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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (6480)	7/17/2003 12:16:50 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Cypress CEO sees recovery amid 12% sales jump Semiconductor Business News 07/17/2003, 9:30 AM ET SAN JOSE -- Cypress Semiconductor Corp. today (July 17) posted sales of $203.1 million for the second quarter, an increase of 12 percent from $181.0 million in the previous quarter and up slightly from the year-ago second quarter revenue of $202.1 million. Including amortization of intangibles and other acquisition-related, restructuring and other special charges and credits, Cypress posted a GAAP net loss of $12.4 million for the 2003 second quarter, resulting in a loss per share of $0.10. This compares to a loss of $33.3 million, or minus $0.27, in the previous quarter, and a deficit of $28.1 million, or minus $0.23, a year ago. "The sequential revenue growth of 12% in the second quarter included incremental sales from the Micron synchronous (networking) SRAM business we took over," said Cypress CEO T.J. Rodgers, in a statement. "Bookings and turns were strong all quarter, and we ended the quarter with book-to-bill greater than 1.0, even with the Micron billing considered. Backlog grew sequentially as well." Rodgers believes the market is headed for a recovery. "We expect to grow revenue sequentially in the third quarter of 2003, to continue to generate free cash and to improve our pro forma profitability. The economy is still struggling, but -- after a false start in 2002 -- this feels like the beginning of a recovery," he said.