Cypress Q197; $126 million revenue, $0.06 EPS.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)--April 15, 1997--Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange :CY) today reported that revenue for the first quarter of 1997 was $126.0 million, up 11.4% from last quarter's revenue of $113.1 million, but down 26% from the year-ago quarter's $170.2 million, which was the second highest quarterly revenue figure in the company's history. Earnings for the first quarter were $0.06 per share, up from last quarter's earnings of $0.02 per share, but down from last year's same-quarter, fully diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.39, a record for the company. 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 stated, "We are very pleased to have recorded double-digit revenue growth this quarter, the second consecutive quarter of revenue growth since the third quarter of 1996, which we declared to be our bottom quarter in the memory-driven recession of 1996. Despite lower average selling prices in the March quarter, we increased unit volume and improved our gross margin by a point from the 33.5% reported last quarter to 34.6%." Rodgers added, "We're off to a good start in 1997. Billings and bookings increased in all product divisions. We announced and realized first revenue on the following new products in the March quarter: -- The hyperCache(TM) chipset with integrated cache; -- A family of ultra-low-power SRAMs with a wide voltage tolerance range from 5V to 1.65V. -- The CY7C1335/7 32Kx32 SRAMs for Pentium(R) and Pentium-Pro(R); -- The CY7C48x1 Double Sync(TM) First in First Out Memory (FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out ) family; -- The CY7B952 Bellcore-compliant OC-3 data separator; -- Two low-cost 512 KB and 1 Meg EPROM EPROM in full erasable programmable read-only memory Form of computer memory that does not lose its content when the power supply is cut off and that can be erased and reused. families; -- A 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. Developer's Kit to provide a complete design environment for implementing USB peripherals with Cypress's new 8-bit USB microcontroller family; and -- The sale of our programmable logic See PLD. software (Warp2(R)) on the worldwide web. "A continued increase in unit demand plus the momentum gained from these new products give us optimism that 1997 will be a good year," Rodgers concluded. Cypress Semiconductor Cypress Semiconductor is a semiconductor design and manufacturing company. It began operations in 1982 and listed publicly in 1986. Two years later, the company shifted over to the New York Stock Exchange under the symbol, (NYSE: CY). Corporation is an international supplier of high-performance integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. with worldwide headquarters in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . The company provides a broad range of products for leading computer, networking and telecommunications companies worldwide. The company's product line includes static RAM A fast memory technology that requires power to hold its content. Static RAM (SRAM, S-RAM) is used for high-speed registers, caches and relatively small memory banks such as a frame buffer on a display adapter. , EPROM, and specialty memories; programmable logic devices (PLDs); data communications products; and personal computer chipsets, timing devices, and USB microcontrollers. Cypress shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CY. The company has a site on the worldwide web at http://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 in this press release regarding Cypress's business that are not historical facts are "forward-looking statements" involving risks and uncertainties, including, but not limited to, market-acceptance risks, the effect of economic conditions and shifts in supply and demand, the impact of competitive products and pricing, product development, commercialization and technological difficulties, and capacity and supply constraints. Please refer to the MD&A (Management Discussion and Analysis of Financial Condition and Results of Operations) for a discussion of such risks in the most recent Cypress 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. , and quarterly report on Form 10-Q Form 10-Q See 10-Q. . -0-
CYPRESS SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
(Unaudited)
Mar 31, Dec. 30,
1997 1996
ASSETS
Current Assets:
Cash and short-term investments $131,225 $ 93,786
Accounts receivable 81,085 71,440
Other receivables 9,968 11,971
Inventory 60,173 53,107
Other current assets 45,557 51,108
Total current assets 328,008 281,412
Property, plant and equipment, net 440,686 437,566
Other assets 70,831 75,069
Total assets $839,525 $794,047
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 70,859 $ 72,309
Accrued liabilities 17,541 19,195
Line of credit 99,999 49,000
Deferred income on sales to
distributors 14,337 14,902
Income taxes payable 8,929 --
Total current assets 211,665 155,406
Convertible debt -- 98,241
Other long-term debt 3,706 8,366
Deferred income taxes 21,288 21,288
Total liabilities 236,659 283,301
Commitments and contingencies:
Stockholders' equity:
Preferred stock, $.01 par value,
5,000,000 shares authorized;
none issued and outstanding -- --
Common stock, $.01 par value,
250,000,000 shares authorized;
91,895,000 and 91,358,000
issued; 81,635,000 and
81,098,000 outstanding 282,413 195,255
Retained earnings 320,453 315,491
Total stockholders' equity 602,866 510,746
Total liabilities and
stockholders' equity $839,525 $794,047
CYPRESS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands, except per share data)
THREE MONTHS ENDED (Unaudited)
Mar 31 Apr 1, Dec 30,
1997 1996 1996
Revenues $125,999 $170,171 $113,103
Costs and expenses:
Cost of revenues 82,349 76,861 75,223
Research and development 21,023 21,416 21,103
Marketing, general and
administrative 17,564 18,140 15,661
Total operating costs 120,936 116,417 111,987
Operating income 5,063 53,754 1,116
Interest expense (2,316) (1,647) (2,149)
Interest income and other 4,826 1,873 3,089
Income before income taxes 7,573 53,980 2,056
Provision for income taxes (2,613) (19,703) (752)
Net income $ 4,960 $ 34,277 $1,304
Net income per share:
Primary $ 0.06 $ 0.41 $ 0.02
Fully diluted -- 0.39 --
Weighted average shares of
common stock and common
stock equivalents:
Primary 87,119 83,418 84,911
Fully diluted -- 91,358 --
-0- Note to Editors: hyperCache and Double Sync are trademarks and Warp2 is a registered trademark of Cypress Semiconductor Corporation. Pentium and Pentium-Pro are registered trademarks of Intel Corporation. CONTACT: Cypress Semiconductor Corporation, San Jose Manny Manny may refer to: In nobility:
Joseph L. McCarthy, 408/943-2902 (Press Contact) |
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