Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
reliability analog and mixed signal semiconductors enabling a broad
range of end markets, today raised its financial outlook for the
second quarter of fiscal 2010 driven by strong demand for mobile
Internet, smart grid and new, high growth analog applications. For
the current quarter, Skyworks now expects revenue in the range of
$230 - $235 million and non-GAAP diluted earnings per share of
$0.22 - $0.23.
The Company will be presenting at the Raymond James and Stephens
investor conferences in Orlando and San Francisco, respectively,
and will host institutional investors at its headquarters in
Woburn, MA and at its facility in Irvine, CA in the coming
weeks.
For information regarding the use of a non-GAAP EPS estimate in
this press release, please refer to the Discussion Regarding the
Use of Non-GAAP Financial Measures set forth below.
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 without limitation information
relating to future results and expectations of Skyworks (including
without limitation certain projections and business trends).
Forward-looking statements can often be identified by words such as
"anticipates," "expects," "forecasts," "intends," "believes,"
"plans," "may," "will," or "continue," and similar expressions and
variations or negatives of these words. All such statements are
subject to certain risks, uncertainties and other important factors
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, uncertainties and other important factors include,
but are not limited to: 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 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.
SKYWORKS SOLUTIONS,
INC.DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL
MEASURES
This press release contains a forward looking estimate of net
income per share (diluted) which has not been calculated in
accordance with United States Generally Accepted Accounting
Principles (GAAP). We estimate such forward looking non-GAAP net
income per share (diluted) by excluding
certain expenses and other items from the respective
GAAP financial estimate. Management uses certain non-GAAP financial
measures, including net income per share (diluted) to evaluate our
operating performance and compare it against past periods, make
operating decisions, forecast for future periods, compare operating
performance against peer companies and determine payments under
certain compensation programs. These non-GAAP financial measures
provide management with additional means to understand and evaluate
the operating results and trends in our
ongoing business by eliminating certain non-recurring
expenses (which may not occur in each period presented) and other
items that management believes might otherwise make comparisons of
our ongoing business with prior periods more difficult, obscure
trends in ongoing operations or reduce management's ability to make
useful forecasts.
We provide investors with non-GAAP financial measures because we
believe it is important for investors to be able to closely monitor
and understand changes in our ability to generate income from
ongoing business operations. We believe these non-GAAP financial
measures give investors a more effective method to evaluate
historical operating performance and identify trends, additional
means of evaluating period-over-period operating performance and a
method to facilitate certain comparisons of operating results to
peer companies. We further believe that providing non-GAAP net
income per share (diluted) allows investors to better assess the
overall financial performance of ongoing operations by eliminating
the impact of certain financing decisions related to our
convertible debt and certain tax items which may not occur in each
period for which financial information is presented and which
represent gains or losses unrelated to our ongoing operations. We
believe that disclosing non-GAAP financial measures contributes to
enhanced financial reporting transparency and provides
investors with added clarity.
We calculate non-GAAP net income per share (diluted) by
excluding from GAAP net income, stock compensation expense,
restructuring-related charges, acquisition-related expenses,
amortization of discount on convertible debt, and certain deferred
executive compensation, as well as certain items related to the
retirement of convertible debt, and certain tax items, which may
not occur in all periods for which financial information is
presented. We exclude the items identified above from non-GAAP net
income per share (diluted) for the reasons set forth with respect
to each such excluded item below:
Stock Compensation - because (1) the total amount of expense is
partially outside of our control because it is based on factors
such as stock price volatility and interest rates, which may be
unrelated to our performance during the period in which the expense
is incurred, (2) it is an expense based upon a valuation
methodology premised on assumptions that vary over time, and (3)
the amount of the expense can vary significantly between companies
due to factors that can be outside of the control of such
companies.
Restructuring-Related Charges - because, to the extent such
charges impact a period presented, we believe that they have no
direct correlation to future business operations and including such
charges does not accurately reflect the performance of our ongoing
operations for the period in which such charges are incurred.
Acquisition-Related Expenses - including, when applicable,
amortization of acquired intangible assets, because they are not
considered by management in making operating decisions and we
believe that such expenses do not have a direct correlation to
future business operations and thereby including such charges does
not accurately reflect the performance of our ongoing operations
for the period in which such charges are incurred.
Amortization of Discount on Convertible Debt - comprised of the
amortization of the debt discount recorded at inception of the
convertible debt borrowing related to the adoption of ASC 470-20,
because the expense is dependent on fair value assessments and is
not considered by management when making operating or financing
decisions.
Deferred Executive Compensation - including charges related to
any contingent obligation pursuant to an executive severance
agreement because we believe the period over which the obligation
is amortized may not reflect the period of benefit and that such
expense has no direct correlation with our recurring business
operations and including such expenses does not accurately reflect
the compensation expense for the period in which incurred.
Gains and Losses on Retirement of Convertible Debt - because, to
the extent that gains or losses from such repurchases impact a
period presented, we do not believe that they reflect the
underlying performance of ongoing business operations for such
period.
Certain Income Tax Items - including certain deferred tax
charges and benefits which do not result in a current tax payment
or tax refund and other adjustments which are not indicative of
ongoing business operations.
The non-GAAP estimate of net income per share (diluted)
presented in this press release should not be considered in
isolation and is not an alternative for GAAP net income per share
(diluted). Investors are cautioned against placing undue reliance
on this non-GAAP financial measure and are urged to review and
consider carefully the adjustments made by management to the
corresponding GAAP financial measure. Non-GAAP financial measures
may have limited value as analytical tools because they may exclude
certain expenses that some investors consider important in
evaluating operating performance or ongoing business. Further,
non-GAAP financial measures are likely to have limited value for
purposes of drawing comparisons between companies because different
companies may calculate similarly titled non-GAAP financial
measures in different ways because non-GAAP measures are not based
on any comprehensive set of accounting rules or principles.
We are unable to provide a reconciliation of our forward looking
estimate of our second fiscal quarter (Q2 2010) non-GAAP net income
per share (diluted) to a forward looking estimate of Q2 2010 GAAP
net income per share (diluted) because certain information needed
to make a reasonable forward looking estimate of GAAP net income
per share (diluted) for Q2 2010 (other than estimated stock
compensation expense of $0.05 per diluted share, certain tax items
of $0.04 per diluted share, estimated acquisition related expense
of $0.01 per diluted share and estimated deferred executive
compensation expense with a de minimis impact per diluted share) is
difficult to predict and estimate and is often dependent on future
events which may be uncertain or outside of our control (e.g.,
gains and losses on retirement of convertible debt). Our forward
looking estimates of both GAAP and non-GAAP measures of our
financial performance may differ materially from our actual results
and should not be relied upon as statements of fact.
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