CYPRESS Q300 Records: Revenue, $356.2 million; Earnings, EBG $0.70 per share; Bookings, $428 million
10/17 8:16 (BW)
Story 1011 (CY)
SAN JOSE, Calif.--(BUSINESS WIRE)--October 17, 2000--Cypress Semiconductor Corporation (NYSE:CY) today announced record revenue of $356.2 million for the third quarter of fiscal year 2000 ended October 1, 2000, up 18% from the prior quarter's revenue of $300.7 million and up 83% from revenue of $194.9 million in the third quarter of 1999.
Net income excluding acquisition-related costs and non-recurring items was a record $100.5 million, resulting in diluted earnings per share before goodwill (EBG) of $0.70, up 40% from the EBG of $0.50 reported last quarter and 3.3 times the EBG of $0.21 reported for the third quarter of 1999.
Cypress CEO T.J. Rodgers said, "Our performance in the third quarter marks our seventh consecutive quarter of sequential revenue and bookings growth at a pace nearly double that of the semiconductor industry. Cypress is now operating at an annual revenue rate over $1.4 billion. Our growth is being driven by sales to our predominantly communications-oriented end-markets--and fueled by our continued success with new products, which set another quarterly revenue record at $77 million. Through the first three quarters of 2000, our new-product revenue stands at $167 million, already 45% greater than our total 1999 yearly output of $115 million, and 2.5 times our 1998 output of $66 million.
"Bookings were a record $428 million, generating our sixth consecutive book-to-bill ratio of 1.2 or greater. Our near-term revenue appears to be secure, given our six-month backlog of $551 million. We entered the fourth quarter with 89% of the quarter already booked. Firm pricing conditions, coupled with a mix shift towards higher density products, resulted in slightly higher average selling prices in both third and fourth quarter backlog. Our factories continued to execute well. All these factors contributed to a 346-basis-point improvement in gross margin to 58.5% in the quarter." |
