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Cypress Reports Q1

SAN JOSE, Calif. — 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 revenue grew 3% sequentially, better than our historical seasonal performance and exceeding our guidance. As we expected, our revenue growth was driven by record TrueTouch touchscreen controller shipments. Touchscreen popularity has already extended from smartphones into other high-volume consumer products, such as digital cameras, automotive dashboards, GPS devices, printers, Internet-protocol (IP) phones, e-books and tablet computers. In recent quarters, we have announced TrueTouch design wins in Garmin and TomTom GPS systems, Cisco IP phones, HP printers and a Sony state-of-the-art camera.

During the quarter, the Consumer and Computation Division (CCD), which makes PSoC®, posted 45% year-on-year growth and remained our largest division. It also introduced our first USB 3.0 product, capable of moving data at five gigabits per second, more than 10 times faster than today’s USB 2.0 technology. The Memory Products Division (MPD) continued to be our most-profitable division, contributing 34% PBT in Q1. The Data Communications Division (DCD), grew 8% sequentially due to strong shipments of West Bridge into the handset market. The Emerging Technology Division (ETD) realized Q1 revenue growth of 55% quarter-on-quarter, and 134% year-on-year as our ONS finger navigation products began their volume ramp into the handset market.

Our year-on-year revenue growth of 15.2% was surpassed by our non-GAAP EPS growth of 40.4% due to our continued focus on managing fixed cost and increasing financial leverage. Bookings remained strong in Q2 and Q3, especially for our rapidly growing touchscreen controller and SRAM businesses, providing us with excellent booking visibility. Our book-to-bill ratio at the end of Q1 was 1.07. We have record backlog entering Q2, are 100% booked for the quarter and expect better than seasonal sequential revenue growth.

Read the full press release.

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