Cypress Semi Reports Fourth-Quarter 2002 Results
Cypress Semiconductor Corp. (San Jose, CA) announced that revenue for the 2002 fourth quarter was $174.4 million, down 15 percent from the prior-quarter revenue of $205 million, and down nine percent from year-ago fourth-quarter revenue of $191.1 million. Pro-forma net loss for the 2002 fourth quarter was $14.9 million, resulting in a pro-forma loss per share of $0.12, compared to the prior-quarter pro-forma loss per share of $0.03 and year-ago fourth-quarter pro-forma loss of $0.11 per share.
Including acquisition-related, restructuring and non-recurring charges and credits, Cypress posted a net loss of $126.2 million for the 2002 fourth quarter, resulting in a loss per share of $1.02, compared with the prior-quarter net loss of $55.1 million, or $0.45 per share. Included in the fourth-quarter results were restructuring charges of $44.5 million, and impairment charges and asset write-downs of $43.8 million. The restructuring charge represents the company's actions to further reduce its cost structure, which included a reduction in force impacting approximately 360 employees, and further reduction of wafer fabrication capacity due to continued softness in demand. The cash portion of these restructuring charges was only $6.3 million, mostly relating to the work-force actions.
Revenue for fiscal year 2002 was $774.7 million, a decline of five percent from 2001 revenue of $819.2 million. The pro-forma net loss for fiscal-year 2002 was $37 million, resulting in a pro-forma loss per share of $0.30, compared to 2001 pro-forma net loss of $77.4 million, or $0.62 per share. Including acquisition-related, restructuring and non-recurring charges and credits, the net loss for fiscal-year 2002 was $249.1 million, or $2.02 loss per share, compared to fiscal 2001 net loss of $407.4 million, or $3.28 loss per share.