Cypress Guides Market Higher in Q104 Revenue Estimate; New Target Puts Company Back at $1 Billion Run Rate.Business Editors/High-Tech Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Feb. 9, 2004 Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange :CY) today announced that revenue for its 2004 first quarter, ending March 28, 2004, is projected to be higher than current analysts' estimates. Cypress, which posted revenue of $236.0 million in the 2003 fourth quarter, was projected by analysts to post revenue in the 2004 first quarter of approximately $243 million and pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. of $0.17(1) per share. The company today guided the market to revenues of $250 million and pro forma earnings of $0.18(1) per share. Cypress attributed the improved outlook to a number of factors. Bookings remain strong in the first month of the quarter. Positive momentum in the WAN market is continuing, driven by increased demand for network search engines, synchronous SRAMs, clocks and specialty memories. Wireless sales continue to be robust amid an ongoing shift to higher-density SRAMs in the handset business. The rapid adoption of USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. 2.0 products is helping to offset seasonal weakness in the computation and consumer segment. Cypress is scheduled to report its 2004 first quarter results in a webcast and conference call on April 15, 2004. The webcast will be accessible via the Investor Relations Investor relations The process by which the corporation communicates with its investors. page on the Cypress website, www.cypress.com/investors. About Cypress Cypress Semiconductor Corp. (NYSE:CY) is Connecting From Last Mile to First Mile(TM) with high-performance solutions for personal, network access, enterprise, metro switch and core communications system applications. Cypress Connects(TM) using wireless, wireline, digital and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet and DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing . Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at www.cypress.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements herein that are not historical facts are "forward-looking statements" involving risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our revenue, profitability and expectations for our market segments, respectively. Factors that could cause actual results to differ materially from the forward looking statements include but are not limited to: the effect of global economic conditions, shifts in supply and demand, market acceptance, the impact of competitive products and pricing, product development, commercialization, technological and manufacturing difficulties, and capacity and supply constraints. Please refer to Cypress's Securities and Exchange Commission filing in its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 29, 2002 for a discussion of such risks. Cypress assumes no obligation to update these forward looking statements. Note to Editors: Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. "Connecting from Last Mile to First Mile" and "Cypress Connects" are trademarks of Cypress Semiconductor Corporation. (1) Projected first-quarter profitability represents a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per share of $0.11, including amortization of intangibles and other acquisition-related charges. The equivalent GAAP earnings per share for our initial first-quarter guidance was $0.10 per share. |
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