| | Cypress Reports Second Quarter 2004 Results
cypress.com
Cypress Reports Second Quarter 2004 Results
Release Date: Jul. 15, 2004
Cypress CorpCom
SAN JOSE, California ... July 15, 2004 – Cypress Semiconductor Corporation (NYSE: CY) today announced that revenue for the 2004 second quarter was $264.3 million, up 4% from prior-quarter revenue of $254.4 million and up 30% from year-ago second-quarter revenue of $203.1 million. Pro forma net income for the 2004 second quarter was $35.9 million, resulting in diluted earnings per share of $0.23, compared with prior-quarter diluted earnings per share of $0.19 and year-ago second-quarter diluted earnings per share of $0.03. Gross margin for the 2004 second quarter increased to 53%, up from 52% in the prior quarter and 48% in the year-ago second quarter.
Including amortization of intangibles and other acquisition-related, restructuring and special charges and credits, Cypress posted GAAP net income of $22.0 million for the 2004 second quarter, resulting in diluted earnings per share of $0.13, compared with prior-quarter diluted earnings per share of $0.16 and a year-ago second-quarter loss per share of $0.10.
Cypress President and CEO T.J. Rodgers said, “This quarter marked our sixth sequential improvement in revenue and profitability. Our results would have been better if not for a worse-than-typical bookings slowdown in June. Our beginning-of-quarter backlog is the best we have seen in two years and consistent with analysts’ projections for a seventh consecutive quarter of revenue and profit growth in the third quarter.” |
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