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No buyout, says Cypress

Posted: 23 Oct 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Cypress Semiconductor? buyout? SunPower? Mark LaPedus?

Cypress Semiconductor Inc.'s board disclosed that it has terminated its process of evaluating a possible buyout of the company. The chipmaker also said it "has determined that continuing with its standalone strategy at this time is in the best interests of its stockholders."

The company added that it will continue to explore ways in which to allow its stockholders to fully realize the value of Cypress and its investment in SunPower.

As previously disclosed, Cypress has been reviewing a variety of strategic alternatives involving the company and its investment in SunPower Corp., its solar-cell subsidiary. These alternatives included a possible buyout of the company.

Cypress also announced that revenue for the Q3 2006 was $290.2 million, up 9.4 percent from prior-quarter revenue of $265.2 million and up 27.8 percent from Q3 2005 of $227.1 million. GAAP net income was at $10.7 million, or diluted earnings per share of 6 cents. This compares with the prior quarter's diluted earnings per share of 4 cents and a diluted net loss per share of 4 cents in the year-ago quarter.

"Growth from our SunPower subsidiary remains strong and ahead of plan, and we continue to take steps to focus our business," said T.J. Rodgers, Cypress president and CEO in a statement. "Barring a significant downturn in the fourth quarter, we remain optimistic that we will reach our 2006 goal of approximately $1.1 billion in revenue," he added.

SunPower's revenue for Q3 was $65.3 million, up 19 percent from the prior quarter's $54.7 million and up 198 percent from Q3 2005 revenue of $21.9 million. GAAP net income for the was $9.6 million, or 13 cents diluted earnings per share, compared to last quarter's net income of $5.4 million or 8 cents per share and Q3 2005 net loss of $1.6 million.

- Mark LaPedus
EE Times




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