Skyworks Solutions, Inc. (NASDAQ:SWKS), a global leader in analog,
mixed signal and digital semiconductors for mobile communications
applications, today announced revenue of $190.2 million for the
fourth fiscal quarter ended September 30, 2005, compared to $191.5
million in the previous quarter and $218.1 million in the same
period a year ago. Fourth fiscal quarter revenue results were
consistent with the company's updated guidance provided on October
10, 2005, reflecting a one-time $3.2 million customer payment and a
late quarter product demand shift. GAAP operating income for the
fourth fiscal quarter was $7.1 million, compared to $11.8 million
in the third fiscal quarter of 2005 and versus $18.8 million in the
corresponding period a year ago. On a pro forma basis, operating
income for the fourth fiscal quarter was $8.9 million, compared to
$12.3 million last quarter and versus $21.2 million for the same
period a year ago. GAAP diluted earnings per share during the
quarter was $0.02 while pro forma diluted earnings per share was
$0.04, $0.01 ahead of consensus estimates. For fiscal 2005, revenue
grew to $792.4 million up from $784.0 million in the prior fiscal
year. GAAP operating income was $50.1 million as compared to $42.7
million during the same period a year ago, while pro forma
operating income was $54.6 million versus $64.0 million,
respectively. "Our modest revenue growth during fiscal 2005
somewhat masks the underlying strength of Skyworks' core business,"
said David J. Aldrich, Skyworks' president and chief executive
officer. "Our performance was a function of three dynamics: first,
we gained market share with our family of iPAC(TM) power
amplifiers, Intera(TM) front-end modules and Helios(TM) EDGE radios
throughout the year. Second, we launched our Linear Products
business unit and introduced a suite of complementary products
characterized by long life cycles and higher gross margins. Third,
and somewhat offsetting this progress, our cellular baseband
product line declined 14 percent year-over-year, as the addressable
market for complete system solutions contracted given substantial
share loss by tier-three handset OEMs and ODMs. "As we enter fiscal
2006, we are experiencing strong demand across our RF Solutions and
Linear Products portfolio. In fact, we expect these business areas
to be up considerably in the December quarter, driven by market
adoption of our newest solutions. Conversely, we anticipate that
our cellular baseband product line will continue to exhibit
volatility. As a result, we are now providing investors increased
visibility into the financial performance of this business and our
strategy going forward," concluded Aldrich. Fourth Quarter 2005
Product Highlights RF Solutions -- Initiated production volumes of
Helios(TM) EDGE radios with two tier-one handset OEMs -- Doubled
front-end modules shipments year-over-year with over 20 million
units in the quarter -- Ramped production of CDMA direct conversion
radios in support of a tier-one Korean handset supplier --
Supported Sony Ericsson's ramp of its award winning family of
GPRS/EDGE Walkman handsets with highly customized power amplifier
modules, and secured multiple WCDMA sockets leveraging proprietary
load insensitive power amplifier (LIPA(TM)) technology --
Introduced the industry's first complete front-end module for WCDMA
and HSDPA applications Linear Products -- Ramped production of
customized CMOS switch solutions in support of a large satellite
operator in Europe -- Developed a portfolio of digital attenuators
for cellular base stations -- Sampled first-generation bulk
acoustic wave (BAW) filters for UMTS frequencies -- Expanded family
of highly linear gain blocks, addressing medical equipment, test
instrumentation, cellular infrastructure and broadband applications
-- Received record orders for control semiconductor solutions
enabling Bluetooth and wireless LAN applications Business Outlook
"To illustrate the growth trajectory of our core business, we are
providing a more detailed revenue breakdown and offering guidance
by product area," said Allan M. Kline, Skyworks' vice president and
chief financial officer. "For the first fiscal quarter of 2006, we
anticipate revenue from our RF Solutions and Linear Products
portfolio to be up 10 to 12 percent in the aggregate -- from $164
million last quarter to between $180 and $183 million in the
December quarter. Meanwhile, we anticipate a sequential decline
within our cellular baseband product area -- from $26 million last
period to between $15 and $18 million in the first fiscal quarter,
reflecting weakness across a base of tier-three handset suppliers.
"Operationally, we expect aggregate gross margin to approach 40
percent, enabling a 50 percent sequential improvement in operating
income," concluded Kline. Skyworks' Fourth Fiscal Quarter 2005
Conference Call Skyworks will host a conference call at 5:00 p.m.
Eastern time today to discuss results for the fourth fiscal quarter
of 2005. To listen to the conference call via the Internet, please
visit the Investor Relations section of Skyworks' Web site at
www.skyworksinc.com. To listen to the conference call via
telephone, please call 800-811-0667 (domestic) or 913-981-4901
(international), security code: Skyworks. Playback of the
conference call will begin at 9 p.m. Eastern time on Wednesday,
Nov. 2, and end at 9 p.m. Eastern time on Wednesday, Nov. 9. The
replay will be available on Skyworks' Web site or by calling
888-203-1112 (domestic) or 719-457-0820 (international); access
code: 4953313#. About Skyworks Skyworks Solutions, Inc. is a global
leader in analog, mixed signal and digital semiconductors for
mobile communications applications. The company's power amplifiers,
front-end modules and direct conversion transceivers are at the
heart of many of today's leading-edge multimedia handsets, cellular
base stations and wireless networking platforms. Skyworks also
offers a portfolio of highly innovative linear products, supporting
a diverse set of automotive, broadband, industrial and medical
customers. Headquartered in Woburn, Mass., Skyworks is worldwide
with engineering, manufacturing, sales and service facilities
throughout Asia, Europe and North America. For more information,
please visit the Skyworks Web site at www.skyworksinc.com. Safe
Harbor Statement This press release, and related conference call,
includes "forward-looking statements" intended to qualify for the
safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. All statements included in this
press release and related conference call, other than statements or
characterizations of historical fact, are forward-looking
statements. These forward-looking statements include information
relating to future results of Skyworks (including certain
projections and anticipated business trends). Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "believes," "plans," "may," "will,"
"continue," similar expressions, and variations or negatives of
these words. All such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
and adversely from those expressed. These risks and uncertainties
include, but are not limited to: global economic and market
conditions, such as the cyclical nature of the semiconductor
industry and the markets addressed by the company's and its
customers' products; demand for and market acceptance of new and
existing products; the ability to develop, manufacture and market
innovative products in a rapidly changing technological
environment; the ability to compete with products and prices in an
intensely competitive industry; product obsolescence; losses or
curtailments of purchases from key customers or the timing of
customer inventory adjustments; the timing of new product
introductions; the availability and extent of utilization of raw
materials, critical manufacturing equipment and manufacturing
capacity; pricing pressures and other competitive factors; changes
in product mix; fluctuations in manufacturing yields; the ability
to continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties; the ability to
attract and retain qualified personnel; labor relations of the
company, its customers and suppliers; economic, social and
political conditions in the countries in which Skyworks, its
customers or its suppliers operate, including health and security
risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; and the
uncertainties of litigation, as well as other risks and
uncertainties, including but not limited to those detailed from
time to time in the company's filings with the Securities and
Exchange Commission. These forward-looking statements are made only
as of the date hereof, and the company undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. Skyworks,
Skyworks Solutions, iPAC, Intera, Helios and LIPA are trademarks or
registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and in other countries. All other
brands and names listed are trademarks of their respective
companies. -0- *T SKYWORKS SOLUTIONS, INC. UNAUDITED GAAP
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended Year Ended
------------------- ------------------- Sept. 30, Oct. 1, Sept. 30,
Oct. 1, (in thousands, except per 2005 2004 2005 2004 share
amounts) --------- --------- --------- --------- Net revenues
$190,174 $218,067 $792,371 $784,023 Cost of goods sold 120,894
130,407 484,599 470,807 --------- --------- --------- ---------
Gross profit 69,280 87,660 307,772 313,216 Operating expenses:
Research and development 36,603 38,383 152,215 152,633 Selling,
general and administrative 25,043 28,095 103,070 97,522 Special
charges - 1,607 - 17,366 Amortization of intangibles 536 737 2,354
3,043 --------- --------- --------- --------- Total operating
expenses 62,182 68,822 257,639 270,564 Operating income 7,098
18,838 50,133 42,652 Interest expense (3,746) (3,561) (14,597)
(17,947) Other income, net 1,729 540 5,453 1,691 ---------
--------- --------- --------- Income before income taxes 5,081
15,817 40,989 26,396 Provision for income taxes 2,020 1,186 15,378
3,984 --------- --------- --------- --------- Net income $3,061
$14,631 $25,611 $22,412 ========= ========= ========= =========
Earnings per share: Basic $0.02 $0.09 $0.16 $0.15 Diluted $0.02
$0.09 $0.16 $0.15 Weighted average shares: Basic 158,488 155,860
157,453 152,090 Diluted 159,803 157,581 158,857 154,242 SKYWORKS
SOLUTIONS, INC. UNAUDITED RECONCILIATION OF PRO FORMA NON-GAAP
MEASURES Three Months Ended Year Ended ------------------
------------------ Sept. 30, Oct. 1, Sept. 30, Oct. 1, (in
thousands) 2005 2004 2005 2004 --------- -------- ---------
-------- GAAP operating income $7,098 $18,838 $50,133 $42,652 Asset
impairments (a) - - - 13,906 Restructuring charges (b) 1,265 1,607
1,265 4,434 Lease and leasehold improvements (c) - - 886 -
Amortization of intangible assets 536 737 2,354 3,043 ---------
-------- --------- -------- Pro forma operating income $8,899
$21,182 $54,638 $64,035 ========= ======== ========= ========
------------------ ------------------ Three Months Ended Year Ended
------------------ ------------------ Sept. 30, Oct. 1, Sept. 30,
Oct. 1, (in thousands) 2005 2004 2005 2004 --------- --------
--------- -------- GAAP net income $3,061 $14,631 $25,611 $22,412
Asset impairments (a) - - - 13,906 Restructuring charges (b) 1,265
1,607 1,265 4,434 Lease and leasehold improvements (c) - - 886 -
Amortization of intangible assets 536 737 2,354 3,043 Tax
adjustments (d) 1,850 2,462 12,550 3,445 --------- --------
--------- -------- Pro forma net income $6,712 $19,437 $42,666
$47,240 ========= ======== ========= ======== ------------------
------------------ Three Months Ended Year Ended ------------------
------------------ Sept. 30, Oct. 1, Sept. 30, Oct. 1, 2005 2004
2005 2004 --------- -------- --------- -------- GAAP net income per
share, diluted $0.02 $0.09 $0.16 $0.15 Asset impairments (a) - - -
0.09 Restructuring charges (b) 0.01 0.01 0.01 0.03 Lease and
leasehold improvements (c) - - 0.01 - Amortization of intangible
assets - - 0.01 0.02 Tax adjustments (d) 0.01 0.02 0.08 0.02
--------- -------- --------- -------- Pro forma net income per
share, diluted $0.04 $0.12 $0.27 $0.31 ========= ======== =========
======== (a) These charges primarily consist of a write-down of
legacy technology licenses related to the Company's cellular
systems business which was included in operating expenses, except
for $0.9 million which was included in cost of goods sold. (b) The
charges recorded during the fourth quarter of fiscal 2005 related
to the exit of Conexant's Assembly and Test business.
Approximately, $1.0 million and $0.3 million were included in cost
of goods sold and selling, general and administrative expenses,
respectively. For the fiscal year ended October 1, 2004, these
charges represent certain costs incurred to implement facility
consolidations and were included in special charges, except for
$0.3 million which was included in cost of goods sold. (c) These
charges represent an aggregate adjustment for the correction of an
error in the manner in which the Company accounted for scheduled
rent increases and amortization of leasehold improvements. (d)
During the fourth quarter of fiscal 2005 and fiscal year ended
September 30, 2005, these charges primarily represent a non-cash
tax charge related to the utilization of pre-merger deferred tax
assets. During the fiscal year ended October 1, 2004, these charges
primarily represented a cumulative adjustment reducing the foreign
deferred tax asset. The above pro forma non-GAAP measures are based
upon our unaudited consolidated statements of operations for the
periods shown. These measures are not in accordance with, or an
alternative for, U.S. Generally Accepted Accounting Principles
(GAAP). However, the Company believes this information is useful in
understanding the results of operations. Therefore, Skyworks
provides this supplemental information to enable investors to
perform additional comparisons of operating results and as a means
to provide additional insight into the Company's ongoing operations
and economic performance. SKYWORKS SOLUTIONS, INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET Sept. 30, Oct. 1, (in
thousands) 2005 2004 ------------ ----------- Assets Current
assets: Cash, cash equivalents and short- term investments $235,860
$214,552 Accounts receivable, net 171,454 157,772 Inventories
77,400 79,572 Prepaid expenses and other current assets 11,268
11,968 Property, plant and equipment, net 150,838 150,009 Goodwill
and intangible assets, net 511,119 524,388 Other assets 29,904
30,545 ------------ ----------- Total assets $1,187,843 $1,168,806
============ =========== Liabilities and Equity Current
liabilities: Short-term debt $50,000 $50,000 Accounts payable
72,276 73,405 Accrued liabilities and other current liabilities
35,959 57,846 Long-term debt 230,000 230,000 Other long-term
liabilities 7,044 5,932 Stockholders' equity 792,564 751,623
------------ ----------- Total liabilities and equity $1,187,843
$1,168,806 ============ =========== *T
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