Cypress Reports Fourth Quarter and Year-End 2016 Results

(PRNewswire) —
  • Fourth quarter GAAP and non-GAAP revenue was $530.2 million
  • Fourth quarter GAAP margin was 38.1% and non-GAAP margin was 40.1% 
  • Enhanced go-to-market strategy to align to high-growth markets, resulting in change in corporate structure from four divisions to two
  • Wireless connectivity solutions acquired from Broadcom increased revenue by 15.6% sequentially
  • Realized annualized synergies of $188.5 million exceeding the plan at the time of Spansion merger

Cypress Semiconductor Corporation (NASDAQ: CY) today announced its fourth quarter and fiscal year 2016 results.

"We're pleased to report a strong fourth quarter and full year for Cypress in 2016," said Hassane El-Khoury, Cypress president and chief executive officer. "We grew the company, improved our gross margin, exceeded our expectations in terms of our plan for cost synergies from the Spansion merger and changed the strategic direction of the company, fully implementing Cypress 3.0, our blueprint for selling complete embedded solutions into markets growing faster than the broader semiconductor industry.

"For the year, our GAAP revenue of $1.92 billion and non-GAAP revenue of $1.94 billion reflect 20% and 19% growth, respectively," El-Khoury continued. "We continue to see strong demand for our expanding portfolio of solutions for embedded systems, and our IoT business, which cuts across all of our target markets, has exceeded our expectations.

"We have now fully aligned our go-to-market strategy with our target markets – automotive, industrial and consumer – and reorganized our reporting structure to two divisions to improve our efficiency. In 2017 we expect to grow faster than the overall semiconductor market, driven by automotive, connectivity and USB-C."

Revenue and earnings for the quarter are given below, compared with those of the prior quarter:

(In thousands, except per-share data)



GAAP



NON-GAAP1



Q4 2016


Q3 2016



Q4 2016


Q3 2016

Revenue


$

530,172



$

523,845




$

530,172



$

530,095


Margin


38.1%



37.9%




40.1%



40.5%


Pretax profit margin


(13.5)%



2.4%




10.8%



10.7%


Net income (loss)


$

(72,367)



$

9,411




$

53,823



$

53,467


Diluted EPS (loss)


$

(0.22)



$

0.03




$

0.15



$

0.15



1 | 2 | 3  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
GIS Analyst II for Foresters Co Op at Grass Valley, California
Service Software Expert-CATIA & CAA for Dassault Systemes at Shanghai, China
Mechanical Engineer in HVAC – Mid-Level for Gordon Prill, Inc at Sunnyvale, California
Electrical Designer for Dinter Engineering at Reno, Nevada
Mechanical Engineer II for Aehr Test Systems at Fremont, California
Senior Project Architect for Gordon Prill, Inc at Sunnyvale, California
Upcoming Events
InterDrone 2021 --- Cancelled at Hyatt Regency Dallas TX - Aug 10 - 12, 2021
URISA GIS Leadership Academy at 701 Lee St #960 Des Plaines IL - Aug 16 - 20, 2021
8th International Scientific Conference on SOCIAL SCIENCES (ISCSS) 2021 at Congress Centre MARITIM PARADISE BLUE Albena Bulgaria - Aug 21 - 30, 2021



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise