Cypress Reports Fourth Quarter and Year-End 2015 Results

 

CYPRESS SEMICONDUCTOR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

ON A GAAP BASIS

(In thousands, except per-share data)

(Unaudited)














Three Months Ended


Twelve Months Ended



January 3,


September 27,


December 28,


January 3,


December 28,



2016


2015


2014


2016


2014

Revenues


$        450,128


$            463,810


$        184,097


$    1,607,853


$          725,497

Cost of revenues


305,819


303,434


90,395


1,206,789


361,820

Gross margin 


144,309


160,376


93,702


401,064


363,677

Operating expenses:











Research and development


$          75,195


$              75,960


$          39,677


$       282,904


$          164,560

Selling, general and administrative


86,112


74,627


37,746


297,721


163,488

Acquisition costs and amortization of acquisition-related intangibles


37,710


32,359


8,558


138,661


13,936

Gain on divestiture of TrueTouch business


-


(66,472)


-


(66,472)


-

Restructuring charges (benefit)


1,406


2,924


72


90,084


(1,180)

Total operating expenses, net


200,423


119,398


86,053


742,898


340,804

Operating income (loss)


$        (56,114)


$              40,978


$            7,649


$     (341,834)


$            22,873

Interest and other income (loss), net


(5,886)


(8,884)


(2,759)


(27,273)


(7,528)

Income (loss) before income taxes


(62,000)


32,094


4,890


(369,107)


15,345

Income tax provision (benefit)


15,726


2,303


1,814


16,960


(1,173)

Income (loss), net of taxes


(77,726)


29,791


3,076


(386,067)


16,518

Adjust for net loss attributable to noncontrolling interest


467


521


426


2,271


1,418

Net Income (loss) attributable to Cypress


$        (77,259)


$              30,312


$            3,502


$     (383,796)


$            17,936

Net Income (loss) per share attributable to Cypress:











Basic


$            (0.23)


$                  0.09


$              0.02


$           (1.27)


$                0.11

Diluted


$            (0.23)


$                  0.08


$              0.02


$           (1.27)


$                0.11

Cash dividend declared per share


$              0.11


$                  0.11


$              0.11


$             0.44


$                0.44

Shares used in net income (loss) per share calculation:











Basic


334,447


335,299


161,864


302,036


159,031

Diluted


334,447


357,657


169,148


302,036


169,122


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