. This focus favors companies that have affordable innovation in their DNA. At Lattice, we have been living and breathing ugg boots size 8 this for years. We have the smallest FGPA form factors on the planet, and you could do some really amazing things for your customers.Additionally, what we learn in the consumer mobile market can be applied to broader markets, like industrial, medical and automotive. The key will be taken what we learn from our smartphone solutions, and leverage that into all things connected.The communications market seems to be making a comeback. New orders and buffer stock are being put in place for buildout in the markets outside the United States. We are even seeing some slight uptick in North America, in some specific targeted areas.Automotive and industrial tend to be flat, as the overall European economy and European auto markets remain cool. We were all hoping Europe would recover, but it doesn t look likely until at least 2014. We continue to prioritize R spending, where we believe we can support our customers or expand our market presence. Key examples of setting ahead of the curve are the [phase out] of our newest consumer mobile products, along with the acceleration of our next generation MachXO2 product on 40 nanometer. We believe both products will lead in features and costs for their respective market. Again, we want to be number one where we play.We are also looking at low cost package alternatives for all of our market segments. As we have mentioned multiple times, we will spend additional R dollars for market opportunities or capabilities, where we can lead, differentiate and defend.In terms of specifics for second quarter, the revenue mix of new mainstream and mature was 46%, 42% and 12% respectively in Q2. Revenue from our new products was up again, growing approximately 41% quarter on quarter. Mainstream products were up approximately 5% quarter on quarter. Revenue from mature products was essentially flat, when compared to the prior quarter.On a geographic basis, revenue from Asia, including Japan increased approximately 26% quarter on quarter, to about 74% of the total revenue on an absolute dollar basis. This reflects our consumer mobile ramp, and the [sight] improvement in the communications segment, noted earlier.Revenue from North America comprised of 12% of the total revenue on an absolute dollar basis, up about 13% Q2 to Q1. Europe was approximately 14% of the total revenue. On an absolute dollar basis, Europe declined approximately 5%, reflecting the continued softness in the disti channel.On an absolute market basis, communications represented about 38% of its revenue in Q2, compared to 39% in Q1. This market increased on an absolute dollar basis, but declined in percentage due to our broader revenue increase. Computing was at 8% of revenue in Q2, as compared to 10% in Q1. Industrial and other was 23% of total revenue in Q2, compared to 26% in Q1.Auto design wins remained a bright spot for us, as we have growing demand for programmable technologies in the automotive market segment. We recently introduced six new automotive grade FPGAs during the quarter.Consumer increased to 31% of the total revenue in Q2 from 25% in Q1, primarily reflecting the continued ramp of our iCE family. We expect consumer to stay at this level in Q3.That concludes my initial comments. I will now turn the call over to Joe. Joe?Thanks Darin. As noted earlier, revenue for the second quarter was $84.7 million, an increase of 19% from the first quarter, and an increase of 19.6% from $70.8 million in the year ago period. Gross margin for Q2 was 53.3%, compared to 53.6% in the prior quarter, and 52.3% in the year ago period. Gross margin was above the high end of our guidance. Margins continue to be strong due to volume driven cost reductions along with mix.As noted during prior calls, we expect margins to continue to fluctuate throughout the year, due to our increasing penetration in the consumer segment. We expect to offset some of this impact through continued cost reductions in operations. Our long term gross margin target remains at the mid 50% level.Total operating expenses for the second quarter came in at $38.1 million. This included approximately $1.4 million in R variable costs related to program timing, and $0.7 million in variable spending, primarily related to sales increases.Our guidance for Q3 is for OpEx to come down to $36.9 million. We remain committed to lowering costs wherever and whenever possible. Our baseline OpEx model of $35.5 million per quarter on average was initially set assuming a quarterly revenue level of $70 million to $75 million. As we are now running closer to $85 million, we will experience higher variable spending. Expenses that are driven by higher revenue levels.In addition, during Q3 we will incur a $0.8 million in expenses related to our San Jose facility move, which occurred early in the quarter. This move was necessitated by the impending term of our existing San Jose lease. We will continue to invest R dollars on both quick turn product development, as market opportunities arise, and long term product development.Net income for the quarter was $5 million or $0.04 per basic and diluted share, as compared to net income of $1.9 million or $0.02 per basic and diluted share in the first quarter, and a net loss of $12.5 million or a loss of $0.11 per basic and diluted share in the year ago period. Q2 2013 financial results included $1.9 million or $0.02 per basic and diluted share of income tax expense; $0.7 million of amortization expense from acquired ugg boats intangibles. Q1 2013 financial results included $0.7 million or $0.01 per basic and diluted share of income tax expense; $0.7 million of amortization expense from acquired intangibles, and $0.2 million of restructuring related charges.
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Launching Yoga For Single Moms Program in Boston In the February issue of Marie Claire, Michelle Williams testifies to the healing power of yoga. She tells the mag that the practice helped her cope with the 2008 death of ex boyfriend Heath Ledger and become a better mother to their daughter Matilda: "Yoga gave me relief like nothing ugg australian boots else; it made me a better person and a better mother. I could come back to my daughter anew." It was then that Michelle, 30, started to think about those single mothers who can t practice yoga because hiring ugg boots outlet store a babysitter is too expensive. Because of this, the actress helped start The Yoga For Single Moms Project. According to its website, the project s mission is to "support the sometimes challenging path of single motherhood by providing a yoga sanctuary for health and well being." With the help of fellow cofounders, Boston based yoga instructors Chanel Luck and Bonnie Argo, Michelle tells Marie Claire that the pilot program is launching sometime tall ugg boots on sale soon: "The idea behind the program is that if you can clear the time, we do the rest. It provides childcare while the mum is in the yoga class, and it s all free."