Cypress Reports Third Quarter 2016 Results

Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations for the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We may use words such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "future," "continue" or other wording indicating future results or expectations to identify such forward-looking statements that include, but are not limited to: statements related to our estimated non-GAAP revenue, non-GAAP margin, non-GAAP operating expenses, non-GAAP EPS, net interest expense, tax expense, capital expenditures and depreciation for the fourth quarter of fiscal 2016; the expected benefits of our acquisition of Broadcom's wireless IoT business, including revenue growth and margin improvement; sources of revenue for the fourth quarter; the expected impact of our lean inventory initiative on fab utilization, inventory levels, cash flow, pricing and profitability; estimates of certain GAAP to non-GAAP reconciling items for the fourth quarter; the demand environment for semiconductors; the expected impact of our margin improvement plan; the impact of seasonality on revenue; the CEO transition; cross-selling opportunities in the automotive business; our ability to meet our targeted range of inventory; the expected synergies related to our merger with Spansion; expected uses of cash flow, including to pay dividends; and plans to reduce excess inventory. Such statements reflect our current expectations, which are based on information and data available to our management as of the date of this press release. Our actual results may differ materially due to a variety of risks and uncertainties, including, but not limited to:  global economic and market conditions; business conditions and growth trends in the semiconductor market; our ability to compete effectively; the volatility in supply and demand conditions for our products, including but not limited to the impact of seasonality on supply and demand; our ability to develop, introduce and sell new products and technologies; potential problems relating to our manufacturing activities; the impact of acquisitions, including but not limited to the continuing integration of Spansion and the recent acquisition of Broadcom's wireless IoT business; our ability to attract and retain key personnel; and other risks and uncertainties described in the "Risk Factors" section in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking statements.

Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation.

 


CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)




October 2, 2016


January 3, 2016






ASSETS





Cash, cash equivalents and short-term investments


$

87,646



$

227,561


Accounts receivable, net


349,837



292,736


Inventories


247,735



243,595


Property, plant and equipment, net


332,208



425,003


Goodwill and other intangible assets, net


2,395,558



2,528,077


Other assets


476,840



287,289


Total assets


$

3,889,824



$

4,004,261


LIABILITIES AND EQUITY





Accounts payable


$

228,851



$

143,383


Deferred margin and allowance on sales to distributors


14,888



73,370


Income tax liabilities


51,520



54,999


Other liabilities


428,843



346,165


Revolving credit facility and long-term debt


1,192,299



673,659


Total liabilities


1,916,401



1,291,576


Total Cypress stockholders' equity


1,972,547



2,720,848


Non-controlling interest


876



(8,163)


Total equity


1,973,423



2,712,685


Total liabilities and equity


$

3,889,824



$

4,004,261



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