Skyworks Solutions, Inc. (NASDAQ:SWKS), an industry leader in radio
solutions and precision analog semiconductors, today announced
revenue of $198.3 million for the first fiscal quarter ended
December 30, 2005, compared to $190.2 million in the previous
quarter and $220.2 million in the same period a year ago. Revenue
from the company's RF solutions and linear products portfolio was
$180.5 million, up 10 percent when compared to $163.7 million last
quarter. As anticipated, revenue within the cellular baseband
product area was $17.8 million, a decline from $26.5 million in the
fourth fiscal quarter, reflecting a shift from tier-three suppliers
to leading cellular handset OEMs. Operating income computed in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP) for the first fiscal quarter was $8.5 million compared to
$7.1 million in the fourth fiscal quarter of 2005. GAAP operating
income in the corresponding period a year ago was $22.9 million. On
a pro forma basis, operating income for the first fiscal quarter
was $13.9 million, a 56 percent sequential increase against
guidance of a 50 percent improvement, and versus $23.7 million in
the same period a year ago. GAAP diluted earnings per share during
the quarter was $0.03, while pro forma diluted earnings per share
was $0.07, in line with consensus estimates. Pro forma results,
which are a supplement to financial results based on GAAP, exclude
certain charges including share-based compensation, amortization of
intangible assets and non-recurring items. The company believes
these non-GAAP financial measures provide useful information to
both management and investors by excluding certain charges and
non-recurring items that may not be indicative of Skyworks' ongoing
operations and economic performance. For the first time, GAAP
operating income includes a $3.0 million charge related to the
expensing of equity-based incentives in accordance with FASB
Statement No. 123(R), which requires that the company account for
all share-based compensation in its statement of operations. "Ten
percent sequential revenue growth across our RF solutions and
linear products portfolio signals growing demand for our newest
semiconductor solutions. At the same time, we strengthened our
balance sheet through the generation of $22 million in cash flow
from operations," said David J. Aldrich, Skyworks' president and
chief executive officer. "Our Helios(TM) EDGE radios are now
supporting the majority of top tier OEMs, with aggressive ramps
ongoing at LG, beginning at Samsung, and to be followed later this
year at Motorola. Our WCDMA front-end module and multimode radio
traction, coupled with the launch of our newest precision analog
solutions, are setting the stage for a strong second half of 2006,"
concluded Aldrich. First Fiscal Quarter 2006 Product Highlights
Mobile Platforms -- Signed a strategic agreement with Motorola for
the supply of Helios(TM) DigRF radios in support of next generation
EDGE platforms -- Initiated volume production of Helios(TM) Mini
radios at Samsung for integration within nine forthcoming EDGE
models -- Powered LG Electronics' EDGE handsets with Helios(TM)
radios -- Introduced the world's smallest and lowest cost GPRS
radio at LG Electronics as they target emerging markets --
Supported Sony Ericsson's highly successful suite of GPRS/EDGE
Walkman handsets with highly customized power amplifier modules
Linear Products -- Commenced volume production of our newly
released innovative CMOS switch solutions for satellite receivers
-- Ramped front-end modules as part of Broadcom's 54g(TM) WLAN
reference design -- Secured amplifier sockets at Alcatel in support
of 3G base stations -- Launched ultra-low power transmit chain
solutions for cellular infrastructure applications Business Outlook
"Despite traditional handset market seasonality of a 10 to 15
percent sequential unit decline, we are forecasting better
performance with March quarterly revenue down only nine percent
sequentially to approximately $180 million, driven by our ability
to capture increasing semiconductor content per platform," said
Allan M. Kline, Skyworks' vice president and chief financial
officer. Skyworks will discuss its business outlook in more detail
on its conference call to be held with investors and analysts today
at 5 p.m. Skyworks' First Fiscal Quarter 2006 Conference Call
Skyworks will host a conference call at 5 p.m. Eastern time today
to discuss results for the first fiscal quarter of 2006. 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
800-819-9193 (domestic) or 913-981-4911 (international), security
code: Skyworks. Playback of the conference call will begin at 9
p.m. ET on Wednesday, Jan. 25, and end at 9 p.m. ET on Wednesday,
Feb. 1, 2006. The replay will be available on Skyworks' Web site or
by calling 888-203-1112 (domestic) or 719-457-0820 (international);
access code: 5044277#. About Skyworks Skyworks Solutions, Inc. is
an industry leader in radio solutions and precision analog
semiconductors servicing a diversified set of 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 news release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include information relating to future
results of Skyworks (including certain projections and 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 projected,
and may affect our future operating results, financial position and
cash flows. 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 security and health 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. Note to Editors: Skyworks and Skyworks Solutions 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 Quarter Ended
------------------- Dec. 30, Dec. 31, (in thousands) 2005 2004
--------- --------- Net revenues $198,325 $220,160 Cost of goods
sold 123,602 132,141 --------- --------- Gross profit 74,723 88,019
Operating expenses: Research and development 42,430 37,113 Selling,
general and administrative 23,253 27,224 Amortization of
intangibles 536 737 --------- --------- Total operating expenses
66,219 65,074 Operating income 8,504 22,945 Interest expense
(3,812) (3,533) Other income, net 2,319 1,121 --------- ---------
Income before income taxes 7,011 20,533 Provision for income taxes
2,724 6,616 --------- --------- --------- --------- Net income
$4,287 $13,917 ========= ========= Earnings per share: Basic $0.03
$0.09 Diluted $0.03 $0.09 Weighted average shares: Basic 158,573
156,440 Diluted 158,827 158,905 SKYWORKS SOLUTIONS, INC. UNAUDITED
RECONCILIATION OF PRO FORMA NON-GAAP MEASURES Quarter Ended
----------------- Dec. 30, Dec. 31, (in thousands) 2005 2004
-------- -------- GAAP operating income $8,504 $22,945 Stock-based
compensation expense (a) 3,031 - Restructuring charges (b) 1,796 -
Amortization of intangible assets 536 737 -------- -------- Pro
forma operating income $13,867 $23,682 ======== ======== Quarter
Ended ----------------- Dec. 30, Dec. 31, (in thousands) 2005 2004
-------- -------- GAAP net income $4,287 $13,917 Stock-based
compensation expense (a) 3,031 - Restructuring charges (b) 1,796 -
Amortization of intangible assets 536 737 Tax adjustments (c) 1,167
5,890 -------- -------- Pro forma net income $10,817 $20,544
======== ======== Quarter Ended ----------------- Dec. 30, Dec. 31,
2005 2004 -------- -------- GAAP net income per share, diluted
$0.03 $0.09 Stock-based compensation expense (a) 0.02 -
Restructuring charges (b) 0.01 - Amortization of intangible assets
- 0.01 Tax adjustments (c) 0.01 0.03 -------- -------- Pro forma
net income per share, diluted $0.07 $0.13 ======== ======== (a)
These charges represent expense recognized in accordance with FASB
Statement No. 123(R), Share-Based Payment. Approximately $0.3
million, $1.4 million and $1.3 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively. (b) The charges recorded
during the first quarter of fiscal 2006 primarily related to a
continued reduction in the level of activity within the Company's
cellular baseband product area. Approximately $0.4 million, $1.2
million and $0.2 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively. (c) During the first quarter
of fiscal 2006, these charges primarily represented a non-cash tax
charge related to the utilization of pre-merger deferred tax
assets. During the first quarter of fiscal 2005, these charges
primarily represented a non-cash tax charge related to the
utilization of pre-merger deferred tax assets and a reduction in
the expected benefit of foreign deferred tax assets resulting from
a change in regulated foreign tax rates. The above pro forma
non-GAAP measures are based upon our unaudited consolidated
statements of operations for the periods shown. These non-GAAP
financial measures are provided to enhance the user's overall
understanding of our current financial performance and our
prospects for the future. Specifically, we believe the non-GAAP
financial measures provide useful information to both management
and investors by excluding certain charges and non-recurring items
that we believe are not indicative of our ongoing operations and
economic performance. Additionally, since we have historically
reported non-GAAP results to the investment community, the
inclusion of non-GAAP financial measures provides consistency in
our financial reporting. Further, these non-GAAP financial measures
are one of the primary indicators management uses for planning and
forecasting in future periods. The presentation of this additional
information should not be considered in isolation or as a
substitute for results prepared in accordance with accounting
principles generally accepted in the United States. SKYWORKS
SOLUTIONS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET Dec.
30, Sept. 30, (in thousands) 2005 2005 ----------- -----------
Assets Current assets: Cash and cash equivalents $129,505 $122,535
Short-term investments 114,970 113,325 Accounts receivable, net
171,065 171,454 Inventories 79,031 77,400 Prepaid expenses and
other current assets 10,482 11,268 Property, plant and equipment,
net 155,331 150,838 Goodwill and intangible assets, net 509,166
511,119 Other assets 30,390 29,904 ----------- ----------- Total
assets $1,199,940 $1,187,843 =========== =========== Liabilities
and Equity Current liabilities: Short-term debt $50,000 $50,000
Accounts payable 72,296 72,276 Accrued liabilities and other
current liabilities 39,416 35,959 Long-term debt 230,000 230,000
Other long-term liabilities 7,115 7,044 Stockholders' equity
801,113 792,564 ----------- ----------- Total liabilities and
equity $1,199,940 $1,187,843 =========== =========== *T
Skyworks Solutions (NASDAQ:SWKS)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Skyworks Solutions (NASDAQ:SWKS)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024