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Gold/Mining/Energy : SunPower Announces Initial Public Offering SPWR -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (21)	10/20/2006 9:15:01 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 196

Cypress Nixes Buyout, Reports Strong Q3 By Colleen Taylor -- 10/19/2006 Electronic News Cypress Semiconductor Corp. will soldier on, having nixed the possibility of a buyout for the time being. Earlier this month, Cypress announced it was eyeing a variety of "strategic alternatives" for the company and its investment in its solar energy panel subsidiary SunPower Corp. Cypress announced today that, after reviewing a variety of options involving the next steps for the company and SunPower, it has decided against a buyout. "The company's board has now terminated its process of evaluating a possible buyout of the company and determined that continuing with its standalone strategy at this time is in the best interests of its stockholders," Cypress said in its statement today. Cypress added that it will continue to explore ways in which to allow its stockholders to "fully realize the value" of Cypress and its investment in SunPower. SunPower was purchased by Cypress in 2002 and has been a bright spot for the company for years, so much so that an IPO was announced. In June, SunPower priced the public offering of 7 million shares of its class A common stock at $29.50 per share in an effort to raise some $206.5 million. ... Sales were strong at SunPower, as well. SunPower's Q3 revenues were $65.3 million, up 19 percent from Q2 and up 198 percent from the Q3 2005. GAAP net income for the quarter was $9.6 million, compared to Q2's net income of $5.4 million and Q3 2005's net loss of $1.6 million. "Growth from our SunPower subsidiary remains strong and ahead of plan, and we continue to take steps to focus our business," Cypress' President and CEO T.J. Rodgers said in a statement. "Barring a significant downturn in Q4, we remain optimistic that we will reach our 2006 goal of approximately $1.1 billion in revenue."