SAN FRANCISCOCypress Semiconductor Corp. saw its fourth quarter 2008 revenue decline 26 percent sequentially and 20 percent year-over-year as it experienced its lowest book-to-bill ratio since the dotcom crash, the company said Thursday (Jan. 22).
Cypress (San Jose, Calif.) posted a net loss of $424.4 million, or $2.94 per diluted share, based on generally accepted accounting principles (GAAP), for the period. The loss included non-cash charges of $357 million for goodwill impairment and $31.1 million for stock-based compensation expenses, Cypress said.
Fourth quarter revenue of $165.6 million was down from $222.7 million in the third quarter of 2008 and $206.9 million in the fourth quarter of 2007, Cypress said.
Cypress's non-GAAP net loss for the fourth quarter, excluding charges, was $10.9 million, or 8 cents per diluted share, the company said.
For fiscal year 2008, Cypress posted revenue of $766.3 million, a decrease of 7 percent from fiscal 2007. The company posted a GAAP net loss of $2.93 per share for the year, compared with diluted earnings per share of $2.30 in fiscal 2007, the company said.
On a non-GAAP basis, Cypress's fiscal year 2008 diluted earnings per share was 21 cents, compared with diluted earnings per share of 49 cents in 2007.
Cypress no longer consolidates results for SunPower Corp., which spun out of Cypress in the fourth quarter, the company said.
"Our [fourth quarter] semiconductor book-to-bill ratio ended Q4 at 0.70, the lowest level since the dotcom crash, but not as badat least so far," said T.J. Rodgers, Cypress president and CEO, in a statement. "Customer ordering patterns have yet to stabilize so visibility remains extremely limited, but we continue to see strong customer acceptance of our products in the marketplace. We remain proactive on managing our cost structure and have a solid balance sheet."