Cypress Semiconductor Corp. announced its third-quarter 2013 results, which included the remarks below from its president and CEO, T.J. Rodgers.
"Our third quarter revenue declined 2% sequentially and was slightly higher than our recently revised guidance. We were disappointed to lower our guidance for the third quarter, but we experienced unforecasted weakness in the mobile handset market. Our gross margins remained strong at 53.8% and our operating expenses achieved a 3.5-year low. Together, they allowed us to deliver 12.5% pretax profitability, despite the revenue decline.
"We will continue to endure volatility and granularity in our mobile handset business in the fourth quarter, leading to a sequential decline of 10% to 14% in revenue, consistent with the guidance given in our pre-announcement. Despite some delays, our design win pipeline remains robust, especially for our new TrueTouch® Gen5 touchscreen products, and we expect to resume revenue growth in early 2014."
Highlights for the quarter included
- Revenue and earnings exceeded revised guidance
- Non-GAAP operating expenses dropped to a 3.5-year low
- Non-GAAP operating income increased 7% sequentially
- Dividend yield was 4.9% with a favorable tax treatment
The full report is available at http://www.cypress.com/