- Revenue of $184.1 million and non-GAAP earnings per share of $0.13 met guidance
- 2014 non-GAAP operating expenses at a 15-year low
- 2014 non-GAAP earnings per share increased 33% year-over-year
- Free cash flow increased by $19 million sequentially
- Announced a $4 billion merger with Spansion that is expected to achieve $135 million in annual cost synergies over three years
Fellow shareholders:
Our revenue and earnings for the quarter are given below, compared with those of the prior quarter and prior year:
(In thousands, except per-share data)
NON-GAAP GAAP
---------------------------- ----------------------------
Q4 2014 Q3 2014 Q4 2013 Q4 2014 Q3 2014 Q4 2013
-------- -------- -------- -------- -------- --------
Revenue $184,097 $187,516 $167,776 $184,097 $187,516 $167,776
Gross margin 52.4% 53.5% 51.0% 50.9% 51.7% 45.6%
Pretax margin 12.6% 15.0% 9.4% 2.7% 7.4% -7.0%
Net income
(loss) $ 22,056 $ 26,538 $ 14,992 $ 3,503 $ 12,840 $(14,209)
Diluted EPS
(loss) $ 0.13 $ 0.16 $ 0.09 $ 0.02 $ 0.08 $ (0.09)
Our revenue and earnings for the fiscal year are given below, compared with those of the prior year:
(In thousands, except per-share data)
NON-GAAP GAAP
------------------ ------------------
FY 2014 FY 2013 FY 2014 FY 2013
-------- -------- -------- --------
Revenue $725,497 $722,693 $725,497 $722,693
Gross margin 52.6% 52.2% 50.1% 46.9%
Pretax margin 12.6% 9.1% 2.1% -7.7%
Net income (loss) $ 87,291 $ 63,221 $ 17,936 $(48,241)
Diluted EPS (loss) $ 0.52 $ 0.39 $ 0.11 $ (0.32)
