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Cypress Reports Second-Quarter 2013 Results

Cypress Semiconductor Corp. (NASDAQ: CY) today announced its second-quarter 2013 results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included:

  Revenue, gross margin, and earnings exceeded guidance

Cash from operations totaled $30.4 million, or 15.7% of revenue

Design wins remain strong both at strategic accounts and in distribution

Revenue growth and earnings leverage to continue in the third quarter

Fellow shareholders:

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

(In thousands, except per-share data)

Q2 2013

Q1 2013

Q2 2012

Q2 2013

Q1 2013

Q2 2012
Revenue $193,466 $172,728 $201,300 $193,466 $172,728 $201,300
Gross margin 53.1% 50.7% 57.0% 47.3% 45.8% 53.0%
Pretax margin 11.5% 2.5% 15.3% -3.1% -16.6% 2.6%

Net income (loss)
$21,635 $4,579 $30,298 $3,766 $(28,195) $4,977
Diluted EPS

(loss per share)
$0.14 $0.03 $0.18 $0.02 $(0.19) $0.03

Cypress performed well in the second quarter, posting revenue of $193.5 million—up 12.0% from the first quarter, exceeding our guidance. Our revenue growth was driven by broad strength across all business units, combined with particularly strong performance by our TrueTouch ® BU.

Our gross margins increased from 50.7% to 53.1% in the second quarter. Non-GAAP EPS was $0.14, 4.7x the first quarter, as higher revenue and gross margins combined with structural operating expense reductions generated significant revenue fall-through.

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