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Technology Stocks : CYPRESS Semiconductor (CY) -- Ignore unavailable to you. Want to Upgrade?

To: Raymund W who wrote (2147)	4/20/1999 11:49:00 AM
From: yousef hashmi	Read Replies (1) \| Respond to of 2694

Cypress CEO T.J. Rodgers said, "Cypress had a great quarter. We put behind us the manufacturing problem that caused a $0.02 loss in the fourth quarter of 1998, and then we delivered $0.09 in EPS, including the results of IC WORKS, which we acquired effective April 1, 1999. In order to conform to SEC rules and achieve the desired pooling accounting treatment for the IC WORKS transaction, Cypress resold 4.7 million shares purchased during our 1998 buy-back program. Ilbok Lee, IC WORKS former CEO, now runs the combined Cypress/IC WORKS clock-chip business. That business will ship about $150 million per year in revenue, making it the largest clock-chip business worldwide." Rodgers continued, "Jeff Linden, the former VP and GM of Cypress' computer products division, of which our clock business was a part, will now run Cypress' Universal Serial Bus (USB) business, which is expected to ship over 20 million units in 1999." Rodgers continued, "The memory products division was another significant contributor to our $0.11 quarter-to-quarter jump in earnings per share. Our memory group shipped $58.3 million in revenue during the quarter, its best performance since the second quarter of 1996, and its pre-tax profitability improved quarter-to-quarter by over $10 mi llion. There are several reasons for the improvement: -- Static RAM prices increased for the first time in the last seven quarters due to: -- a very modest decline in the prices of older commodity products; and, -- record sales of new static RAM products, 28% of total static RAM revenue.