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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV