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Technology Stocks : CYPRESS Semiconductor (CY)

CY 23.82

0.0%

Apr 16 5:00 PM EST

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To: lamont smith who wrote ()	1/18/2000 9:23:00 AM
From: ROBERT MONTGOMERY	of 2694

Company Press Release Cypress Announces Preliminary Q499 Financial Results Revenue $206 million-207 million Earnings Before Goodwill - EBG - $0.31-0.32 per share SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 18, 2000--Cypress Semiconductor Corporation (NYSE: CY - news) today announced preliminary financial results for the fourth quarter of 1999, ended January 2, 2000. Net revenue for the fourth quarter is expected to be in the $206 million-207 million range, a record for the company, representing an increase of approximately 12% from the prior quarter's revenue of $184.5 million and an increase of approximately 42% from the 1998 fourth quarter revenue of $145.6 million. Diluted earnings per share (EPS) for the fourth quarter is expected to be $0.39-0.40 per share. This EPS includes a pre-tax, non-recurring net benefit of $12 million--including gains from the sale of investments--which utilized substantially all of the company's remaining net operating loss benefits. Excluding this non-recurring net benefit, and excluding pre-tax acquisition-related charges and goodwill of $1.7 million, earnings before goodwill (EBG) for the fourth quarter is expected to be $0.31-0.32 per share. This is an improvement of 29-33% from last quarter's EBG of $0.24 per share and a significant turnaround from the 1998 fourth quarter loss per share of $0.02. The expected improvement in fourth quarter revenue reflects continued strong demand for the company's products, particularly in the communications segment. Bookings for the fourth quarter are expected to be $255 million-260 million, a record for the company and 10-12% higher than last quarter's bookings of $231.4 million.

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