Cypress Reports Q4 EPS of $.25 vs. $.24

Cypress Semiconductor Corp. CY today announced that non-GAAP1 revenue for the 2010 fourth quarter was $226.6 million, down 2.3% from $231.9 million for the prior quarter, and up 16.8% from $194.0 million for the year-ago period. GAAP revenue for the 2010 fourth quarter—which included a reduction of $6.3 million due to the accounting treatment for settling a long-standing civil antitrust lawsuit on SRAMs—was $220.3 million. Cypress recorded GAAP net income of $9.1 million in the 2010 fourth quarter, or diluted earnings per share of $0.05. This compares with last quarter's diluted earnings per share of $0.18 and a diluted earnings per share in the year-ago fourth quarter of $0.02. Non-GAAP net income for the 2010 fourth quarter—excluding stock-based compensation, acquisition-related charges, the SRAM legal settlement, restructuring and other special charges and credits—totaled $50.6 million, or diluted earnings per share of $0.25. That compares with non-GAAP1 diluted earnings per share of $0.28 for the prior quarter and diluted net earnings per share of $0.16 for the year-ago fourth quarter.