For the year 2000, revenue was a record $567.8 million and earnings before goodwill (EBG) were a record $233.2 million ($2.02 per diluted share), or $141.1 million ($1.25 per diluted share) excluding a one-time gain on foundry investments. Due to a change in the Company’s fiscal year during 1999 and the reporting of a nine month fiscal period there are no comparable financial results for the prior year.
Revenue for the fourth quarter was $150.8 million, an increase of 31 percent over the $115.0 million reported in the same quarter a year ago but flat in comparison to the $151.0 million reported last quarter. EBG for the quarter was $40.4 million ($0.34 per diluted share), up 88 percent from the $21.6 million ($0.21 per diluted share) reported in the same quarter a year ago and an increase of three percent over the $39.2 million ($0.34 per diluted share) reported last quarter.
Quarterly high density revenue set a new record of $118.0 million, up 50 percent from the $78.9 million in the same quarter a year ago and an increase of one percent over the $116.9 million last quarter. High density revenue now accounts for over 78 percent of total quarterly revenue. For the year, high density revenue totaled a record $431 million, up 95 percent over the $221 million reported during calendar year 1999.
During the fourth quarter, Lattice added $21.2 million of cash to its balance sheet after the repurchase of 540,000 shares of common stock for $9.4 million and routine capital expenditures of $ 3.0 million.
In retrospect, the year 2000 was a strong year for Lattice, stated Cyrus Y. Tsui, president and chief executive officer. Financially, we posted record results and exit the year with all profitability metrics at historic highs. Strategically, we achieved our long standing goal of product leadership in the high-density CPLD market and successfully translated that position into market share gains.
As a result of our increased R&D scale we were able to accelerate product introductions over the last year, particularly within the CPLD market, continued Tsui. The year 2000 saw us extend our product leadership in the low-voltage arena with multiple extensions of our innovative Operation BFW products and, for the first time, achieve leadership in the legacy 5-volt segment of the CPLD market. With these successful product introductions and the recent initiation of the roll-out of our second generation BFW products, we believe we are well positioned to continue our market share trajectory in the high-density CPLD market.
Looking forward, the semiconductor market and the general economy currently show signs of weakness. Although we remain confident in the long-term attractiveness of the PLD market, we enter the first quarter with a reduced backlog. Consequentially, we anticipate a challenging business environment during the first half of 2001 and therefore have adopted a cautious outlook, Tsui concluded.
