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Cypress Reports Third-Quarter 2013 Results

Cypress Semiconductor Corp. (NASDAQ: CY) today announced its third-quarter 2013 results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included:
  • Revenue and earnings exceeded revised guidance
  • Non-GAAP operating expenses dropped to a 3.5-year low
  • Non-GAAP operating income increased 7% sequentially
  • Dividend yield was 4.9% with a favorable tax treatment

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)
Q3 2013   Q2 2013   Q3 2012 Q3 2013   Q2 2013   Q3 2012
Revenue $188,723 $193,466 $203,015 $188,723 $193,466 $203,015
Gross margin 53.8% 53.1% 57.1% 48.6% 47.3% 54.2%
Pretax margin 12.5% 11.5% 16.7% -5.1% -3.1% 6.8%

Net income (loss)
$22,015 $21,635 $32,322 $(8,358) $3,766 $14,332
Diluted EPS

(loss per share)
$0.14 $0.14 $0.20 $(0.06) $0.02 $0.09

Our third quarter revenue declined 2% sequentially and was slightly higher than our recently revised guidance. We were disappointed to lower our guidance for the third quarter, but we experienced unforecasted weakness in the mobile handset market. Our gross margins remained strong at 53.8% and our operating expenses achieved a 3.5-year low. Together, they allowed us to deliver 12.5% pretax profitability, despite the revenue decline.

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