­­Cypress Reports Second Quarter 2015 Results

(PRNewswire) — Cypress Semiconductor Corp. (NASDAQ: CY) today announced its second quarter 2015 results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included (financial highlights are non-GAAP):

  • Revenue of $491.0 million, at the high end of guidance
  • Gross margin of 41.0%, in line with expectations
  • Earnings per share of $0.15—the highest quarterly earnings in more than two years for the combined pro forma company
  • Annualized synergies achieved ahead of schedule: $51.6 million
  • Divestiture of mobile touchscreen business for $100 million announced
  • Dividend of $36.7 million ($0.11 per share, equivalent to 3.7% annualized yield) declared and paid with 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)



NON-GAAP**


GAAP



Q2 2015


Q1 2015


 Q2 2014


Q2 2015


Q1 2015


 Q2 2014

Revenue


$491,028***


$209,137


$183,601


$484,778


$209,137


$183,601














Gross margin


41.0%


-1.3%


54.0%


28.5%


-17.0%


51.9%














Pretax margin


11.4%


-42.0%


14.9%


-18.1%


-120.2%


5.2%














Net income (loss)


$52,870


$(87,906)


$26,723


$(90,051)


$(246,798)


$9,527














Diluted EPS (loss)


$0.15


$(0.45)


$0.16


$(0.27)


$(1.26)


$0.06


* The results for the second quarter of 2015 include Spansion operations for the full quarter, while prior periods presented do not, as the Spansion merger was completed on March 12, 2015.

** For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures."

*** Non-GAAP revenue includes $6.25 million of Samsung intellectual property licensing revenue, not included in GAAP revenue as a result of the effects of purchase accounting for the merger.


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