Cypress Reports First-Quarter 2011 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — April 21, 2011 — Cypress Semiconductor Corp. (NASDAQ: CY) today announced the results of the first quarter of 2011, which included the following highlights and remarks from its president and CEO, T.J. Rodgers.

  • First-quarter results exceeded guidance
  • TrueTouch™ revenue exceeded expectations and hit all-time record
  • Repurchased 12.5 million shares of common stock, year-to-date
  • Q2 guidance to be better than seasonal

Fellow shareholders:

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

       
NON-GAAP GAAP
Quarter Q1 2011   Q4 2010   Q1 2010 Q1 2011   Q4 2010   Q1 2010
 
Revenue $ 233,110 $ 226,564 $ 202,271 $ 233,110 $ 220,314 $ 202,271
 
Gross margin 58.1% 59.2% 55.7% 55.2% 55.9% 52.6%
 
Pretax margin 21.3% 23.6% 18.7% 24.3% 8.3% 7.3%
 
Net income $ 48,483

$

50,389

$ 34,256 $ 55,374 $ 9,053 $ 12,674
 
Diluted net income per share $ 0.24 $ 0.25 $ 0.17 $ 0.28 $ 0.05 $ 0.07
                   
 
(In thousands, except per-share data)
 

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