Cypress Semiconductor Corporation (CY) has reported 68.95 percent plunge in profit for the quarter ended Oct. 02, 2016. The company has earned $9.41 million, or $0.03 a share in the quarter, compared with $30.31 million, or $0.08 a share for the same period last year. On an adjusted basis, the company has earned $53.47 million, or $0.15 a share for the quarter. Revenue during the quarter grew 12.94 percent to $523.84 million from $463.81 million in the previous year period. Gross margin for the quarter was at 37.92 percent.
Operating income for the quarter was $33.70 million, compared with an operating loss of $25.49 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $70.91 million.
"Cypress continued its strong execution, with third quarter non-GAAP revenue and EPS at the high end of our guidance range," said Hassane El-Khoury, president and chief executive officer at Cypress. "Our gross margin improvement plan remains on track as we continue to focus on efficiency and execution."
For the fourth-quarter, Cypress Semiconductor Corp forecasts revenue to be in the range of $510 million to $540 million. The company expects diluted loss per share to be in the range of $0.25 to $0.20 for the fourth-quarter. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.12 to $0.16 for the fourth-quarter.
Debt increases substantially
Cypress Semiconductor Corp has witnessed an increase in total debt over the last one year. It stood at $1,192.30 million as on Oct. 02, 2016, up 810.50 percent or $1,061.35 million from $130.95 million on Sep. 27, 2015. Total debt was 30.65 percent of total assets as on Oct. 02, 2016, compared with 3.21 percent on Sep. 27, 2015. Debt to equity ratio was at 0.60 as on Oct. 02, 2016, up from 0.05 as on Sep. 27, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
