Thursday, Cyprus Semiconductor Corp. (CY), reported a wider net loss for the first quarter, hit by charges as well as a 15.6% drop in revenues, which, however, exceeded analysts' estimates.
The San Jose, California-based company reported a first quarter net loss of $90.70 million or $0.67 per share, wider than $23.60 million or $0.15 per share loss last year.
Results for the quarter included stock-based compensation, acquisition-related charges, other special charges and credits.
Loss, excluding items, for the quarter was $29.50 million or $0.22 per share, compared with a net income of $1.60 million or $0.01 per share in the prior-year quarter.
Nine analysts polled by Thomson Reuters expected the company to report loss of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $139.31 million, down 15.6% from $165.10 million last year. Wall street analysts' had a consensus revenue estimate of $123.45 million for the quarter.
Total operating expenses for the quarter increased to $120.60 million from $105.40 million a year ago.
On a GAAP basis, first-quarter consolidated gross margin was 24.4%, compared to 36.7% in the year-ago quarter. Non-GAAP consolidated gross margin for the quarter was 34.7%, compared to 42.7% in the prior-year quarter.
T.J. Rodgers, President and CEO, Cypress said, " The economy obviously remains unsettled. Nonetheless, we believe that Q1 was the bottom of the trough for revenue and gross margins. As the economy recovers, we expect to grow faster than the overall semiconductor market with strong earnings growth and cash flow leverage."
CY closed Wednesday's trading at $7.33 on the NYSE.
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