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Cypress Closes Q4

SAN JOSE, Calif. — Cypress Semiconductor Corp. (NASDAQ:CY) today announced that non-GAAP1 revenue for the 2010 fourth quarter was $226.6 million, down 2.3% from $231.9 million for the prior quarter, and up 16.8% from $194.0 million for the year-ago period. GAAP revenue for the 2010 fourth quarter—which included a reduction of $6.3 million due to the accounting treatment for settling a long-standing civil antitrust lawsuit on SRAMs—was $220.3 million.

Cypress recorded GAAP net income of $9.1 million in the 2010 fourth quarter, or diluted earnings per share of $0.05. This compares with last quarter’s diluted earnings per share of $0.18 and a diluted earnings per share in the year-ago fourth quarter of $0.02.

Non-GAAP1 net income for the 2010 fourth quarter—excluding stock-based compensation, acquisition-related charges, the SRAM legal settlement, restructuring and other special charges and credits—totaled $50.6 million, or diluted earnings per share of $0.25. That compares with non-GAAP1 diluted earnings per share of $0.28 for the prior quarter and diluted net earnings per share of $0.16 for the year-ago fourth quarter.

For the fiscal year 2010, Cypress posted total non-GAAP1 revenue of $883.8 million, an increase of 32.3% from fiscal year 2009 revenue of $667.8 million. On a GAAP basis, Cypress posted total revenue of $877.5 million, an increase of 31.4% from fiscal 2009 revenue of $667.8 million.

On a non-GAAP1 basis, Cypress’s fiscal year 2010 diluted earnings per share was $0.94, compared with diluted earnings per share of $0.10 in 2009. On a GAAP basis, Cypress’s fiscal year 2010 diluted net earnings per share was $0.40, compared with a diluted net loss per share of $1.03 in 2009.

Cypress President and CEO T.J. Rodgers said, “Cypress’s fourth-quarter revenue decreased 2% sequentially, beating seasonally down trends. The strength came from our CCD division which grew 10% sequentially due to very strong TrueTouch touchscreen revenues, which drove our overall mobile handset revenues up 27%. Gross margins and cash flow remained strong during the quarter and we continued to keep our expenses under tight control.

“It was a very good year for Cypress and its shareholders,” Rodgers said. “Our 2010 revenue grew 32% year-over-year, rebounding strongly from a tough 2009. Diluted earnings per share increased by more than a factor of nine, and our stock price appreciation of 76% exceeded all major indexes by a wide margin. Our flagship PSoC and TrueTouch products achieved record revenue and design wins. Our SRAM revenue, which grew 43% for the year, continues to generate strong profits and cash flow.

“Bookings for our PSoC-powered touchscreen controllers and optical finger navigation businesses extend into Q2,” Rodgers said. “Our Q4 book-to-bill was 1.35, due to strong new design wins and bookings for our touchscreen products. We also expect Q1 revenue to exceed normal negative seasonal trends.”

{complink 1474|Cypress Semiconductor Corp.}

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