Cypress Guides Market Higher in Q203 Revenue Estimate; Cypress President and CEO T.J. Rodgers Issues Revised Projection At Company's 2003 Stockholder's Meeting.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)--May 1, 2003 Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange : CY) today announced that revenue for its 2003 second quarter, ending June 29, 2003, is projected to be higher than current analysts' estimates. Cypress, which posted revenue of $181.0 million in the first quarter ended March 30, 2003, was projected by analysts to post $193 million in revenue in the second quarter. The company today guided analysts to a second quarter revenue figure of approximately $200 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. per share of $0.03(1). Cypress President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. T.J. Rodgers delivered the news at the company's 2003 Stockholder's Meeting, held at its headquarters in San Jose, CA. Rodgers attributed stronger-than-expected performance during the quarter to continued strength in the wireless segment and an increasing adoption rate for 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 controllers. "The quarter to date is looking better than expected, particularly in our key wireless and computation segments, with bookings and turns continuing to exhibit some strength," Rodgers said. "Our wireless strength is due to market share gains as we continue to diversify our customer base. "Our positive performance in the quarter validates our previously stated expectation for the quarter that we would grow revenue sequentially, return to pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma profitability(1) and generate free cash," Rodgers concluded. The webcast of the Cypress Shareholder's Meeting is accessible via the "Investors" page of the Cypress website at http://www.cypress.com. About Cypress Cypress Semiconductor Corporation (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 programmable microcontrollers. 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, free cash, expectations from our market segments, market-share gains and turns business, 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. 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) The projected profitability in the second quarter of 2003 will have a delta to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). profitability of approximately $18 million, representing amortization of intangibles and other acquisition-related charges. We expect a GAAP loss per share of $0.10 in the second quarter due to these charges. |
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