Lattice Semiconductor

Lattice Semiconductor Corporation is an American semiconductor company specializing in the design and manufacturing of low power field-programmable gate arrays (FPGAs). Headquartered in the Silicon Forest area of Hillsboro, Oregon, the company also has operations in San Jose, Calif., Shanghai, Manila, Penang, and Singapore. Lattice Semiconductor has more than 1000 employees and an annual revenue of more than $660 million as of 2022. The company was founded in 1983 and went public in 1989. It is traded on the Nasdaq stock exchange under the symbol LSCC.

Lattice was founded on April 3, 1983, by C. Norman Winningstad, Rahul Sud, and Ray Capece, with investment from Winningstad, Harry Merlo, Tom Moyer, and John Piacentini. Lattice was incorporated in Oregon in 1983 and reincorporated in Delaware in 1985. Co-founder Sud left as president in December 1986, and Winningstad left in 1991 as chairman of the board. Early struggles led to chapter 11 bankruptcy reorganization in July 1987. The company emerged from bankruptcy after 62 days and moved from its headquarters in an unincorporated area near Beaverton to a smaller building in Hillsboro, Oregon. Over the next year, the company shrank from 140 to 64 employees but posted record revenues.

Cyrus Tsui became the company's chief executive officer in 1988. On November 9, 1989, Lattice became a publicly traded company when its shares were listed on the NASDAQ after in initial public offering. The initial share price was $6, and raised almost $14 million for the company. In July 1990, a second stock offering of nearly 1.5 million new shares raised $22.6 million at $16.25 per share.

In 1995, the company attempted to assert trademark rights in the term Silicon Forest beyond the use of its trademark for the use in semiconductor devices. They had registered the mark in 1985, but later conceded they could not prevent the usage of the term as a noun. Forbes ranked the company as their 162nd best small company in the United States in 1996, and Lattice began to double the size of its Hillsboro headquarters.

In 2000, annual revenues topped $560 million with profits of $160 million. Its stock price reached an all-time high of $41.34, adjusted for splits. For the next five years, however, the company recorded no annual profit.

On Mar 19, 2001, Lattice acquired Integrated Intellectual Property, Inc. (I2P), a semiconductor intellectual property (IP) company headquartered in Santa Clara, California . This move strengthened Lattice's internal intellectual property development programs and marked I2P's successful exit as one of the early pure-play semiconductor IP firms of the dot-com era.

Lattice purchased Agere Corporation's FPGA division in 2002. In 2004, the company settled charges with the United States government that it had illegally exported certain technologies to China, paying a fine of $560,000. In 2005, Tsui was replaced as CEO by Steve Skaggs and the company laid off employees for the first time. In fiscal year 2006, Lattice posted a profit of $3.1 million on revenues of $245.5 million, the first annual profit since 2000.

In June 2008, Bruno Guilmart was named as chief executive officer of the company, replacing Steve Skaggs. For fiscal year 2008, Lattice had a loss of $32 million on annual revenues of $222.3 million. In 2009, the company began moving all of its warehouse operations for parts from Oregon to Singapore. Through July 2009, the company had lost money for ten straight quarters, and had its first profitable quarter in three years during the fourth quarter of 2009. Bruno Guilmart left the company in August 2010, and Darin Billerbeck, former Zilog CEO, who had just sold Zilog in the previous year, was named the new CEO in October of that year, starting in November. The company reported 2011 revenue of $318 million. Lattice started a stock buy-back program in 2010 that continued into 2012 that would total about $35 million if fully implemented.