Lattice Semiconductor (NASDAQ: LSCC) reported Q1 EPS of $0.03, in-line with the analyst estimate of $0.03. Revenue for the quarter came in at $88.6 million versus the consensus estimate of $83.7 million.

Business Outlook - Second Quarter and Full Year 2015:

• Revenue for the second quarter of 2015 is expected to be approximately $120 million plus or minus 3% on a non-GAAP basis, with revenue for the full year 2015 expected to be approximately $485 million plus or minus 3% on a non-GAAP basis.
• Gross margin percentage for both the second quarter and full year 2015 is expected to be approximately 56.5% plus or minus 2% on a non-GAAP basis.
• Total operating expenses, excluding acquisition or restructuring related charges, are expected to be approximately $65.2 million plus or minus 2% on a non-GAAP basis for the second quarter of 2015, and approximately $215 million plus or minus 2% on a non-GAAP basis for the full year 2015, which includes the benefit of synergy savings.
• Restructuring charges are expected to be approximately $10 million for the second quarter of 2015 and approximately $25 million for the full year 2015.
• Acquisition related charges, including amortization of acquired intangibles are expected to be approximately $10.5 million in the second quarter of 2015, and approximately $49.0 million for the full year 2015.
• The Company expects operating synergies to be approximately $42 million on an annualized basis as it exits 2015.

Darin G. Billerbeck, President and Chief Executive Officer, said, "We are modeling mid-point revenue of approximately $485 million on a non-GAAP basis for the full year 2015, with our recent acquisition of Silicon Image, and will continue to work to achieve above industry average growth. This is after growing revenue from $279 million for the full year 2012 to $333 million in 2013 and to $366 million in 2014. In addition to delivering continued above market revenue growth, our focus is on achieving 20% operating income on a non-GAAP basis at any revenue level, and doubling our earnings per share on an annualized non-GAAP basis over the next two years. With the acquisition of Silicon Image, we have diversified our Consumer market growth opportunities, while reducing our reliance on any one customer. Our business outlook for the second half of the year remains optimistic based on continued growth in our new consumer initiatives and modest growth in the industrial market that should offset a sluggish communications market. We expect to end 2015 in an even stronger position as we achieve our synergy goals."

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