Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
reliability analog and mixed signal semiconductors enabling a broad
range of end markets, today reported third fiscal quarter 2009
results. Revenue for the quarter was $191.2 million, an 11 percent
sequential increase when compared to the second fiscal quarter of
2009 and exceeding the Company�s guidance of $182.0 million.
Non-GAAP operating income for the third fiscal quarter was $28.6
million, up 35 percent from $21.2 million in the second fiscal
quarter. Diluted non-GAAP earnings per share for the quarter was
$0.16, $0.02 better than consensus estimates. On a GAAP basis,
operating income for the third fiscal quarter was $21.5 million
versus an operating loss of $3.7 million in the second fiscal
quarter. GAAP diluted earnings per share was $0.12 as compared to a
$0.03 loss in the prior quarter.
�Skyworks exceeded all key financial targets in our third fiscal
quarter driven by program strength spanning analog, smart phone,
netbook, 3G infrastructure, mobile video and energy management
applications,� said David J. Aldrich, president and chief executive
officer of Skyworks. �Our strategy of diversifying into a broader
set of analog semiconductor sectors, consolidating share in core
markets and leveraging our scale advantages is increasingly
reflected in our improving financial performance. At a higher
level, we have never been better positioned to achieve our
long-term financial targets and create shareholder value.�
Business Highlights
- Expanded non-GAAP gross and
operating margins to 40.5 percent and 15.0 percent, respectively
(40.2 percent and 11.3 percent on a GAAP basis)
- Generated $140 million of cash
flow from operations on a fiscal year-to-date basis
- Introduced ultra low noise
amplifiers to address GPS, satellite radio, WCDMA and LTE
infrastructure markets
- Secured wireless local area
networking design wins at Intel
- Ramped production with ESCO
Technologies, Itron and Neptune to meet growing worldwide demand
for smart meter readers
- Supported Broadcom�s 802.11n
reference designs capturing 3 of the world�s top 4 netbook and
notebook OEMs
- Powered Samsung�s latest smart
phones and touch screen platforms with highly innovative EDGE and
WCDMA front-end solutions
- Acquired Axiom Microdevices,
Inc., the world�s only volume supplier of CMOS power amplifiers for
mobile handsets targeting emerging markets
Fourth Fiscal Quarter 2009 Outlook
�Although we remain cautious on the macro-economy, our expanding
product, market and customer footprints are setting the stage for a
much stronger back half of 2009 for Skyworks,� said Donald W.
Palette, vice president and chief financial officer of Skyworks.
�Specifically, we expect revenue for the September quarter to be up
10 percent sequentially with a 17 percent operating margin and
non-GAAP diluted earnings per share of $0.19. We also anticipate
another strong quarter of cash flow generation.�
Estimated non-GAAP diluted earnings per share for the fourth
fiscal quarter excludes approximately $6.8 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
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' Third Fiscal Quarter 2009 Conference Call
Skyworks will host a conference call with analysts to discuss
its third fiscal quarter 2009 results and business outlook today at
5:00 p.m. Eastern Daylight Time (EDT). 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 888-713-4494 (domestic) or 913-312-1494
(international), confirmation code: 2543095.
Playback of the conference call will begin at 9:00 p.m. EDT on
July 22, and end at 9:00 p.m. EDT on July 29. The replay will be
available on Skyworks' Web site or by calling 888-203-1112
(domestic) or 719-457-0820 (international), pass code: 2543095.
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 CONSOLIDATED STATEMENT
OF OPERATIONS � � � � � � Three Months Ended Nine Months Ended
� � July 3, June 27, July 3, June 27, (in thousands, except per
share amounts) � 2009 � � 2008 � � 2009 � � 2008 � Net revenues $
191,213 $ 215,210 $ 574,431 $ 627,451 Cost of goods sold � 114,263
� � 128,776 � � 348,739 � � 378,312 � Gross profit 76,950 86,434
225,692 249,139 � Operating expenses: Research and development
29,666 36,561 92,906 107,236 Selling, general and administrative
24,215 25,975 74,110 74,608 Restructuring & other charges - -
15,982 - Amortization of intangibles � 1,548 � � 1,101 � � 3,943 �
� 4,904 � Total operating expenses 55,429 63,637 186,941 186,748 �
Operating income 21,521 22,797 38,751 62,391 � Interest expense
(890 ) (1,658 ) (2,837 ) (5,635 ) Gain on early retirement of
convertible debt - - 2,035 - Other (expense) income, net � (32 ) �
1,064 � � 1,357 � � 4,997 � Income before income taxes 20,599
22,203 39,306 61,753 Provision for income taxes � 750 � � 1,737 � �
2,022 � � 5,536 � Net income $ 19,849 � $ 20,466 � $ 37,284 � $
56,217 � � Earnings per share: Basic $ 0.12 $ 0.13 $ 0.22 $ 0.35
Diluted $ 0.12 $ 0.12 $ 0.22 $ 0.34 Weighted average shares: Basic
167,062 162,095 165,971 161,166 Diluted 169,525 164,649 167,180
163,323
SKYWORKS SOLUTIONS, INC. UNAUDITED RECONCILIATION
OF NON-GAAP MEASURES � � � � Three Months Ended Nine Months
Ended � � July 3, June 27, July 3, June 27, (in thousands) � 2009 �
� 2008 � � 2009 � � 2008 � � GAAP gross profit $ 76,950 $ 86,434 $
225,692 $ 249,139 � Share-based compensation expense [a] 522 651
2,259 2,162 Cost of goods sold adjustments [b] - - 3,458 -
Acquisition related expense [c] � - � � 330 � � - � � 1,281 �
Non-GAAP gross profit $ 77,472 � $ 87,415 � $ 231,409 � $ 252,582 �
� Non-GAAP gross margin % 40.5 % 40.6 % 40.3 % 40.3 % � � Three
Months Ended Nine Months Ended � July 3, June 27, July 3, June 27,
(in thousands) � 2009 � � 2008 � � 2009 � � 2008 � � GAAP operating
income $ 21,521 $ 22,797 $ 38,751 $ 62,391 Share-based compensation
expense [a] 5,468 6,112 16,321 16,762 Cost of goods sold
adjustments [b] - - 3,458 - Restructuring & other charges [b] -
- 15,982 - Acquisition related expense [c] - 330 - 1,281
Amortization of intangible assets [c] 1,548 1,101 3,943 4,904
Selling, general and administrative adjustments [d] (124 ) - (523 )
(502 ) Deferred executive compensation � 164 � � - � � 490 � � - �
Non-GAAP operating income $ 28,577 � $ 30,340 � $ 78,422 � $ 84,836
� � Non-GAAP operating margin % 14.9 % 14.1 % 13.7 % 13.5 % � �
Three Months Ended Nine Months Ended � July 3, June 27, July 3,
June 27, (in thousands) � 2009 � � 2008 � � 2009 � � 2008 � � GAAP
net income $ 19,849 $ 20,466 $ 37,284 $ 56,217 Share-based
compensation expense [a] 5,468 6,112 16,321 16,762 Cost of goods
sold adjustments [b] - - 3,458 - Restructuring & other charges
[b] - - 15,982 - Acquisition related expense [c] - 330 - 1,281
Amortization of intangible assets [c] 1,548 1,101 3,943 4,904
Selling, general and administrative adjustments [d] (124 ) - (523 )
(502 ) Deferred executive compensation 164 - 490 - Gain on early
retirement of convertible debt [e] - - (2,035 ) - Tax adjustments
[f] � 116 � � 921 � � (253 ) � 3,455 � Non-GAAP net income $ 27,021
� $ 28,930 � $ 74,667 � $ 82,117 � � � Three Months Ended Nine
Months Ended � July 3, June 27, July 3, June 27, � 2009 � � 2008 �
� 2009 � � 2008 � � GAAP net income per share, diluted $ 0.12 $
0.12 $ 0.22 $ 0.34 Share-based compensation expense [a] 0.03 0.04
0.10 0.10 Cost of goods sold adjustments [b] - - 0.02 -
Restructuring & other charges [b] - - 0.10 - Acquisition
related expense [c] - - - 0.01 Amortization of intangible assets
[c] 0.01 0.01 0.02 0.03 Gain on early retirement of convertible
debt [e] - - (0.01 ) - Tax adjustments [f] � - � � 0.01 � � - � �
0.02 � Non-GAAP net income per share, diluted $ 0.16 � $ 0.18 � $
0.45 � $ 0.50 � � � [a]
These charges represent expense
recognized in accordance with FASB Statement No. 123(R),
Share-Based Payment. Approximately $0.5 million, $1.6 million and
$3.4 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the three months ended July 3, 2009.
Approximately $2.3 million, $4.4 million and $9.6 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively, for
the nine months ended July 3, 2009.
�
For the three months ended June
27, 2008, approximately $0.7 million, $2.4 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 nine months ended June 27, 2008,
approximately $2.2 million, $6.2 million and $8.4 million were
included in cost of goods sold, research and development expense
and selling, general and administrative expense, respectively.
� [b]
During the second quarter of
fiscal 2009, the Company implemented a restructuring plan to reduce
global headcount by approximately 4%, or 150 employees.
�
The total charges related to the
plan were $19.4 million. Due to accounting classifications, the
charges associated with the plan are recorded in various lines and
are summarized as follows:
� Cost of goods sold adjustments include approximately $3.5 million
of inventory write-downs. �
Restructuring and other charges
primarily consisted of $4.5 million related to severance and
benefits, $5.6 million related to the impairment of long-lived
assets, $2.0 million related to lease obligations, $2.3 million
related to the impairment of technology licenses and design
software and $1.5 million related to other charges.
� [c]
During the three months ended July
3, 2009, Skyworks acquired Axiom Microdevices. The purchase
accounting charges recognized during the three months and nine
months ended July 3, 2009 include $0.3 million amortization of
acquisition related intangibles. Amortization expense of $1.2
million and $3.6 million, respectively, relates to previous
business combinations.
�
The purchase accounting charges
recognized during the three months ended June 27, 2008 include $1.4
million amortization of acquisition related intangibles. Of the
$1.4 million, $0.3 million was included in cost of sales.
�
The purchase accounting charges
recognized during the nine months ended June 27, 2008 include a
$0.7 million charge to cost of sales related to the sale of
acquisition related inventory and $5.5 million amortization of
acquisition related intangibles. Of the $5.5 million, $0.6 million
was included in cost of sales.
� [d]
On October 2, 2006, the Company
announced that it was exiting its baseband product area. For the
three months and nine months ended July 3, 2009, selling, general
and administrative adjustments of $0.1 million and $0.5 million,
respectively, represent a recovery of bad debt expense on specific
accounts receivable associated with baseband product.
�
For the nine months ended June 27,
2008, selling, general and administrative adjustments of $0.5
million represent a recovery of bad debt expense on specific
accounts receivable associated with baseband product.
� [e]
The gain recorded during the first
quarter of fiscal 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.
� [f]
During the three months and nine
months ended July 3, 2009, this adjustment primarily relates to the
Company's application of its annual cash tax rate to non-GAAP
income.
�
During the three months and nine
months ended June 27, 2008, these charges are primarily related to
a non-cash tax charge related to the utilization of pre-merger
deferred tax assets and a non-cash tax benefit related to other tax
adjustments.
� �
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 � � July 3, Oct. 3, (in thousands) 2009 2008
Assets Current assets: Cash and cash equivalents $ 308,366 $
231,066 Accounts receivable, net 112,462 146,710 Inventories 89,241
103,791 Prepaid expenses and other current assets 16,253 13,089
Property, plant and equipment, net 157,994 173,360 Goodwill and
intangible assets, net 510,955 503,417 Other assets � 63,988 �
64,666 Total assets $ 1,259,259 $ 1,236,099 �
Liabilities and
Equity Current liabilities: Credit facility $ 50,000 $ 50,000
Convertible notes 50,000 - Accounts payable 49,565 58,527 Accrued
liabilities and other current liabilities 42,369 40,213 Long-term
debt 47,116 137,616 Other long-term liabilities 5,402 5,527
Stockholders' equity � 1,014,807 � 944,216 Total liabilities and
equity $ 1,259,259 $ 1,236,099
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