Cypress Semiconductor Corp. (NASDAQ: CY) today announced its fourth-quarter 2014 and fiscal year results, which included the remarks below from its president and CEO, T.J. Rodgers. Highlights for the quarter included:
- 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
Our fourth-quarter revenue was $184.1 million and our non-GAAP earnings per share was $0.13. We continued to execute on our operating expense management initiatives, which led to a year-over-year 33% increase to $0.52 in 2014 non-GAAP earnings per share. We thus are prepared to deliver strong operating leverage as we grow in 2015.
Our planned merger with Spansion has cleared review by the government agencies in the U.S. and Germany. We remain confident that the post-merger company will position us as a leading global provider of microcontrollers, flash and SRAM memories, and automotive components required for today's embedded systems.
More information is available at Cypress online at www.cypress.com.