Cypress Reports First Quarter 2017 Results

- Revenue was $531.9 million, exceeding guidance

(PRNewswire) —  Cypress Semiconductor Corporation (NASDAQ: CY) today announced its first quarter 2017 results.

"Cypress delivered record revenue1 in the first quarter that exceeded the high end of our guidance range," said Hassane El-Khoury, Cypress President and Chief Executive Officer. "We saw above seasonal growth in our Microcontroller and Connectivity Division and strength in our memory products which exceeded our expectations. Our wireless connectivity grew 30% from the fourth quarter of 2016 and Automotive revenue hit a new quarterly record. These results highlight the strong demand for our expanding portfolio of embedded systems solutions and the continued success of our Cypress 3.0 strategy to target markets growing faster than the overall semiconductor industry.

"The sale of our Minnesota fab earlier in the quarter will enable us to sharpen our focus on core businesses in line with our financial model and gross margin improvement plan," El-Khoury added.

1.

Core Cypress revenue excluding SunPower Corp.

Revenue and earnings for the quarter are given below, compared with those of the prior quarter:

(In thousands, except per-share data)




GAAP



NON-GAAP1



Q1 2017


Q4 2016



Q1 2017


Q4 2016

Revenue


$

531,874



$

530,172




$

531,874



$

530,172


Margin


37.4%



38.1%




39.3%



40.1%


Pretax profit margin


(7.7)%



(13.5)%




9.2%



10.8%


Net income (loss)


$

(45,782)



$

(72,367)




$

45,887



$

53,823


Diluted EPS (loss)


$

(0.14)



$

(0.22)




$

0.13



$

0.15




1.

See "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" tables ("Non-GAAP Results" tables) included below.


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