Lattice Semiconductor (NASDAQ: LSCC) reported Q4 EPS of $0.10, $0.03 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $118.1 million versus the consensus estimate of $126.7 million.

Darin G. Billerbeck, President and Chief Executive Officer, said, "Growth in the fourth quarter and second half of 2016 was led by the overall consumer market and the ramp of our flagship win at a major consumer OEM. The higher consumer volumes combined with targeted manufacturing efficiencies allowed us to deliver a 57.7% gross margin for the full year 2016, up from 54.2% in the prior year. Our long term growth will be based on a combination of new consumer design wins along with continuous growth in our industrial and communications businesses focused on new applications such as medical devices, virtual and augmented reality, along with wireless connectivity. Smart connectivity, made easy."

Max Downing, Interim Chief Financial Officer, added, "We made significant progress in 2016 on better aligning our operating expenses, while further improving our cash flow generation. During 2016 we generated $41.7 million in cash flows from operations and ended the year with $116.9 million in cash and short-term investments. We intend to remain focused on maximizing the leverage of our operating model and reducing our outstanding debt balance."

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