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"The anemic macro environment impacting the semiconductor industry
continued in Q4, and in the last two weeks of December we saw further
weakness, mainly within our distribution channels, as customers across
all geographies and end markets purchased less product than previously
was forecasted by our distribution partners," said
"All divisions will decline sequentially from Q3 and were weaker than originally expected. We have seen customer backlog stabilize over the last two weeks and we believe that Q1 will be the bottom for revenue and bookings. However, the macro environment remains very fluid with lead-times near historical lows. This continues to impact the visibility for our distribution partners and us."
Our preliminary, consolidated fourth-quarter 2012 financial results,
which include
"It is important to note that we are early in our financial close
process and as a result, the GAAP figure provided above is unaudited,
and estimated based on the information available to us today and subject
to change as a result of the ongoing purchase accounting adjustments
related to our
"We continue to remain optimistic about our competitive positioning, our design-win penetration and our new product offerings," Buss concluded. "We expect that as macro demand improves, and we continue to proactively manage our cost structure, we will be in a position to increase the financial leverage in our operating model."
No conference call will be held in conjunction with this financial
update. Additional information will be provided when the Company reports
its fourth quarter 2012 results on
About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions
that provide customers with rapid time-to-market and exceptional system
value. Cypress offerings include the flagship PSoC® 1, PSoC 3, and PSoC
5 programmable system-on-chip families and derivatives, CapSense® touch
sensing and TrueTouch® solutions for touchscreens. Cypress is the world
leader in USB controllers, including the high-performance West Bridge®
solution that enhances connectivity and performance in multimedia
handsets, PCs, and tablets. Cypress is also the world leader in
Safe Harbor
Statements made in this release that are not historical in nature and
that refer to Cypress plans and expectations for the future, including
but not limited to the Company's future financial performance and
results of operations, future consumer demand, design-win penetration,
cost-management strategies, competitive position and product offerings,
set forth above are forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995. Our actual
results may differ materially due a variety of factors, including but
not limited to the risks identified in this press release as well as in
our filings with the
Cypress's preliminary results announced in this press release are based on preliminary information about the fourth quarter of fiscal 2012 and are subject to revision. Although the quarter is now completed, Cypress is still in the early stages of its standard financial reporting closing procedures. Accordingly, as Cypress completes its normal quarter-end closing and review processes, actual results could differ materially from these preliminary estimates. Factors that could cause Cypress's actual results to differ materially from those contained in such forward-looking statements include: inaccurate data or assumptions; unforeseen expenses; changes in estimates or judgments related to accruals or other income statement or balance sheet items; bad debts or other contingencies; and facts or circumstances affecting the application of Cypress's critical accounting policies, including revenue recognition.
EVP
Finance & Administration and CFO
Source:
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