Cypress Reports First Quarter 2016 Results

(PRNewswire) — Cypress Semiconductor Corp. (NASDAQ: CY) today announced its first quarter 2016 results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included (all financial comments are based on non-GAAP results, unless otherwise noted):

  • Revenue of $425.2 million, in line with guidance
  • 36.9% gross margin and $0.07 earnings per share, above the midpoint of guidance
  • $150.4 million in realized annualized synergies, remaining ahead of our plan
  • $182.5 million common stock repurchase, part of a $450 million repurchase program
  • Dividend payment of $36.6 million ($0.11 per share, equal to a 5.0% annualized yield as of April 1, 2016)

Fellow shareholders:

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

(In thousands, except per-share data)



 NON-GAAP


GAAP




Q1 2016


Q4 2015


Q1 2016


Q4 2015


Revenue


$425,214


$456,378


$418,964


$450,128












Gross margin


36.9%


39.8%


30.0%


31.8%












Pretax margin


6.2%


10.6%


(24.0%)


(12.7%)












Net income (loss)


$22,985


$45,528


$(104,022)


$(72,330)












Diluted EPS (loss)


$0.07


$0.13


$(0.32)


$(0.22)













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