MANHASSET, N.Y. Cypress Semiconductor Corp. posted a net loss of $65.1 million, or 50 cents per share on sales of $200.3 million in the first quarter, compared to $28 million, or 22 cents per share on sales of $210.2 million in the previous quarter.
The first-quarter loss for Cypress (San Jose, Calif.) included restructuring charges of $19.0 million. On an adjusted GAAP basis, Cypress' loss was 19 cent per share.
On the average, analysts expected Cypress to post a 13 cent per share loss on sales of $210 million.
"Our revenue for the 2005 first quarter came in at the bottom of the range we provided in guidance at the beginning of the quarter," said T.J. Rodgers, president and chief executive of Cypress, in a statement. "However, we believe that the first quarter was the bottom of this current slowdown."
During the first quarter, Cypress announced a restructuring plan that included cutting 200 jobs
and merging its Timing Technology division and Personal Communications division into a new division called Consumer and Computation. Rodgers expects the restructuring to help Cypress achieve profitability or breakeven earnings in the second quarter.
'We have started the second quarter with a better backlog position than last quarter's and bookings to date are strong," Rodgers said.