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October 14, 2009

Cypress Q3 revenue down 20% to $178.7m

Posts net loss of $19.7m in the quarter

By CBR Staff Writer

Cypress Semiconductor has reported revenue of $178.7m in the third quarter of 2009, down 20% compared to $222.7m in the same period last year. Revenue increased 15% sequentially.

Rodgers, president and CEO of Cypress, said: “Third-quarter revenue increased 15% sequentially, building on the 12% revenue growth we achieved in Q2. We exceeded the upper end of our guidance due to strong growth in CCD and MID attributable to our programmable products and increased share gains in our high-performance SRAMs. CCD grew 26% sequentially, led by our PSoC family and USB products.”

For the quarter ended September 27, gross margin for the quarter decreased to $84.5m, compared to $98.5m in the same period a year ago. Operating loss was $19.4m, compared to $34.2m in the third quarter of 2008.

The company posted a net loss of $19.7m or a diluted net loss per share of $0.13, compared to a net income of $137.9m or diluted net loss per share of $0.86 in the same period last year.

Rodgers added: “Cypress and the industry have seen two strong quarters of revenue growth. While we can’t predict where the macro economy will go, we are seeing more positive signs of end-market stability and continued low overall supply chain inventories. We remain very proactive in managing our cost structure and have a very solid balance sheet with $281m in cash and investments with no debt.”

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