Skyworks Solutions, Inc. (NASDAQ:SWKS), an innovator of high
reliability analog and mixed signal semiconductors enabling a broad
range of end markets, today announced first fiscal quarter 2009
results. Revenue for the quarter was $210.2 million compared to
$210.5 million in the year-ago period.
On a non-GAAP basis, operating income was $28.6 million matching
the $28.6 million from the first fiscal quarter of 2008. Non-GAAP
diluted earnings per share for the quarter was $0.17 and $0.02
better than consensus estimates. On a GAAP basis, operating income
for the first fiscal quarter was $21.0 million, in line with the
year-ago timeframe. GAAP diluted earnings per share was $0.13 for
the period versus $0.12 in the first fiscal quarter of 2008.
�Despite significant market weakness, Skyworks delivered solid
financial performance and outperformed in the first fiscal quarter
of 2009 driven by accelerating energy management program ramps, new
analog component product launches and smart phone demand,� said
David J. Aldrich, president and chief executive officer of
Skyworks. �During the quarter we generated $75 million of cash flow
from operations, retired $41 million of convertible debt for $0.93
on the dollar and exited with a quarter of a billion dollars in
cash and equivalents. Looking forward, though the market
environment remains uncertain, Skyworks is taking steps to further
differentiate and position our business for the eventual market
recovery. Specifically, early in the quarter, we transitioned
development resources from our low margin 3.5G and 4G cellular
transceiver programs to our clearly identified higher growth,
adjacent analog markets.
The net effect is a reduction in our operating expenses of more
than $20 million annually. These actions will enable us to
capitalize on our expanding market opportunity and rich product
pipeline while improving operating income. In summary, our
performance and actions reflect our commitment to further
strengthening our strategic position, enhancing profitability and
creating shareholder value.�
Financial Achievements
- Expanded gross margin 50 basis
points year-over-year to 40.3 percent on a non-GAAP basis (39.9
percent on a GAAP basis)
- Maintained 13.6 percent
operating margin on a non-GAAP basis (10.0 percent on a GAAP
basis)
- Exited Q1 FY09 with $250 million
of cash and cash equivalents
Product Highlights
- Ramped energy management
semiconductor solutions in support of Itron, Sensus, Landis &
Gyr and others with more than 30 percent sequential growth
- Gained traction at
Nokia-Siemens, Huawei and ZTE with 3G base station solutions
- Introduced industry�s first 4G
LTE, multi-band, multi-mode FDD/TDD front-end modules
- Launched a portfolio of SMT
discretes for high performance mixer and detector applications
Second Fiscal Quarter 2009 Outlook
�Our fab-lite, hybrid manufacturing strategy coupled with the
completion of our operating expense reduction initiative will
enable us to deliver non-GAAP diluted earnings per share of $0.10
to $0.11 in the second fiscal quarter of 2009,� said Donald W.
Palette, vice president and chief financial officer of Skyworks.
�The ongoing inventory contraction is exacerbating traditional
market seasonality, and as a result, we believe the supply chain
sell-in will decline 20 to 30 percent sequentially in the March
quarter. Against this backdrop, we are forecasting our revenue to
decrease 20 percent sequentially.�
Estimated non-GAAP diluted earnings per share for the second
fiscal quarter excludes approximately $5 million of FASB Statement
No. 123(R) - related expenses and previously disclosed
non-recurring restructuring charges of roughly $18 million.
Non-GAAP results, which are a supplement to financial results
based on GAAP, exclude certain charges including but not limited to
share-based compensation, business restructuring charges,
amortization of intangible assets, tax valuation allowance
reversals, 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' First Fiscal Quarter 2009 Conference Call
Skyworks will host a conference call with analysts to discuss
its first fiscal quarter 2009 results and business outlook today at
5:00 p.m. Eastern Standard Time (EST). 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 888-219-1420 (domestic) or 913-312-1420
(international), confirmation code: 1852743. Playback of the
conference call will begin at 9:00 p.m. EST today and end at 9:00
p.m. EST on February 12. The replay will be available on Skyworks'
Web site or by calling 888-203-1112 (domestic) or 719-457-0820
(international), pass code: 1852743.
About Skyworks
Skyworks Solutions, Inc. is an innovator of high reliability
analog and mixed signal semiconductors. Leveraging core
technologies, Skyworks offers diverse standard and custom linear
products supporting automotive, broadband, cellular infrastructure,
energy management, industrial, medical, military and mobile handset
applications. The Company�s portfolio includes amplifiers,
attenuators, detectors, diodes, directional couplers, front-end
modules, hybrids, infrastructure RF subsystems,
mixers/demodulators, phase shifters, PLLs/synthesizers/VCOs, power
dividers/combiners, receivers, switches and technical ceramics.
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," "forecasts,"
"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:
unprecedented uncertainty regarding global economic and financial
market conditions; the susceptibility of the wireless semiconductor
industry and the markets addressed by our, and our customers',
products to economic downturns; 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; changes in laws,
regulations and/or policies in the United States that could
adversely affect financial markets and our ability to raise
capital; our ability to develop, manufacture and market innovative
products in a highly price competitive and rapidly changing
technological environment; 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; 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;
uncertainties of litigation, including potential disputes over
intellectual property infringement and rights, as well as payments
related to the licensing and/or sale of such rights; 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; and our ability
to continue to grow and maintain an intellectual property portfolio
and obtain needed licenses from third parties, 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 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 GAAP CONSOLIDATED
STATEMENT OF OPERATIONS � � � � � � � � Quarter Ended � Jan. 2,
Dec. 28, (in thousands) 2009 2007 � � Net revenues $ 210,228 $
210,533 Cost of goods sold 126,361 � 128,195 � Gross profit 83,867
82,338 � Operating expenses: Research and development 34,644 34,094
Selling, general and administrative 27,101 25,287 Amortization of
intangible assets 1,149 � 1,932 � Total operating expenses 62,894
61,313 � Operating income 20,973 21,025 � Interest expense (1,139 )
(2,208 ) Gain on early retirement of convertible debt 2,035 - Other
income, net 1,402 � 2,050 � Income before income taxes 23,271
20,867 Provision for income taxes 1,247 � 1,789 � Net income $
22,024 � $ 19,078 � � Earnings per share: Basic $ 0.13 $ 0.12
Diluted $ 0.13 $ 0.12 Weighted average shares: Basic 164,855
160,319 Diluted 165,188 162,836 �
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES � � � � � � �
� Quarter Ended � Jan. 2, Dec. 28, (in thousands) 2009 2007 � GAAP
gross profit $ 83,867 $ 82,338 Share-based compensation expense [a]
909 834 Acquisition related expense [c] - � 615 � Non-GAAP gross
profit $ 84,776 � $ 83,787 � � Non-GAAP gross margin % 40.3 % 39.8
% � � � � Quarter Ended � Jan. 2, Dec. 28, (in thousands) 2009 2007
� GAAP operating income $ 20,973 $ 21,025 Share-based compensation
expense [a] 6,589 5,007 Selling, general and administrative
adjustments [b] (249 ) - Acquisition related expense [c] - 615
Amortization of intangible assets [c] 1,149 1,932 Deferred
executive compensation 163 � - � Non-GAAP operating income $ 28,625
� $ 28,579 � � � � � Quarter Ended � Jan. 2, Dec. 28, (in
thousands) 2009 2007 � GAAP net income $ 22,024 $ 19,078
Share-based compensation expense [a] 6,589 5,007 Selling, general
and administrative adjustments [b] (249 ) - Acquisition related
expense [c] - 615 Amortization of intangible assets [c] 1,149 1,932
Deferred executive compensation 163 - Gain on early retirement of
convertible debt [d] (2,035 ) - Tax adjustments [e] - � 1,221 �
Non-GAAP net income $ 27,641 � $ 27,853 � � � � � Quarter Ended �
Jan. 2, Dec. 28, 2009 2007 � GAAP net income per share, diluted $
0.13 $ 0.12 Share-based compensation expense [a] 0.04 0.03
Amortization of intangible assets [c] 0.01 0.01 Gain on early
retirement of convertible debt [d] (0.01 ) - Tax adjustments [e] -
� 0.01 � Non-GAAP net income per share, diluted $ 0.17 � $ 0.17 � �
[a] These charges represent expense recognized in accordance with
FASB Statement No. 123(R), Share-Based Payment. Approximately $0.9
million, $1.7 million and $4.0 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively, for the three months
ended January 2, 2009. Approximately $0.8 million, $1.2 million and
$3.0 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the three months ended December 28,
2007. � [b]
On October 2, 2006, the Company
announced that it was exiting its baseband product area. For the
three months ended January 2, 2009, selling, general and
administrative adjustments of $0.2 million represents a recovery of
bad debt expense on specific accounts receivable associated with
baseband product.
� [c] 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 January 2, 2009 include $0.6 million related to
amortization of acquisition related intangibles. Amortization
expense of $0.5 million primarily relates to a previous business
combination. � The purchase accounting charges recognized during
the quarter ended December 28, 2007 include a $0.6 million charge
to cost of sales related to the sale of acquisition related
inventory and $1.4 million amortization of acquisition related
intangibles. Amortization expense of $0.5 million relates to a
previous business combination. � [d]
The gain recorded during the three
months ended January 2, 2009 relates to the early retirement of
$40.5 million of the Company's 1.50% convertible subordinated
notes. The notes were retired at a gain of approximately $2.9
million offset by a $0.9 million write-off of deferred financing
costs.
� [e] During the three months ended December 28, 2007, 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 � � � � Jan. 2, Oct. 3, (in
thousands) 2009 2008
Assets Current assets: Cash and cash
equivalents $ 249,657 $ 231,066 Accounts receivable, net 108,871
146,710 Inventories 98,551 103,791 Prepaid expenses and other
current assets 12,366 13,089 Property, plant and equipment, net
175,127 173,360 Goodwill and intangible assets, net 503,488 503,417
Other assets 63,629 64,666 Total assets $ 1,211,689 $ 1,236,099 �
Liabilities and Equity Current liabilities: Credit facility
$ 50,000 $ 50,000 Accounts payable 52,578 58,527 Accrued
liabilities and other current liabilities 32,731 40,213 Long-term
debt 97,116 137,616 Other long-term liabilities 4,994 5,527
Stockholders' equity 974,270 944,216 Total liabilities and equity $
1,211,689 $ 1,236,099
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