Skyworks Solutions, Inc. (NASDAQ:SWKS), an innovator of high
performance analog and mixed signal semiconductors enabling mobile
connectivity, today announced second fiscal quarter revenue of
$180.2 million, consistent with the guidance provided at the end of
the first fiscal quarter, and up five percent when compared to core
revenue (i.e., excluding baseband sales) of $172.3 million in the
same period a year ago. On a pro forma basis, second fiscal quarter
operating income was $17.6 million, versus $6.7 million in the
second fiscal quarter of the prior year, while net income was $16.7
million compared to $4.6 million in the year-ago period, up 263
percent. Pro forma diluted earnings per share for the second fiscal
quarter was $0.10, in line with consensus estimates and an increase
of 233 percent when compared to $0.03 in the second fiscal quarter
of 2006. GAAP operating income for the second fiscal quarter was
$13.0 million, a 420 percent improvement over $2.5 million a year
ago. GAAP net income and diluted earnings per share for the second
fiscal quarter were $12.2 million and $0.08, respectively, versus
$0.9 million and $0.01 in the same period in 2006. �Skyworks�
second fiscal quarter results demonstrate the strength of our new
business model and reflect our efforts since exiting the baseband
product area two quarters ago. We have since focused exclusively on
our core analog and RF businesses and have improved profitability
more than three-fold year over year,� said David J. Aldrich,
Skyworks� president and chief executive officer. �Our earnings
leverage will become even more evident as we ramp several key, high
profile programs over the next several months.� Second Fiscal
Quarter Highlights Raised $200 million via a convertible debt
offering at an average interest rate of 1.375 percent Redeemed $130
million of short term 4.75 percent convertible debt Repurchased 4.3
million shares of common stock Expanded Linear Products portfolio
with 15 new products, including CMOS switches, high-performance
gain blocks and personal area networking solutions targeting
broadband, infrastructure, medical, and automotive applications
Received production orders for a front-end solution in support of a
forthcoming multimedia, music platform Powered several highly
popular models with Helios�, including LG�s GPRS Chocolate� series
and Samsung�s ultra slim EDGE Trace� Unveiled Helios� WEDGE
transceiver, the industry�s first single chip all CMOS radio
solution that eliminates the need for interstage filters Business
Outlook �For the third fiscal quarter, we anticipate that several
of new product ramps will largely offset the weakness at a top-tier
handset OEM and enable us to deliver pro forma diluted earnings per
share between $0.08 and $0.11,� said Allan M. Kline, Skyworks� vice
president and chief financial officer. Estimated pro forma diluted
earnings per share excludes approximately $3.2 million of FASB
Statement No. 123R-related expenses. Pro forma results, which are a
supplement to financial results based on GAAP, exclude certain
charges including equity-based compensation, amortization of
intangible assets, baseband exit charges, 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. Skyworks�
Second Fiscal Quarter 2007 Conference Call Skyworks will host a
conference call with analysts to discuss its second fiscal quarter
2007 results and current business prospects on April 25, 2007, at
5:00 p.m. Eastern time (ET). To listen to the conference call via
the Internet, please visit the Investor Relations section of
Skyworks' Web site. To listen to the conference call via telephone,
please call 877.704.5385 (domestic) or 913.312.1303
(international), confirmation code: 6116430. Playback of the
conference call will begin at 9:00 p.m. ET on April 25, and end at
9:00 p.m. ET on May 2, 2007. The replay will be available on
Skyworks' Web site or by calling 888.203.1112 (domestic) or
719.457.0820 (international); pass code: 6116430. About Skyworks
Skyworks Solutions, Inc. is an innovator of high performance analog
and mixed signal semiconductors enabling mobile connectivity. The
company's power amplifiers, front-end modules and direct conversion
radios are at the heart of many of today's leading-edge multimedia
handsets. Leveraging core technologies, Skyworks also offers a
diverse portfolio of linear products that support automotive,
broadband, cellular infrastructure, industrial and medical
applications. 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 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 and expectations 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 our, and our customers',
products; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; fluctuations in our manufacturing yields
due to our complex and specialized manufacturing processes;
fluctuations in the manufacturing yields of our third party
semiconductor foundries and other problems or delays in the
fabrication, assembly, testing or delivery of our products; the
availability and pricing of third party semiconductor foundry,
assembly and test capacity and raw materials; our ability to timely
and accurately predict market requirements and evolving industry
standards, and to identify opportunities in new markets; losses or
curtailments of purchases or payments from key customers, or the
timing of customer inventory adjustments; our reliance on a several
key customers for a large percentage of our sales; our ability to
rapidly develop new products and avoid product obsolescence; our
ability to retain, recruit and hire key executives, technical
personnel and other employees in the positions and numbers, with
the experience and capabilities, and at the compensation levels
needed to implement our business and product plans; lengthy product
development cycles that impact the timing of new product
introductions; the timing, rescheduling or cancellation of
significant customer orders and our ability, as well as the ability
of our customers, to manage inventory; unfavorable changes in
product mix; the quality of our products and any remediation costs;
shorter than expected product life cycles; problems or delays that
we may face in shifting our products to smaller geometry process
technologies and in achieving higher levels of design integration;
economic, social and political conditions in the countries in which
we, our customers or our suppliers operate, including security and
health risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; our ability to
continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties; and the
uncertainties of litigation, including disputes over intellectual
property, as well as other risks and uncertainties, including but
not limited to those detailed from time to time in our filings with
the Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and we undertake 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, Skyworks Solutions and Helios 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. SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED
STATEMENT OF OPERATIONS � � � � � � Three Months Ended Six Months
Ended � March 30, March 31, March 30, March 31, (in thousands,
except per share amounts) 2007� 2006� 2007� 2006� � Net revenues
$180,210� $185,234� $376,240� $383,559� Cost of goods sold 111,508�
115,884� 232,222� 239,486� Gross profit 68,702� 69,350� 144,018�
144,073� � Operating expenses: Research and development 31,383�
40,557� 61,795� 82,987� Selling, general and administrative 23,750�
25,710� 47,778� 48,963� Restructuring & other charges -� -�
5,473� -� Amortization of intangibles 536� 536� 1,072� 1,072� Total
operating expenses 55,669� 66,803� 116,118� 133,022� � Operating
income 13,033� 2,547� 27,900� 11,051� � Interest expense (4,114)
(4,446) (7,363) (8,258) Other income, net 2,903� 2,430� 5,058�
4,749� Income before income taxes 11,822� 531� 25,595� 7,542�
(Credit) provision for income taxes (375) (395) 1,361� 2,329� Net
income $12,197� $926� $24,234� $5,213� � Earnings per share: Basic
$0.08� $0.01� $0.15� $0.03� Diluted $0.08� $0.01� $0.15� $0.03�
Weighted average shares: Basic 160,687� 159,084� 160,935� 158,828�
Diluted 161,972� 159,629� 162,125� 159,212� SKYWORKS SOLUTIONS,
INC. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES � � � � � �
Three Months Ended Six Months Ended � March 30, March 31, March 30,
March 31, (in thousands) 2007� 2006� 2007� 2006� � GAAP operating
income $13,033� $2,547� $27,900� $11,051� Share-based compensation
expense [a] 4,045� 3,588� 6,071� 6,619� Restructuring & other
charges [b] -� -� 5,473� 1,796� Amortization of intangible assets
536� 536� 1,072� 1,072� Pro forma operating income $17,614� $6,671�
$40,516� $20,538� � � � � � � Three Months Ended Six Months Ended �
March 30, March 31, March 30, March 31, (in thousands) 2007� 2006�
2007� 2006� � GAAP net income $12,197� $926� $24,234� $5,213�
Share-based compensation expense [a] 4,045� 3,588� 6,071� 6,619�
Restructuring & other charges [b] -� -� 5,473� 1,796�
Amortization of intangible assets 536� 536� 1,072� 1,072� Deferred
financing expense adjustment [c] 564� 572� 564� 572� Tax
adjustments [d] (670) (988) 673� 179� Pro forma net income $16,672�
$4,634� $38,087� $15,451� � � � � � � Three Months Ended Six Months
Ended � March 30, March 31, March 30, March 31, 2007� 2006� 2007�
2006� � GAAP net income per share, diluted $0.08� $0.01� $0.15�
$0.03� Share-based compensation expense [a] 0.02� 0.02� 0.04� 0.04�
Restructuring & other charges [b] -� -� 0.03� 0.01�
Amortization of intangible assets -� -� 0.01� 0.01� Deferred
financing expense adjustment [c] -� 0.01� -� 0.01� Tax adjustments
[d] -� (0.01) -� -� Pro forma net income per share, diluted $0.10�
$0.03� $0.23� $0.10� [a] These charges represent expense recognized
in accordance with FASB Statement No. 123R, Share-Based Payment.
Approximately $0.3 million, $1.6 million and $2.1 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively, for
the three months ended March 30, 2007. Approximately $0.4 million,
$2.1 million and $3.6 million were included in cost of goods sold,
research and development expense and selling, general and
administrative expense, respectively, for the six months ended
March 30, 2007. For the three months ended March 31, 2006,
approximately $0.6 million, $1.5 million and $1.5 million were
included in cost of goods sold, research and development and
selling, general and administrative expense, respectively. For the
six months ended March 31, 2006, approximately $0.9 million, $2.9
million and $2.8 million were included in cost of goods sold,
research and development and selling, general and administrative
expense, respectively. [b] On October 2, 2006, the Company
announced that it was exiting its baseband product area in order to
focus on its core business encompassing linear products, power
amplifiers, front-end modules and radio solutions. Restructuring
and other charges recorded during the first quarter of fiscal 2007
primarily consisted of $1.4 million related to the write-down of
technology licenses and design software associated with the
baseband product area and $4.1 million related to lease obligations
associated with the shut-down of certain locations associated with
the baseband product area. The charges recorded during the first
quarter of fiscal 2006 primarily related to a continued reduction
in the level of activity with 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] The charge recorded during the three
months ended March 30, 2007 represents a write-off in deferred
financing costs associated with the redemption of $130 million of
the Company's 4.75% convertible subordinated notes. The charge
recorded during the three months ended March 31, 2006 represents a
write-off in deferred financing costs associated with the
retirement of $50.7 million of the Company's 4.75% convertible
subordinated notes. [d] During the three months and six months
ended March 30, 2007, these non-cash tax adjustments related to the
utilization of pre-merger deferred tax assets. During the three
months ended March 31, 2006, this adjustment represents the
reversal of the non-cash tax charge primarily related to the
utilization of pre-merger deferred tax assets recorded in the first
quarter of fiscal 2006. During the six months ended March 31, 2006,
this adjustment relates to foreign exchange translation associated
with the Company's foreign deferred tax assets. The above 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 � March 30, Sept. 29, (in thousands)
2007� 2006� Assets Current assets: Cash and cash equivalents
$158,749� $143,051� Short-term investments 64,050� 28,150� Accounts
receivable, net 161,192� 158,798� Inventories 76,186� 81,529�
Prepaid expenses and other current assets 8,004� 9,315� Property,
plant and equipment, net 148,921� 150,383� Goodwill and intangible
assets, net 507,230� 508,975� Other assets 16,483� 10,295� Total
assets $1,140,815� $1,090,496� � Liabilities and Equity Current
liabilities: Credit facility $40,071� $50,000� Convertible notes
49,335� -� Accounts payable 60,698� 73,071� Accrued liabilities and
other current liabilities 47,067� 52,549� Long-term debt 200,000�
179,335� Other long-term liabilities 6,658� 6,448� Stockholders'
equity 736,986� 729,093� Total liabilities and equity $1,140,815�
$1,090,496�
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