Cypress Q397: $146.1 Million Revenue, $0.08 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)--Oct. 14, 1997--Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange :CY) today reported that revenue for the third quarter ended September 29, 1997, was $146.1 million, up 5.8% from last quarter's $138.1 million and up 33.3% from the year-ago quarter's revenue of $109.6 million. Earnings for the third quarter were $0.08 per share, up from last quarter's $0.07 and up from year-ago quarter's earnings of $0.01 per share. 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, "This is our fourth sequential quarterly increase in revenue and earnings, despite the traditionally slow summer. Bookings were strong in July, softened in August, as usual, and picked up in late September. We entered the fourth quarter 64% booked, a typical number. All Divisions realized sequential growth in revenue except Data Communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. which had to improve upon two prior strong quarters which averaged 16% sequential growth; nonetheless, the Data Communications Division did grow 40.1% from the year-ago quarter and is expected to continue to show strong growth in 1998. Our internal projections for revenue and 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. for the third quarter were $145-150 million and 9-11 cents, respectively. The one-cent shortfall in our EPS was directly attributable to uneven Data Communications revenue growth as we ramp their production." Rodgers concluded, "We look forward to ending fiscal year 1997 with another sequential improvement in both sales and earnings in the fourth quarter. We are particularly excited about the combined impact of stronger industry growth in 1998, and the revenue that our new products will deliver." 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 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. , and specialty memories; programmable logic devices (PLDs); data communications products; and personal computer chipsets, timing devices, and 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. 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. , the quarterly report on Form 10-Q Form 10-Q See 10-Q. and the convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. offering memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. . -0-
Cypress Semiconductor Corporation
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)
Sept 29, Dec 30,
1997 1996
ASSETS
Current Assets:
Cash and short-term investments $ 302,397 $ 93,786
Accounts receivable 77,027 71,440
Other receivables 5,498 11,971
Inventory 70,671 53,107
Other current assets 40,939 51,108
------------ ----------
Total current assets 496,532 281,412
Property, plant and equipment, net 442,210 437,566
Other assets 74,259 75,069
------------ ----------
Total assets $ 1,013,001 $ 794,047
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 62,727 $ 72,309
Accrued liabilities 20,489 19,195
Line of credit 49,000 49,000
Deferred income on sales to distributors 15,347 14,902
Income taxes payable 20,241 --
------------ ----------
Total current liabilities 167,804 155,406
Convertible debt 175,000 98,241
Other long-term debt 8,728 8,366
Deferred income taxes 24,224 21,288
------------ ----------
Total liabilities 375,756 283,301
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;
101,181,000 and 91,358,000 issued;
90,921,000 and 81,098,000 outstanding 303,440 195,255
Retained earnings 333,805 315,491
------------ ----------
Total stockholders' equity 637,245 510,746
Total liabilities and stockholders'
equity $ 1,013,001 $ 794,047
Cypress Semiconductor Corporation
Consolidated Statement of Operations
(Dollars in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
(Unaudited) (Unaudited)
Sept 29, Sept 30, June 30, Sept 29, Sept 30,
1997 1996 1997 1997 1996
Revenues $146,081 $109,647 $138,142 $410,222 $415,282
Costs and expenses:
Cost of revenues 93,345 81,075 86,687 262,381 229,950
Research and
development 24,560 19,826 24,426 70,009 63,231
Marketing, general and
administrative 18,977 14,998 19,135 55,676 48,640
Restructuring and other
non-recurring costs -- (7,018) -- -- (7,018)
--------- ------- ------- ------- -------
Total operating costs 136,882 108,881 130,248 388,066 334,803
Operating income 9,199 766 7,894 22,156 80,479
Interest expense (948) (1,617) (779) (4,043) (4,545)
Interest income and other 2,756 1,769 2,238 9,821 5,514
Income before income
taxes 11,007 918 9,353 27,934 81,448
Provision for income
taxes (3,797) (335) (3,213) (9,623) (29,724)
--------- ------- ------- ------- -------
Net income $ 7,210 $ 583 $6,140 $18,311 $51,724
Net income per share:
Primary $ 0.08 $ 0.01 $ 0.07 $ 0.20 $ 0.62
Fully diluted 0.08 0.01 0.07 0.20 0.60
Weighted average shares
of common stock and
common stock
equivalents:
Primary 96,020 83,028 94,074 92,404 83,244
Fully diluted 96,020 83,028 94,458 92,404 91,211
CONTACT: Cypress Semiconductor Corp. Manny Manny may refer to: In nobility:
or Joseph L. McCarthy, 408/943-2902 (press contact) |
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