Cypress Reports 2007 First-Quarter Results


Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations for the second quarter of 2007, the rest of 2007 and the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We use words such as "believes," "expects," "future," "plan," "intends" and similar expressions to identify such forward-looking statements that include, but are not limited to, statements related to demand for our PSoC, USB, West Bridge and Antioch devices and other products, including memories, the functionality and features of our new products, the strength or expected weaknesses in the markets we serve, the stability of our ASPs, the softness in the basestation and communications-related markets, our growth, bookings, profit and revenue, the absorption of fixed manufacturing costs, and SunPower's intent to pursue large scale power plant and commercial projects. Such statements reflect our current expectations, which are based on information and data available to our management as of the date of this release. Our actual results may differ materially due a variety of uncertainties and risk factors, including but not limited to the business and economic conditions and growth trends in the semiconductor and solar power industries, the state of the global economy, the actions of our competitors, our ability to develop and roll-out new products, our ability to leverage our expertise to influence the UPA, our ability to execute on our flexible manufacturing plan, our ability to absorb our fixed manufacturing costs and maintain lower operating expenses, whether our products perform as expected, whether the demand for our programmable products is fully realized, customer acceptance of Cypress and it's subsidiaries' products, factory utilization, seasonality in the markets we serve, our ability to maintain and improve our gross margins and realize our bookings, the financial performance of our subsidiaries, including SunPower's ability to integrate PowerLight and to win large scale power plant and commercial projects, SunPower's ability to obtain a sufficient amount of polysilicon and meet demand, SunPower's production levels and module sales, and other risks described in our filings, as well as SunPower's filings, with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking statements.

To supplement the consolidated financial results prepared under GAAP, Cypress uses adjusted-GAAP measures, which are adjusted from the most directly comparable GAAP results to exclude charges for stock-based compensation, acquisition-related charges and other special charges and credits. Management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company as they result from corporate transactions outside the ordinary course of business. Management uses these adjusted-GAAP measures internally to make strategic decisions, forecast future results and evaluate the Company's current performance. Most analysts covering Cypress use the adjusted-GAAP measures as well. Given management's use of these adjusted-GAAP measures, Cypress believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these adjusted-GAAP measures are useful to investors in enabling them to better assess changes in Cypress' core business across different time periods. These adjusted-GAAP measures are not in accordance with, or an alternative for, GAAP and may be different from adjusted-GAAP measures used by other companies.

Cypress, the Cypress logo, and PSoC are registered trademarks of Cypress Semiconductor Corporation. PSoC Express, PSoC Designer, Programmable System-on-Chip, PRoC, Programmable Radio-on-a-Chip, EZ-USB FX2LP, WirelessUSB, West Bridge and Antioch are trademarks of Cypress Semiconductor Corporation. SunPower is a registered trademark of SunPower Corporation. PowerLight and SunTile are registered trademarks of PowerLight, a subsidiary of SunPower Corp. SignalONE Safety is a registered trademark of SignalONE Safety, Inc. E-Flite is a trademark of Horizon Hobby. Quad Data Rate and Double Data Rate are trademarks of the QDR Consortium. All other trademarks or registered trademarks are the property of their respective owners.
                  CYPRESS SEMICONDUCTOR CORPORATION
                CONDENSED CONSOLIDATED BALANCE SHEETS
                (In thousands, except per-share data)
                             (Unaudited)

                                             ------------ ------------
                                               April 1,   December 31,
                                                 2007         2006
                                             ------------ ------------

ASSETS

  Cash, cash equivalents, and investments
   (a)                                       $   497,676  $   643,480
  Accounts receivable, net                       186,121      163,196
  Costs and estimated earnings in excess of
   billings                                       19,096            -
  Inventories, net                               178,207      119,184
  Property, plant and equipment, net             625,422      572,018
  Goodwill and other intangible assets           634,080      395,845
  Other assets                                   316,340      229,802
                                             ------------ ------------
     Total assets                            $ 2,456,942  $ 2,123,525
                                             ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

  Accounts payable                           $   147,085  $    92,206
  Deferred income                                 34,799       44,917
  Billings in excess of costs and estimated
   earnings                                       38,387            -
  Convertible notes                              800,000      598,996
  Income tax liabilities                                             90,182              47,792
    Other  accrued  liabilities                                            177,017            170,583
                                                                                          ------------  ------------
          Total  liabilities                                                  1,287,470            954,494
    Minority  interest                                                            191,533            123,472
    Stockholders'  equity  (b)                                              977,939        1,045,559
                                                                                          ------------  ------------
          Total  liabilities  and  stockholders'
            equity                                                                  $  2,456,942    $  2,123,525
                                                                                          ============  ============

(a)  Cash,  cash  equivalents  and  investments  included  restricted  cash  of
  zero  and  $63.3  million  as  of  April  1,  2007  and  December  31,  2006,
  respectively.  We  used  the  restricted  cash  to  purchase  properties
  under  the  synthetic  lease  in  the  first  quarter  of  fiscal  2007.

(b)  Common  stock,  $.01  par  value,  650,000  and  650,000  shares
  authorized;  152,684  and  144,844  shares  outstanding  as  of  April  1,
  2007  and  December  31,  2006,  respectively.
 


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