-- The Company believes that fourth quarter 2008 revenues will be flat to down four percent sequentially. Gross margin is expected to be around 59 to 60 percent. Operating expenses are anticipated to come in at approximately $29 million, which excludes an estimated $1.8 million of stock-based compensation expense. Other income is expected to be about $1.5 million. The tax provision for the quarter is expected to be a credit of approximately $1 million. Outstanding fully diluted share count is expected to be about 25.9 million shares. The guidance for operating expenses does not include the ongoing amortization of intangibles and deferred compensation for the acquisition of Pigeon Point Systems of approximately $0.7 million or the one-time charge for the reduction in force that is expected to be around $3 million.
Actel is the leader in low-power and mixed-signal FPGAs, offering the most comprehensive portfolio of system and power management solutions. Power Matters. Learn more at www.actel.com.
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.
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Contact: Jon Anderson Actel Corporation (650) 318-4445