Cypress Reports Fourth-Quarter and Year-End 2014 Results

SAN JOSE, CA -- (Marketwired) -- Jan 22, 2015 -- Cypress Semiconductor Corp. (NASDAQ: CY) today announced its fourth-quarter 2014 and fiscal year results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included:

  • Revenue of $184.1 million and non-GAAP earnings per share of $0.13 met guidance
  • 2014 non-GAAP operating expenses at a 15-year low
  • 2014 non-GAAP earnings per share increased 33% year-over-year
  • Free cash flow increased by $19 million sequentially
  • Announced a $4 billion merger with Spansion that is expected to achieve $135 million in annual cost synergies over three years

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             
                 ----------------------------  ---------------------------- 
                  Q4 2014   Q3 2014   Q4 2013   Q4 2014   Q3 2014   Q4 2013 
                 --------  --------  --------  --------  --------  -------- 
Revenue          $184,097  $187,516  $167,776  $184,097  $187,516  $167,776 
                                                                            
Gross margin         52.4%     53.5%     51.0%     50.9%     51.7%     45.6%
                                                                            
Pretax margin        12.6%     15.0%      9.4%      2.7%      7.4%     -7.0%
                                                                            
Net income                                                                  
 (loss)          $ 22,056  $ 26,538  $ 14,992  $  3,503  $ 12,840  $(14,209)
                                                                            
Diluted EPS                                                                 
 (loss)          $   0.13  $   0.16  $   0.09  $   0.02  $   0.08  $  (0.09)
                                                                            

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

(In thousands, except per-share data)

                                                                            
                                          NON-GAAP              GAAP        
                                     ------------------  ------------------ 
                                      FY 2014   FY 2013   FY 2014   FY 2013 
                                     --------  --------  --------  -------- 
Revenue                              $725,497  $722,693  $725,497  $722,693 
                                                                            
Gross margin                                                  52.6%          52.2%          50.1%          46.9%
                                                                                                                                                        
Pretax  margin                                                        12.6%            9.1%            2.1%          -7.7%
                                                                                                                                                        
Net  income  (loss)                                        $  87,291    $  63,221    $  17,936    $(48,241)
                                                                                                                                                        
Diluted  EPS  (loss)                                      $      0.52    $      0.39    $      0.11    $    (0.32)
                                                                                                                                                        
 

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