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Cypress Provides Preliminary Fourth-Quarter 2012 Results

Stocks in this article: CY

Cypress Semiconductor Corp. (NASDAQ: CY) today provided preliminary, unaudited fourth quarter financial results.

“The anemic macro environment impacting the semiconductor industry continued in Q4, and in the last two weeks of December we saw further weakness, mainly within our distribution channels, as customers across all geographies and end markets purchased less product than previously was forecasted by our distribution partners,” said Brad Buss, Executive Vice President and Chief Financial Officer. “This resulted in a negative impact to Q4 revenue that was greater than we expected.

“All divisions will decline sequentially from Q3 and were weaker than originally expected. We have seen customer backlog stabilize over the last two weeks and we believe that Q1 will be the bottom for revenue and bookings. However, the macro environment remains very fluid with lead-times near historical lows. This continues to impact the visibility for our distribution partners and us.”

Our preliminary, consolidated fourth-quarter 2012 financial results, which include Ramtron, are as follows:

  • Consolidated revenue of $177 million to $179 million.
  • Non-GAAP fully diluted earnings per share of $0.03 to $0.04, which is lower than our prior forecast due to lower revenue and lower gross margins due to product mix, lower manufacturing absorption and inventory related charges.
  • GAAP loss per basic share of ($0.20) to ($0.22) due to lower revenue and gross margins offset by lower than previously expected stock-based compensation charges and one-time charges as expected related to the Ramtron acquisition.

“It is important to note that we are early in our financial close process and as a result, the GAAP figure provided above is unaudited, and estimated based on the information available to us today and subject to change as a result of the ongoing purchase accounting adjustments related to our Ramtron acquisition.

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