Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog and mixed signal semiconductors enabling mobile
connectivity, today announced second fiscal quarter 2008 results
for the period ended March 28, 2008. Revenue for the quarter was
$201.7 million � ahead of the company�s guidance for $200.0 million
and substantially better than market seasonality. On a non-GAAP
basis, operating income for the second fiscal quarter was $25.9
million, up 47 percent from the $17.6 million reported in the
previous year, while net income was $25.3 million, up 52 percent,
versus $16.7 million last period. Non-GAAP diluted earnings per
share was $0.16, $0.01 ahead of consensus estimates and up 60
percent year-over-year. On a GAAP basis, operating income for the
second fiscal quarter was $18.6 million as compared to $13.0
million in the year-ago timeframe, while net income was $16.7
million versus $12.2 million, respectively. GAAP diluted earnings
per share was $0.10. �We are pleased to report that Skyworks
delivered a solid quarter of profitable growth through increasing
diversification and market share gains,� said David J. Aldrich,
president and chief executive officer of Skyworks. �Our results
demonstrate the strength of Skyworks� business model and progress
towards realizing our vision of enabling mobile connectivity in an
increasingly diverse set of markets. To that end, we continue to
leverage our technical expertise in analog and RF design to solve
increasingly complex customer requirements through product
innovation and manufacturing scale. We believe that this
technological and operational differentiation is positioning us to
outperform the analog semiconductor industry.� Second Fiscal
Quarter Highlights Expanded gross margin to 40.3 percent on a
non-GAAP basis (39.8 percent on a GAAP basis) � a 200 basis point
year-over-year increase and the fourth consecutive quarter of
improvement Generated $40 million of cash flow from operations
Launched low power RF solutions for industrial, scientific and
medical bands Captured key design wins for special mobile radio,
RFID, meter reading and industrial control applications Supplied
Siemens, a leading wireless module provider, with radio solutions
for machine-to-machine applications including transportation
logistics, traffic systems and vending management Supported
Samsung�s award winning FEMTO cell base stations with innovative RF
systems Ramped multimode Intera� front-end modules (FEMs) across
all tier-one handset OEMs as well as two leading smartphone
suppliers Introduced the industry�s first FEM for 3.9G/long term
evolution (LTE) applications Unveiled new high-efficiency linear
power amplifiers for WCDMA handsets Increased shipments of GPRS
FEMs for system-on-chip (SoC) architectures Won LG Electronics�
2007 Best Supplier Award Third Fiscal Quarter 2008 Outlook �Based
on continued end market diversification and new product ramps at
leading handset customers, we are experiencing healthy demand and
accelerating growth. More specifically, we are forecasting revenue
of approximately $210 million � representing a 20 percent growth on
a year-over-year basis,� said Donald W. Palette, vice president and
chief financial officer of Skyworks. �At the same time, we expect
to further expand gross and operating margins. In turn, we intend
to deliver $0.17 of diluted earnings per share on a non-GAAP basis
� a greater than 50 percent year-over-year improvement in bottom
line performance.� Estimated non-GAAP diluted earnings per share
excludes approximately $5 million of FASB Statement No.
123(R)-related expenses. Non-GAAP results, which are a supplement
to financial results based on GAAP, exclude certain charges
including but not limited to equity-based compensation, baseband
exit charges, 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 financial
performance. Skyworks' Second Fiscal Quarter 2008 Conference Call
Skyworks will host a conference call with analysts to discuss its
second fiscal quarter 2008 results and business outlook today 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 877-419-6600 (domestic) or 719-325-4900
(international), confirmation code: 1893694. Playback of the
conference call will begin at 9 p.m. Eastern on April 22, and end
at 9 p.m. Eastern on April 29. The replay will be available on
Skyworks' Web site or by calling 888-203-1112 (domestic) or
719-457-0820 (international), pass code: 1893694. 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: uncertainty regarding global
economic and financial market conditions; 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; delays or disruptions in production due to
equipment maintenance, repairs and/or upgrades; our reliance on
several key customers for a large percentage of our sales;
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; the
timing, rescheduling or cancellation of significant customer orders
and our ability, as well as the ability of our customers, to manage
inventory; losses or curtailments of purchases or payments from key
customers, or the timing of customer inventory adjustments; 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; 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, Helios and Intera
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 28, March 30, March 28, March 30, (in
thousands, except per share amounts) � 2008 � � 2007 � � 2008 � �
2007 � Net revenues $ 201,708 $ 180,210 $ 412,241 $ 376,240 Cost of
goods sold � 121,341 � � 111,508 � � 249,536 � � 232,222 � Gross
profit 80,367 68,702 162,705 144,018 � Operating expenses: Research
and development 36,581 31,383 70,675 61,795 Selling, general and
administrative 23,346 23,750 48,633 47,778 Restructuring &
other charges - - - 5,473 Amortization of intangibles � 1,871 � �
536 � � 3,803 � � 1,072 � Total operating expenses 61,798 55,669
123,111 116,118 � Operating income 18,569 13,033 39,594 27,900 �
Interest expense (1,769 ) (4,114 ) (3,977 ) (7,363 ) Other income,
net � 1,883 � � 2,903 � � 3,933 � � 5,058 � Income (loss) before
income taxes 18,683 11,822 39,550 25,595 Provision (credit) for
income taxes � 2,010 � � (375 ) � 3,799 � � 1,361 � Net income $
16,673 � $ 12,197 � $ 35,751 � $ 24,234 � � Earnings per share:
Basic $ 0.10 $ 0.08 $ 0.22 $ 0.15 Diluted $ 0.10 $ 0.08 $ 0.22 $
0.15 Weighted average shares: Basic 161,165 160,687 160,742 160,935
Diluted 162,982 161,972 162,740 162,125 SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES � � � � � Three
Months Ended Six Months Ended � � March 28, March 30, March 28,
March 30, (in thousands) � 2008 � � 2007 � � 2008 � � 2007 � � GAAP
gross profit $ 80,367 $ 68,702 $ 162,705 $ 144,018 Share-based
compensation expense [a] 677 276 1,511 401 Acquisition related
expense [b] � 336 � � - � � 951 � � - � Non-GAAP gross profit $
81,380 � $ 68,978 � $ 165,167 � $ 144,419 � � Non-GAAP gross margin
% 40.3 % 38.3 % 40.1 % 38.4 % � � Three Months Ended Six Months
Ended � March 28, March 30, March 28, March 30, (in thousands) �
2008 � � 2007 � � 2008 � � 2007 � � GAAP operating income $ 18,569
$ 13,033 $ 39,594 $ 27,900 Share-based compensation expense [a]
5,643 4,045 10,650 6,071 Acquisition related expense [b] 336 - 951
- Selling, general and administrative adjustments [c] (502 ) - (502
) - Restructuring & other charges [c] - - - 5,473 Amortization
of intangible assets [b] � 1,871 � � 536 � � 3,803 � � 1,072 �
Non-GAAP operating income $ 25,917 � $ 17,614 � $ 54,496 � $ 40,516
� � � Three Months Ended Six Months Ended � March 28, March 30,
March 28, March 30, (in thousands) � 2008 � � 2007 � � 2008 � �
2007 � � GAAP net income $ 16,673 $ 12,197 $ 35,751 $ 24,234
Share-based compensation expense [a] 5,643 4,045 10,650 6,071
Acquisition related expense [b] 336 - 951 - Selling, general and
administrative adjustments [c] (502 ) - (502 ) - Restructuring
& other charges [c] - - - 5,473 Amortization of intangible
assets [b] 1,871 536 3,803 1,072 Deferred financing expense
adjustment [d] - 564 - 564 Tax adjustments [e] � 1,313 � � (670 ) �
2,534 � � 673 � Non-GAAP net income $ 25,334 � $ 16,672 � $ 53,187
� $ 38,087 � � � Three Months Ended Six Months Ended � March 28,
March 30, March 28, March 30, � 2008 � � 2007 � � 2008 � � 2007 � �
GAAP net income per share, diluted $ 0.10 $ 0.08 $ 0.22 $ 0.15
Share-based compensation expense [a] 0.04 0.02 0.07 0.04
Acquisition related expense [b] - - 0.01 - Selling, general and
administrative adjustments [c] - - (0.01 ) - Restructuring &
other charges [c] - - - 0.03 Amortization of intangible assets [b]
0.01 - 0.02 0.01 Tax adjustments [e] � 0.01 � � - � � 0.02 � � - �
Non-GAAP net income per share, diluted $ 0.16 � $ 0.10 � $ 0.33 � $
0.23 � � [a] These charges represent expense recognized in
accordance with FASB Statement No. 123(R), Share-Based Payment.
Approximately $0.7 million, $2.6 million and $2.3 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 28, 2008. Approximately $1.5 million,
$3.8 million and $5.3 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 28, 2008. � For the three months ended March 30, 2007,
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 six 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. � [b] During the first
quarter of fiscal 2008, Skyworks acquired Freescale Semiconductor's
power amplifier and front-end module product line. The purchase
accounting charges recognized during the three months ended March
28, 2008 include $1.6 million amortization of acquisition related
intangibles. Of the $1.6 million, $0.3 million was included in cost
of sales. Amortization expense of $0.6 million relates to a
previous business combination. � The purchase accounting charges
recognized during the six months ended March 28, 2008 include a
$0.6 million charge to cost of sales related to the sale of
acquisition related inventory and $2.9 million amortization of
acquisition related intangibles. Of the $2.9 million, $0.3 million
was included in cost of sales. Amortization expense of $1.2 million
relates to a previous business combination. � [c] 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. Selling, general and administrative adjustments of $0.5
million represent a recovery of bad debt expense on specific
accounts receivable associated with baseband product. �
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. � [d] The charges
recorded during fiscal year 2007 represent a write-off in deferred
financing costs associated with the redemption of $130.0 million of
the Company's 4.75% convertible subordinated notes. � [e] During
the three months and six months ended March 28, 2008 and March 30,
2007, respectively, these charges primarily represent a non-cash
tax charge related to the utilization of pre-merger 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
financial 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 28, Sept. 28, (in thousands) 2008 2007 Assets Current assets:
Cash and cash equivalents $ 228,459 $ 248,079 Short-term
investments - 5,700 Accounts receivable, net 164,604 167,319
Inventories 94,272 82,109 Prepaid expenses and other current assets
8,926 10,511 Property, plant and equipment, net 168,881 153,516
Goodwill and intangible assets, net 514,497 494,332 Other assets �
28,652 � 28,342 Total assets $ 1,208,291 $ 1,189,908 � Liabilities
and Equity Current liabilities: Credit facility $ 50,000 $ 50,000
Convertible notes - 49,335 Accounts payable 76,691 56,417 Accrued
liabilities and other current liabilities 37,273 41,471 Long-term
debt 200,000 200,000 Other long-term liabilities 6,879 6,338
Stockholders' equity � 837,448 � 786,347 Total liabilities and
equity $ 1,208,291 $ 1,189,908
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