Actel (ACTL) Lowers Range For Q2 Revenues - Below Consensus

June 11, 2009 6:57 PM EDT

Actel Corporation (NASDAQ: ACTL) announced that Q2 revenues will decline sequentially 5-9%. The previous guidance was a decline of 1-7%. (Q2 revenue consensus is $47.20M. Actel reported revenues of $48.5M for Q1)

Gross margin is expected to be between 57-58%. The previous guidance was 59%.

Although bookings have been strong to date, the turns (i.e., current-quarter) component of bookings has been below expectations. More specifically, the declines in expected revenues and gross margin are the result of lower-than-anticipated shipments of radiation-tolerant devices to the satellite market.

Operating expenses are anticipated to come in at approximately $27.5 million, which excludes an estimated $1.8 million of stock-based compensation expense. The previous guidance was approximately $28 million.

Other income is expected to be about $0.9 million. The previous guidance was about $1.2 million.

Actel Corporation (Actel) designs, develops and markets flash, antifuse-based field-programmable gate arrays (FPGAs) and mixed-signal FPGAs for a range of applications within the aerospace, automotive, avionics, communications, consumer, industrial, medical and military markets.[SM]

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