Actel Corporation Reduces Third Quarter Revenue Guidance

MOUNTAIN VIEW, CA -- (MARKET WIRE) -- Sep 10, 2008 -- Actel Corporation (NASDAQ: ACTL) today released its business update for the third quarter of fiscal 2008:

--  The Company believes that third quarter 2008 revenues will decline
    sequentially seven to nine percent due primarily to weakness in the Asian
    consumer market.  The previous guidance was one percent up to three percent
    down sequentially.
    
--  Gross margin is expected to be about 58 percent.  The previous
    guidance was 57 percent.
    
--  Operating expenses are anticipated to come in at approximately $30.5
    million, which excludes an estimated $2.0 million of stock-based
    compensation expense.  The previous guidance was $30.7 million.
    
--  Other income is expected to be about $1.6 million.  The previous
    guidance was $1.8 million.
    
--  The tax rate for the quarter is expected to be about 30 percent, which
    is unchanged from the previous guidance.
    
--  Outstanding fully diluted share count is expected to be about 25.9
    million shares. The previous guidance was 26.2 million shares.
    

As with the previous guidance, this guidance does not include any one-time charges related to the Company's acquisition of Pigeon Point Systems during the third quarter.

Common Stock Repurchase Program

The Company's stock repurchase program was instituted in 1998 for the purpose of replenishing some or all of the shares of Common Stock issued upon exercise of stock options and in connection with other stock compensation plans. The overall objective of the program is to reduce or eliminate earnings per share dilution caused by the issuance of such additional shares. Repurchases may be made in the open market or in privately negotiated transactions. To date, Actel's Board of Directors has authorized the repurchase of 7,000,000 shares under the program, and 5,311,558 shares of Common Stock have been repurchased. The Company intends to continue repurchasing shares of its Common Stock from time to time as market and business conditions warrant. Actel has remaining authority to repurchase 1,688,442 shares under the program.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release regarding our updated business guidance and intentions are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated in the forward-looking statements. Risk factors that make it difficult for us to accurately predict quarterly revenues include general economic conditions and a variety of risks specific to Actel or characteristic of the semiconductor industry, such as fluctuating demand, intense competition, rapid technological change and related intellectual property and international trade issues, wafer and other supply shortages, and booking and shipment uncertainties. Any failure to meet expectations could cause the price of our stock to decline significantly. We do not assume, and expressly disclaim, any duty to update the forward-looking statements or risk factors.

About Actel

Attacking power consumption at both the chip and the system levels, Actel power-smart programmable solutions enable power-efficient design. The company is traded on the NASDAQ National Market under the symbol ACTL and is headquartered at 2061 Stierlin Court, Mountain View, Calif., 94043-4655. For more information about Actel, visit http://www.actel.com. Telephone: 888-99-ACTL (992-2835).

Editor's Note: The Actel name and logo are trademarks of Actel Corporation.

Contact:
Jon Anderson
Actel Corporation
(650) 318-4445





Review Article Be the first to review this article
Rand3D

Featured Video
Jobs
Sr Mechanical Design Engineer for Medtronic at mounds view, MN
Mechanical Design Engineer 3 for KLA-Tencor at Milpitas, CA
Urban Designer - Urban Design/Planning for SERA Architects, Inc at Portland, OR
Geospatial Systems Administrator for BAE Systems Intelligence & Security at arnold, MO
Senior Mechanical Engineer for BAE Systems Intelligence & Security at Arlington, VA
Geospatial Analyst - Senior for BAE Systems Intelligence & Security at Springfield, VA
Upcoming Events
ESPRIT World 2018 at Indianapolis Marriott Downtown 350 West Maryland Street Indianapolis IN - Jun 11 - 15, 2018
HxGN LIVE 2018 at The Venetian Las Vegas NV - Jun 12 - 15, 2018
IMTS2018 International Manufacturing Tech Show at McCormick Place Chicago IL - Sep 10 - 15, 2018
Kenesto: 30 day trial
SolidCAM: SolidCAM Dec 2017 Campaign Save 28 percent



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise