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Cypress Reports Fourth-Quarter And Year-End 2012 Results

Cypress Semiconductor Corp. (NASDAQ: CY) today announced its fourth-quarter 2012 and fiscal year results, which included the following highlights and remarks from its president and CEO, T.J. Rodgers.
  • Revenue and earnings exceeded the preliminary results issued on January 8
  • Ramtron acquisition completed in the fourth quarter
  • The divestiture of Cypress Envirosystems was completed
  • 3.2 million shares repurchased in the fourth quarter; diluted share count at 7-year low
  • Dividend yield was 4.2% with favorable tax treatment conditions

Fellow shareholders:

Our revenue and earnings for the quarter are given below and compared with those of the prior quarter and prior year:

(In thousands, except per-share data)

Q4 2012

Q3 2012

Q4 2011

Q4 2012

Q3 2012

Q4 2011
Revenue $180,283

$242,373 $180,283 $203,015 $242,373
Gross margin 51.3 % 57.1 % 56.1 % 46.4 % 54.2 % 53.6 %
Pretax margin 4.4 % 16.7 % 23.2 % (12.2 %) 6.8 % 12.0 %

Net income (loss)
$7,974 $32,322 $56,819 ($24,205 ) $14,332 $31,661
Diluted EPS

(loss per share)
$0.05 $0.20 $0.32 ($0.17 ) $0.09 $0.18

We did not perform well in 2012, including the fourth quarter. Yes, the economy is lackluster, but our performance was not good even in that environment. Our revenue was at the higher end of our preliminary financial announcement on January 8, 2013, but it decreased 11% sequentially—well below our expectations at the beginning of the fourth quarter. All divisions decreased sequentially and on a year-on-year basis. We are now cutting the company down structurally from four divisions to three to rapidly reduce our operating expenses. Our goal is to re-establish the drop-through earnings leverage that has characterized Cypress since the SunPower spinout.

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