Cypress Semiconductor Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014
For the year, the company reported revenue of $722.693 million compared to $769.687 million a year ago. Operating loss was $58.195 million compared to $18.915 million a year ago. Loss before income taxes was $55.970 million compared to $21.660 million a year ago. Net loss attributable to company was $46.364 million or $0.31 per basic and diluted share compared to $22.370 million or $0.15 per diluted share a year ago. On non-GAAP basis, operating income was $72.426 million compared to $96.804 million a year ago. Net income attributable to company was $63.221 million or $0.39 per diluted share compared to $91.450 million or $0.55 per diluted share a year ago. Net cash provided by operating activities was $66.696 million compared to $134.997 million a year ago. Capital expenditures were $36.627 million compared to $33.013 million a year ago.
The company expected revenue to remain in a seasonal trough in the first quarter and then to increase during the rest of 2014. The company expects capital expenditure to decrease in first quarter of 2014. Gross margins, is expected to be flat around 51%, mainly due to the mix of the business and the utilization remaining low.