+ Cypress broadly introduced a new family of CapSense® controllers that enables engineers of all levels to quickly implement sleek and robust capacitive buttons, sliders and proximity sensors without the need for coding or firmware development. The new CY8CMBR3x controllers provide industry-leading features, such as liquid tolerance, a high signal-to-noise ratio and proximity sensing, making them ideal replacements for mechanical buttons in industrial, medical, consumer and wearable electronics applications at a cost of $0.03 per button.
+ Cypress introduced a TrueTouch Gen4X capacitive touchscreen controller family that supports touchscreens with advanced features and larger screen sizes up to 8.3 inches. The Gen4X TMA448 controller delivers best-in-class gloved-finger tracking and noise immunity, enabling high-performance touchscreens for superphones, smartphones, tablets and e-readers in cost-sensitive markets such as China.
+ In a teardown of the Qualcomm Toq smartwatch, the electronics industry analysis firm TechInsights reported that a Cypress TrueTouch TMA140 controller drives the device's fast and accurate touchscreen navigation. This wearables design win follows Cypress's win in the Sony Smartwatch 2. Cypress touch controllers now can operate on just milliwatts of power, a necessity in the world of wearables.
+ ZTE selected Cypress's TrueTouch Gen4 touchscreen controller for its new, top-of-the-line nubia Z5S and nubia Z5S Mini smartphones. Gen4 enables the family's "easy-wake" functionality, which allows users to activate the phones from sleep mode with a convenient, customized gesture, such as tracing the letter "X."
+ Yota Devices selected Cypress's TrueTouch Gen5 touchscreen controllers to drive both of the displays in its next-generation YotaPhone. This premium Android phone uses the TMA568 controller for advanced multi-touch functionality in the standard display on the front of the phone and the TMA545 chip to control the "always-on" electronic paper display on the back of the phone.
+ Cypress continues to work with multiple touch-sensor suppliers to enable more accurate and responsive user interfaces for smartphones, tablets, wearables and other touchscreen applications. In Q1, Cypress announced that its TrueTouch touchscreen controllers can now drive the silver nanowire sensors from Carestream Advanced Materials and the SANTE® silver nanoparticle touch sensors from Cima NanoTech.
+ Cypress announced that it is offering its powerful, 32-bit ARM® Cortex™-M0-based PSoC® 4 programmable system-on-chip for just $1 and a new PSoC 4 prototyping board for only $4. The silicon and kit enable design engineers to upgrade their 8- and 16-bit designs to 32 bits for less than the cost of a pack of AA batteries.
+ Cypress introduced a USB 3.0 hub controller for the 5-Gbps SuperSpeed USB 3.0 standard. The EZ-USB® HX3 controller, which has been certified by the USB Implementers Forum (USB-IF), has been tested with hundreds of USB legacy devices to guarantee robust interoperability. HX3 has a unique feature called Shared Link™, which spits four of the hub's USB 3.0 ports into four SuperSpeed ports and four standard USB 2.0 ports, enabling eight ports in total. It also provides charging support for all important standards and full configurability, addressing applications such as docking stations, monitors, Ultrabook™ computers, digital TVs, set-top boxes, printers and servers.
+ Cypress announced production availability of the industry's first fourth-generation Quad Data Rate SRAM. Cypress's QDR®-IV SRAM, the market's highest-performance standard networking memory solution, offers a Random Transaction Rate (RTR) up to 2,132 million transactions per second (MT/s), which meets the demanding bandwidth requirements of 100-Gb to 400-Gb line cards in next-generation switches and routers. Cypress offers QDR-IV SRAMs in 72Mb and 144Mb densities.
+ Cypress subsidiary Deca Technologies, a provider of electronic interconnect solutions for the semiconductor industry, shipped its 100-millionth component. The company attributes its rapid growth to strong and sustained demand for wafer-level chip scale packages (WLCSP) -- which are three to six times smaller than conventional chip packages. Deca manufactures WLCSPs using its unique, integrated Autoline production platform, which automates chip packaging to achieve faster time-to-market at a lower cost.
+ An employee relations services and software company, Achievers, named Cypress to its annual list of the 50 Most Engaged Workplaces™ in the U.S. The award recognizes companies that display leadership and innovation in engaging their employees.
+ Cypress announced that its Board of Directors approved a quarterly cash dividend of $0.11 per share, payable to holders of record of the company's common stock as of the close of business on March 27, 2014. This dividend was paid on April 17, 2014.
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ABOUT CYPRESS
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. Cypress is the world leader in capacitive user interface solutions including CapSense touch sensing, TrueTouch touchscreens, and trackpad solutions for notebook PCs and peripherals. Cypress is a world leader in USB controllers, which enhance connectivity and performance in a wide range of consumer and industrial products. Cypress is also the world leader in SRAM and nonvolatile RAM memories. Cypress serves numerous major markets, including consumer, mobile handsets, computation, data communications, automotive, industrial and military. Cypress trades on the NASDAQ Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.
FORWARD-LOOKING STATEMENTS
Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations for Q2 2014 and the remainder of fiscal year 2014 and beyond are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We may use words such as "believe," "expect," "future," "plan," "intend" and similar expressions to identify such forward-looking statements that include, but are not limited to, statements related to the semiconductor market; the strength and growth of our proprietary and programmable products; our expectations regarding our revenue growth and earnings leverage; our expectation that our ETD division will significantly contribute to our 2014 revenue growth; our expectations regarding the demand for our products and how our products are expected to perform, as well as American Semiconductor's transfer of a specialized wafer process to our manufacturing facility. Such statements reflect our current expectations, which are based on information and data available to our management as of the date of this release. Our actual results may differ materially due to a variety of uncertainties and risk factors, including, but not limited to, the state of and future of the global economy, business conditions and growth trends in the semiconductor market, whether our products perform as expected, whether the demand for our proprietary and programmable products is fully realized, our ability to manage our business to have strong earnings and significant revenue growth, reduce operating expenses, our ability to effectively implement third party wafer processes, the strength or softness of the markets we serve, our ability to maintain and improve our gross margins and realize our bookings, the seasonality of the markets we serve, the financial performance of our subsidiaries and Emerging Technology Division, and other risks described in our filings with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking statements.
Cypress, the Cypress logo, PSoC, TrueTouch, EZ-USB and CapSense are registered trademarks and Shared Link is a trademark of Cypress Semiconductor Corp. All other trademarks or registered trademarks are the property of their respective owners.
CYPRESS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 30, December 29,
2014 2013
--------------- -------------
ASSETS
Cash, cash equivalents and short-term
investments $ 111,525 $ 104,462
Accounts receivable, net 118,215 81,084
Inventories, net (a) 89,193 100,612
Property, plant and equipment, net 253,234 258,585
Goodwill and other intangible assets, net 104,678 106,524
Other assets 103,498 114,569
--------------- -------------
Total assets $ 780,343 $ 765,836
=============== =============
LIABILITIES AND EQUITY
Accounts payable $ 49,940 $ 47,893
Deferred margin on sales to distributors 141,669 122,578
Income tax liabilities 24,051 29,865
Other liabilities 161,901 159,865
Long-term revolving credit facility 227,000 227,000
--------------- -------------
Total liabilities 604,561 587,201
--------------- -------------
Total Cypress stockholders' equity 180,591 183,109
Noncontrolling interest (4,809) (4,474)
--------------- -------------
Total equity 175,782 178,635
--------------- -------------
Total liabilities and equity $ 780,343 $ 765,836
=============== =============
(a) Net inventories include $6.1 million and $5.3 million of capitalized
inventories related to stock compensation expense, as of March 30, 2014 and
December 29, 2013, respectively.
CYPRESS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
ON A GAAP BASIS
(In thousands, except per-share data)
(Unaudited)
Three Months Ended
-------------------------------------------------
March 30, December 29, March 31,
2014 2013 2013
--------------- --------------- ---------------
Revenues $ 170,283 $ 167,776 $ 172,728
Cost of revenues 92,561 91,328 93,682
--------------- --------------- ---------------
Gross margin 77,722 76,448 79,046
Operating expenses:
Research and development 45,330 42,343 49,330
Selling, general and
administrative 42,609 43,623 45,442
Amortization of
acquisition-related
intangibles 1,833 1,850 2,009
Restructuring charges (1,014) (469) 11,440
--------------- --------------- ---------------
Total operating expenses,
net 88,758 87,347 108,221
--------------- --------------- ---------------
Operating loss (11,036) (10,899) (29,175)
Interest and other income
(loss), net (1,750) (805) 483
Loss before income taxes (12,786) (11,704) (28,692)
Income tax provision
(benefit) (4,517) 2,210 146
--------------- --------------- ---------------
Loss, net of taxes (8,269) (13,914) (28,838)
Adjust for net loss
attributable to
noncontrolling interest 335 337 643
--------------- --------------- ---------------
Net loss attributable to
Cypress $ (7,934) $ (13,577) $ (28,195)
=============== =============== ===============
Net loss per share
attributable to Cypress:
Basic $ (0.05) $ (0.09) $ (0.19)
Diluted $ (0.05) $ (0.09) $ (0.19)
Shares used in net loss
per share calculation:
Basic 154,572 151,580 145,689
Diluted 154,572 151,580 145,689
--------------- --------------- ---------------
