| From: Savant | 2/14/2011 7:20:34 PM | | | | | | Skyworks and Ember Partner to Deliver Next-Generation ZigBee(R) System Solutions
Designs Provide Industry Leading Performance, Power and Footprint
WOBURN, Mass., Feb 08, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, and Ember Corp., a leading provider of low-power,
wireless mesh networking technology, today introduced innovative solutions for
ZigBee(R) applications targeting the growing energy management, home area network
and industrial automation markets. ZigBee(R) is a wireless network standard that
solves the unique needs of remote monitoring and control, and sensor-network
applications. Specific wireless applications range from lighting control, to door
and window sensors, to appliance and temperature controllers.
"Ember is a global leader for ZigBee networking systems and is known for
delivering the highest levels of performance. Continuing our partnering with
Skyworks with our latest generation of ZigBee solutions was an obvious choice,"
said Dennis Natale, Ember's vice president of sales. "These industry-leading
platforms are designed to power the next wave of energy management and home
automation applications while delivering exceptional performance and long battery
life. To this end, we are excited to be utilizing Skyworks' field-proven
front-end solutions."
"Ember is the undisputed ZigBee(R) market leader and we are delighted to be
combining Skyworks' front-end modules with their next-generation system-on-chips
(SoCs) to offer customers best-in-class, turnkey solutions," said Liam K.
Griffin, Skyworks' senior vice president of sales and marketing. "Given the
momentum and demand for green technologies, enhanced security and energy
conservation, we are thrilled to be leveraging our scale and analog integration
capabilities with the industry leader to serve multiple end markets."
ON World Inc., a market research firm that provides business intelligence for
smart-technology markets, is forecasting more than 100 million 802.15.4 and
ZigBee(R) units to ship annually within the next few years. The largest markets
are expected to be advanced metering infrastructure (AMI), home automation and
consumer electronics. In addition, ON World anticipates that many emerging
vertical markets --- including medical devices, health and wellness monitoring,
building automation and municipal/transportation --- will also leverage
ZigBee(R)/IEEE 802.15.4 technologies.
About the SKY65343-11 and SKY65344-21
The SKY65343-11 is a high efficiency front-end module (FEM) for ZigBee(R) and
other 2.4 GHz applications. The small FEM contains a 2.4 to 2.5 gigahertz (GHz)
high-efficiency transmit (Tx) path and a low-loss bidirectional path. The
bidirectional path contains a high isolation Tx/receive (Rx) switch and balun for
low noise differential output. The differential output receiver port is also
bidirectional and can be used to operate the module in a low-power Tx mode.
The SKY65344-21 is a high-efficiency FEM for ZigBee(R) and other 2.4 GHz ISM band
solutions. The small FEM contains a 2.4 to 2.5 GHz high efficiency Tx path and a
low-loss bidirectional path. The bidirectional path can be used to directly
connect the antenna port to a directional radio frequency (RF) port. The Rx path
contains a high isolation T/R switch, low-noise amplifier (LNA), and balun for
low-noise differential output.
The Tx path in both devices consists of a harmonic filter and high efficiency
power amplifier (PA) capable of providing >20 dBm of power at the antenna
port. Also included is an internal balun to allow use of differential input
signals. Both parts are mounted in a 20-pin surface mount technology (SMT)
package, which allows for a highly manufacturable and low-cost solution.
These FEMs can increase the usable range of a ZigBee(R) solution by as much as
700 percent, and when combined with Ember's EM350 series, results in the
industry's most highly integrated and lowest total power solution.
About the EM351 and EM357
The EM300 Series ZigBee(R) chips from Ember are the industry's first ARM
Cortex-M3 based family of system-on-chips (SoCs) delivering unmatched
performance, power consumption and code density in a compact package. The EM351
and EM357 combine a 2.4 GHz IEEE 802.15.4 radio transceiver with a 32-bit
microprocessor, Flash memory and RAM with powerful hardware supporting
network-level debugging features. This, combined with the powerful ecosystem of
ARM tools, enables OEMs to simplify development and accelerate time-to-market.
The EM351 and EM357 SoCs are tightly integrated with EmberZNet PRO, Ember's
ZigBee(R) compliant mesh networking software which is the most deployed ZigBee(R)
networking platform in the market.
The EM351 integrates a programmable ARM Cortex-M3 processor, IEEE 802.15.4 RF
radio transceiver, 128 KB flash & 12 KB RAM and EmberZNet PRO network protocol
stack supporting the ZigBee(R) PRO feature set. In addition, the EM357, optimized
for applications that require more memory, has 192 KB flash and incorporates all
the other characteristics and features of the EM351. |
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| From: Savant | 2/23/2011 6:07:46 PM | | | | | | Skyworks to Present at Upcoming Investor Technology Conferences
WOBURN, Mass., Feb 23, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, today announced that company executives will be
presenting a company overview at two upcoming investor conferences:
Morgan Stanley Technology, Media and Telecom Conference -- Wednesday, Mar. 2,
2011, at 2:10 p.m. Pacific time from the Palace Hotel in San Francisco. Raymond
James Institutional Investors Conference -- Tuesday, Mar. 8, 2011, at 8:40 a.m.
Eastern time from the JW Marriott Orlando Grande Lakes in Orlando, Fla.
Each presentation will be Web cast live and archived for replay for one week
following the conference on the "Investor Relations" section of Skyworks' Web
site at skyworksinc.com.
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:
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.
SOURCE: Skyworks Solutions, Inc.
Skyworks Solutions, Inc.
Media Relations:
Pilar Barrigas, 949-231-3061
or
Investor Relations:
Stephen Ferranti, 781-376-3056 |
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| From: Savant | 4/7/2011 7:12:21 PM | | | | | | Skyworks Sets Date for Second Quarter Fiscal 2011 Earnings Release and Conference
Call
April 28 at 5:00 p.m. Eastern Time
WOBURN, Mass., Apr 07, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, will conduct a conference call with analysts to
discuss its second quarter fiscal 2011 results and business outlook on April 28
at 5:00 p.m. Eastern time.
After the close of the market on April 28, and prior to the conference call,
Skyworks will issue a copy of the earnings press release via Business Wire. The
press release may also be viewed on Skyworks' Web site at
skyworksinc.com.
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 888-670-2249 (domestic) or 913-312-0958 (international),
confirmation code: 1159221.
Playback of the conference call will begin at 9:00 p.m. Eastern time on April 28,
and end at 9:00 p.m. Eastern time on May 5. The replay will be available on
Skyworks' Web site or by calling 888-203-1112 (domestic) or 719-457-0820
(international), pass code: 1159221. |
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| From: Savant | 4/29/2011 10:22:55 AM | | | | | | Skyworks Exceeds Q2 FY11 Revenue and EPS Estimates and Guides Up to $0.46 of
Non-GAAP EPS in Q3 FY11
Delivers $325.4 Million in Revenue, Up 37 Percent Year-Over-Year
WOBURN, Mass., Apr 28, 2011 (BUSINESS WIRE) -- --Improves Non-GAAP Operating
Income 74 Percent Year-Over-Year (78 Percent GAAP)
--Posts Non-GAAP Diluted Earnings Per Share of $0.41 ($0.26 GAAP)
--Generates $92 Million in Cash Flow from Operations
--Forecasts $345 Million in Revenue and $0.46 of Non-GAAP Diluted EPS in Q3 FY11
Skyworks Solutions, Inc. (SWKS), an innovator of high reliability analog and
mixed signal semiconductors enabling a broad range of end markets, today reported
second fiscal quarter 2011 results. Revenue in the seasonally low March quarter
was $325.4 million, above the Company's guidance range of $310 to $320 million,
and up 37 percent when compared to $238.1 million in the second fiscal quarter of
2010.
On a non-GAAP basis, operating income for the second fiscal quarter of 2011 was
$84.9 million, up from $48.7 million in the prior-year period, reflecting a 74
percent increase. Non-GAAP diluted earnings per share for the second fiscal
quarter was $0.41 versus prior guidance of $0.38 to $0.40, and representing a 71
percent improvement when compared to $0.24 for the same period a year ago. On a
GAAP basis, operating income for the second fiscal quarter of 2011 was $68.1
million and diluted earnings per share was $0.26.
"Skyworks is capitalizing on consumers' skyrocketing demand to be connected
anytime and anywhere via smart phones, tablets and home automation systems in
addition to energy management solutions and supporting network infrastructure,"
said David J. Aldrich, president and chief executive officer of Skyworks. "The
growth in analog semiconductor content associated with this increasing demand
plays directly to Skyworks' technology leadership and scale. Given our momentum
across these mobile connectivity applications, our diverse customer partnerships
and traction in new markets, we are well positioned to demonstrably outpace
industry growth during the remainder of this fiscal year, through fiscal 2012 and
beyond."
Business Highlights
-- Expanded year-over-year gross margin by 160 basis points to 43.9 percent on a
non-GAAP basis (43.3 percent GAAP)
-- Secured analog design wins with STMicroelectronics for their next generation
IP television chip set
-- Supported General Dynamics with high power switching solutions for military
land mobile radios
-- Ramped production of precision analog ICs supporting enterprise access points,
cable set-top boxes and wireless video systems
-- Captured multiple infrastructure sockets with Ericsson, Huawei and ZTE for
WCDMA base station transceivers
-- Introduced a family of antenna switch modules for smart phones, tablets and
datacards supporting 3G handsets and HSPA+/LTE-enabled devices
-- Powered HTC's next generation Android-based smart phones and newest tablet
offering with front-end solutions
-- Received Best Quality award from Samsung for excellence in overall product
quality and supply-chain efficiency
Third Fiscal Quarter 2011 Outlook
"Based on our broad customer base, diversification into new markets and
increasing share gains, we are again planning to grow faster than our addressable
market in the third fiscal quarter of 2011," said Donald W. Palette, vice
president and chief financial officer of Skyworks. "Specifically, we expect
revenue of approximately $345 million with non-GAAP diluted earnings per share of
$0.46."
For further information regarding use of non-GAAP measures in this press release,
please refer to the Discussion Regarding the Use of Non-GAAP Financial Measures
set forth below.
Skyworks' Second Fiscal Quarter 2011 Conference Call
Skyworks will host a conference call with analysts to discuss its second fiscal
quarter 2011 results and business outlook today at 5:00 p.m. Eastern time. 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 888-670-2249 (domestic) or 913-312-0958 (international),
confirmation code: 1159221.
Playback of the conference call will begin at 9:00 p.m. Eastern time on April 28,
and end at 9:00 p.m. Eastern time on May 5. The replay will be available on
Skyworks' Web site or by calling 888-203-1112 (domestic) or 719-457-0820
(international), pass code: 1159221
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:
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; the availability and pricing of third party
semiconductor foundry, assembly and test capacity, raw materials and supplier
components; 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; 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.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Three Months EndedSix Months Ended
-------------------------------------------------------------
April 1,April 2,April 1,April 2,
(in thousands, except per share amounts)2011201020112010
----------------------------------------------------
Net revenues$ 325,411$ 238,058$ 660,531$ 483,196
Cost of goods sold184,430138,204371,012280,788
----------------------------
Gross profit140,98199,854289,519202,408
Operating expenses:
Research and development39,61832,06078,16163,849
Selling, general and administrative31,66527,98262,71654,713
Amortization of intangibles1,6381,5003,2403,001
----------------------------
Total operating expenses72,92161,542144,117121,563
Operating income68,06038,312145,40280,845
Interest expense(461)(1,183)(998)(2,752)
Loss on early retirement of convertible debt-(73)-(124)
Other loss, net(114)(208)(183)(319)
------- ----------- ----------- ----------- ----
Income before income taxes67,48536,848144,22177,650
Provision for income taxes17,5259,10433,39321,896
----------------------------
Net income$49,960$27,744$ 110,828$55,754
============================
Earnings per share:
Basic$0.27$0.16$0.61$0.32
Diluted$0.26$0.15$0.58$0.31
Weighted average shares:
Basic183,471174,449182,088173,583
Diluted191,961182,924190,251181,164
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Three Months EndedSix Months Ended
-------------------------------------------------------------
April 1,April 2,April 1,April 2,
(in thousands)2011201020112010
----------------------------------------------------
GAAP gross profit$ 140,981$99,854$ 289,519$ 202,408
Share-based compensation expense [a]1,8748443,2191,831
----------------------------
Non-GAAP gross profit$ 142,855$ 100,698$ 292,738$ 204,239
============================
Non-GAAP gross margin %43.9 %42.3 %44.3 %42.3 %
Three Months EndedSix Months Ended
-------------------------------------------------------------
April 1,April 2,April 1,April 2,
(in thousands)2011201020112010
----------------------------------------------------
GAAP operating income$68,060$38,312$ 145,402$80,845
Share-based compensation expense [a]14,8648,72028,14516,804
Acquisition related expense 203-648-
Amortization of intangible assets1,6381,5003,2403,001
Deferred executive compensation143173308346
Non-GAAP operating income$84,908$48,705$ 177,743$ 100,996
============================
Non-GAAP operating margin %26.1 %20.5 %26.9 %20.9 %
Three Months EndedSix Months Ended
-------------------------------------------------------------
April 1,April 2,April 1,April 2,
(in thousands)2011201020112010
----------------------------------------------------
GAAP net income$49,960$27,744$ 110,828$55,754
Share-based compensation expense [a]14,8648,72028,14516,804
Acquisition related expense 203-648-
Amortization of intangible assets1,6381,5003,2403,001
Deferred executive compensation143173308346
Loss on early retirement of convertible debt [c]-73-124
Amortization of discount on convertible debt [d]3337136611,702
Tax adjustments [e]11,5985,26219,59614,184
----------------------------
Non-GAAP net income$78,739$44,185$ 163,426$91,915
============================
Three Months EndedSix Months Ended
-------------------------------------------------------------
April 1,April 2,April 1,April 2,
2011201020112010
----------------------------------------------------
GAAP net income per share, diluted$0.26$0.15$0.58$0.31
Share-based compensation expense [a]0.080.050.150.09
Amortization of intangible assets0.010.010.020.02
Amortization of discount on convertible debt [d]---0.01
Tax adjustments [e]0.060.030.110.08
----------------------------
Non-GAAP net income per share, diluted$0.41$0.24$0.86$0.51
============================
SKYWORKS SOLUTIONS, INC. DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL
MEASURES
Our earnings release contains the following financial measures which have not
been calculated in accordance with United States Generally Accepted Accounting
Principles (GAAP): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP
operating income and operating margin, (iii) non-GAAP net income, and (iv)
non-GAAP net income per share (diluted). As set forth in the "Unaudited
Reconciliation of Non-GAAP Financial Measures" table found above, we derive such
non-GAAP financial measures by excluding certain expenses and other items from
the respective GAAP financial measure that is most directly comparable to each
non-GAAP financial measure. Management uses these non-GAAP financial measures 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 and competitors more
difficult, obscure trends in ongoing operations or reduce management's ability to
make useful forecasts.
We provide investors with non-GAAP gross profit and gross margin, non-GAAP
operating income and operating margin and non-GAAP net income 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 an additional 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 also believe that
providing non-GAAP operating income and operating margin allows investors to
assess the extent to which ongoing operations impact our overall financial
performance. We further believe that providing non-GAAP net income and non-GAAP
net income per share (diluted) allows investors to 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 these non-GAAP financial measures contributes to enhanced financial
reporting transparency and provides investors with added clarity about complex
financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross profit, stock
compensation expense, restructuring-related charges and acquisition-related
expenses. We calculate non-GAAP operating income by excluding from GAAP operating
income, stock compensation expense, restructuring-related charges,
acquisition-related expenses and certain deferred executive compensation. We
calculate non-GAAP net income 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 also present non-GAAP net income per
share on a fully diluted basis. We exclude the items identified above from the
respective non-GAAP financial measure referenced above 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 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 financial measures presented in the table above should not be
considered in isolation and are not an alternative for, the respective GAAP
financial measure that is most directly comparable to each such non-GAAP
financial measure. Investors are cautioned against placing undue reliance on
these non-GAAP financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable GAAP financial
measures to arrive at these non-GAAP financial measures. 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.
Our earnings release contains a forward looking estimate of non-GAAP diluted
earnings per share for the third quarter of our 2011 fiscal year ("Q3 2011"). We
provide this non-GAAP measure to investors on a prospective basis for the same
reasons (set forth above) that we provide them to investors on a historical
basis. We are unable to provide a reconciliation of our forward looking estimate
of Q3 2011 non-GAAP diluted earnings per share to a forward looking estimate of
Q3 2011 GAAP diluted earnings per share because certain information needed to
make a reasonable forward looking estimate of GAAP diluted earnings per share for
Q3 2011 (other than estimated stock compensation expense of $0.09 per diluted
share, certain tax items of $0.07 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. Such events may include unanticipated gains
and losses on retirement of convertible debt, unanticipated one time charges
related to asset impairments (fixed assets, intangibles or goodwill),
unanticipated acquisition related costs and other unanticipated non-recurring
items not reflective of ongoing operations. We believe the probable significance
of these unknown items, in aggregate, to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. 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.
`
[a]These charges represent expense recognized in accordance with ASC
718 - Compensation, Stock Compensation. Approximately $1.9
million, $4.4 million and $8.6 million were included in cost of
goods sold, research and development expense and selling, general
and administrative expense, respectively, for the three months
ended April 1, 2011. Approximately $3.2 million, $8.8 million and
$16.1 million were included in cost of goods sold, research and
development expense and selling, general and administrative
expense, respectively, for the six months ended April 1, 2011.
For the three months ended April 2, 2010, approximately $0.8
million, $1.8 million and $6.1 million were included in costs of
goods sold, research and development expense and selling, general
and administrative expense, respectively. For the six months ended
April 2, 2010, approximately $1.8 million, $3.6 million and $11.4
million were included in costs of goods sold, research and
development expense and selling, general and administrative
expense, respectively.
These charges represent one-time transaction costs associated with
acquisitions completed during the three months and six months
ended April 1, 2011, respectively.
[c]The loss recorded during the three months ended April 2, 2010
relates to the retirement of $27.6 million of the Company's 1.25%
convertible subordinated notes due on March 1, 2010. The loss
recorded during the six months ended April 2, 2010 relates to the
retirement of $32.6 million of the Company's 1.25% convertible
subordinated notes due on March 1, 2010.
[d]These charges represent the amortization expense recognized in
accordance with ASC 470-20. Approximately, $0.3 million and $0.7
million, respectively, of amortization expense was recognized
during the three months and six months ended April 1, 2011.
Approximately $0.7 and $1.7 million, respectively, of amortization
expense was recognized during the three months and six months
ended April 2, 2010.
[e]During the three months and six months ended April 1, 2011, these
amounts primarily represent the utilization of net operating loss
and research and development credit carryforwards.
During the three months and six months ended April 2, 2010, these
amounts primarily represent the utilization of net operating loss
carryforwards.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
April 1,Oct. 1,
(in thousands)20112010
------------------
Assets
Current assets:
Cash and cash equivalents$504,463$459,385
Accounts receivable, net183,352175,232
Inventories151,179125,059
Prepaid expenses and other current assets33,45030,189
Property, plant and equipment, net241,733204,363
Goodwill and intangible assets, net499,062498,096
Other assets65,55871,728
------------------
Total assets$ 1,678,797$ 1,564,052
==================
Liabilities and Equity
Current liabilities:
Credit facility$-$50,000
Convertible notes25,405-
Accounts payable111,949111,967
Accrued liabilities and other current liabilities39,09042,357
Long-term debt-24,743
Other long-term liabilities25,96118,389
Stockholders' equity1,476,3921,316,596
------------------
Total liabilities and equity$ 1,678,797$ 1,564,052
==================
SOURCE: Skyworks Solutions, Inc.
Skyworks
Media Relations:
Pilar Barrigas, 949-231-3061
Investor Relations:
Stephen Ferranti, 781-376-3056 |
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| From: Savant | 5/18/2011 2:21:21 AM | | | | | | Skyworks To Buy Chip Designer SiGe For Up To $275 Million
Last Update: 5/17/2011 5:16:40 PM
DOW JONES NEWSWIRES
Analog chip designer Skyworks Solutions Inc. (SWKS) agreed to buy privately held
chip-design company SiGe Semiconductor Inc. for up to $275 million, which it
believes will immediately boost earnings after closing.
The takeover joins others in the sector, as the tech industry--and particularly
the semiconductor field--consolidates. Earlier this month, Applied Materials Inc.
(AMAT) agreed to buy Varian Semiconductor Equipment Associates Inc. (VSEA) in a
$4.9 billion deal, after in April Texas Instruments Inc. (TXN) agreed to buy
National Semiconductor Corp. (NSM) for about $6.5 billion in cash.
Tuesday, Skyworks said the deal for SiGe, a wireless-communications chipmaker,
includes $210 million in cash plus up to another $65 million based on performance
targets in the next year. It is expected to close next month pending regulatory
approval.
Skyworks Chief Executive David J. Aldrich said the acquisition underscores the
company's "commitment to capitalize on ubiquitous wireless connectivity."
SiGe had been planning an initial public offering. Recently, the company's
profitability has strengthened as its chips found their way into increasing
numbers of home-entertainment devices. Key SiGe customers include Cisco Systems
Inc. (CSCO), Dell Inc. (DELL), Hewlett-Packard Co. (HPQ), Microsoft Corp. (MSFT)
and Sony Corp. (SNE, 6758.TO).
Meanwhile, Skyworks reported an 80% surge in profit in its most recent quarterly
results on increasing demand for smartphones and related wireless infrastructure.
It also provided stronger guidance than expected.
Skyworks shares were down six cents at $26.64 after hours. Through the close, the
stock has risen 74% in the last year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com |
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| From: Savant | 5/24/2011 8:03:52 PM | | | | | | Skyworks Unveils Family of Broadband Quadrature Modulators for Cellular
Infrastructure Market
Devices Support Growing Network Capacity Needs as Mobile Data Traffic Increases
WOBURN, Mass., May 24, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, today introduced three wideband quadrature
modulators for cellular infrastructure and high performance radio link
applications. Skyworks' modulators are the latest additions to its wireless
infrastructure portfolio and designed to support the world's leading 3G and 4G
base station providers.
These new, fixed gain quadrature modulators deliver excellent phase accuracy and
amplitude balance enabling high performance for a variety of multi-carrier
communication systems. In addition, Skyworks' new modulators have greater than
500 megahertz (MHz) 3dB modulation bandwidth, a low noise floor, and a wide
operating frequency range that support multiband designs and network
requirements.
According to a recent In-Stat Mobile Internet Group research report,
infrastructure expenditures by mobile operators will need to scale up by more
than 40 percent in the coming years to meet fast approaching network demand. As a
result, mobile operators will not only need to install new base stations, routers
and backhaul network equipment, but will need to upgrade and expand existing
infrastructure to avoid network traffic jams and preserve their highly profitable
data service revenue, all of which will require increased analog and mixed signal
content.
"With the addition of these new modulators, Skyworks continues to capitalize on
the network infrastructure side of the mobile Internet phenomenon," said Liam K.
Griffin, Skyworks' executive vice president and general manager of high
performance analog. "Skyworks is pleased to offer our customers a multitude of
high performance, cost effective solutions as they build out their networks to
support the staggering increase in mobile data traffic."
About Skyworks' Quadrature Modulators
The SKY73077 (for 1500 to 2700 MHz), the SKY73078 (for 500 to 1500 MHz), and the
SKY73092 (for 400 to 6000 MHz), quadrature modulators contain high linearity,
excellent I/Q phase accuracy and amplitude balance -- making the devices ideal
for use in high performance communication systems. The modulators accept two
differential baseband inputs and a single-ended local oscillator, and generate a
single-ended RF output.
Pricing and Availability
Skyworks' new quadrature modulators are available now. For pricing please contact
sales@skyworksinc.com. |
| | SWKS - Skyworks Solutions, Inc (was AHAA) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 6/9/2011 9:53:56 AM | | | | | | Expectations of Splendor, Fast-Growing Technology Report - Research on Skyworks
Solutions, Inc. and TriQuint Semiconductor, Inc.
HONG KONG, Jun 09, 2011 (MARKETWIRE via COMTEX) -- Today,
worldstreetfundamentals.com released its industry report highlighting
Skyworks Solutions, Inc. (SWKS) and TriQuint Semiconductor, Inc. (TQNT). Full
fundamental and technical analysis is available at
worldstreetfundamentals.com.
Increased commercial requirements, sustained by consumer demand for more
bandwidth communicative applications, have created a strong market influence
within communication technologies. According to the World Semiconductor Trade
Statistics, the global semiconductor market grew 96% since 2001 and is expected
to continue to grow at an annual growth rate of 8% and the analog power
management market is expected to grow to $12.1 billion in 2014, according to
Gartner market research. This past period has seen investors turn to
communication companies with established markets at value prices.
World Street Fundamentals has highlighted Skyworks Solutions, Inc. as it offers a
diverse standard and custom linear products supporting automotive, broadband,
cellular infrastructure. The company's handset portfolio includes front-end
solutions, from entry level to multimedia platforms and smart phones. Skyworks
has recently entered into a definitive agreement to acquire Advanced Analogic
Technologies for a nominal price of $6.13 per share, representing a 52 percent
premium to Advanced Analogic Technologies' 30-day trailing average. The entire
report on Skyworks Solutions, Inc. (SWKS) is available here:
worldstreetfundamentals.com.
World Street has brought attention to TriQuint Semiconductor, Inc. because it is
a supplier of modules, components and foundry services for communications
applications. TriQuint designs, develops and manufactures radio frequency (RF)
solutions with leading edge technologies for customers worldwide. TriQuint is
focused on bringing performance innovation to essential building blocks in the
global network. This network is tense with demand, and it's not going to let up;
by 2015, the amount of mobile data traffic contributed by tablets alone is
expected to equal that of mobile data traffic from all devices combined in 2010.
The entire report on TriQuint Semiconductor, Inc. (TQNT) is available here:
worldstreetfundamentals.com.
About World Street World Street Fundamentals is an online portal for
professionals, investors and new-comers to the markets to find in depth
comprehensive research and research tools to help guide you through the ever
changing financial markets. Covering the top performers in the hottest sectors
and providing clarity to investors around the world.
Contact:
Adam Redford
Email Contact
worldstreetfundamentals.com
SOURCE: World Street Fundamentals
www2.marketwire.com
worldstreetfundamentals.com |
| | SWKS - Skyworks Solutions, Inc (was AHAA) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: Savant | 6/14/2011 11:18:44 AM | | | | | | Skyworks to Present at NASDAQ OMX Investor Program
WOBURN, Mass., Jun 14, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, today announced that company executives will be
presenting a company overview at the NASDAQ OMX Investor Program on June 21, 2011
at 11:45 a.m. British Summer Time from the Mayfair Hotel in London.
The presentation will be Web cast live and archived for replay for one week
following the conference in the "Investor Relations" section of Skyworks' Web
site at skyworksinc.com.
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:
skyworksinc.com. |
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|
| From: Savant | 7/22/2011 12:24:53 PM | | | | | | Skyworks Exceeds Q3 FY11 Revenue and EPS Estimates and Guides to $0.53 of
Non-GAAP EPS in Q4 FY11
Delivers $356.1 Million in Revenue; Up 27 Percent Year-Over-Year, excluding SiGe
Acquisition
WOBURN, Mass., Jul 21, 2011 (BUSINESS WIRE) -- --Increases Non-GAAP Operating
Income 54 Percent Year-Over-Year (35 Percent GAAP)
--Posts Non-GAAP Diluted Earnings Per Share of $0.49 ($0.27 GAAP)
--Generates $86 Million in Cash Flow from Operations
--Forecasts $400 Million in Revenue and $0.53 of Non-GAAP Diluted EPS in Q4 FY11
Skyworks Solutions, Inc. (SWKS), an innovator of high reliability analog and
mixed signal semiconductors enabling a broad range of end markets, today reported
third fiscal quarter 2011 results. Revenue in the June quarter was $356.1
million, including $6.5 million of revenue from the acquisition of SiGe
Semiconductor which closed on June 10, 2011. This compares to the Company's
revenue guidance of $345 million, excluding the SiGe acquisition.
On a non-GAAP basis, operating income for the third fiscal quarter of 2011 was
$97.6 million, up from $63.5 million in the prior-year period, reflecting a 54
percent increase. Non-GAAP diluted earnings per share for the third fiscal
quarter was $0.49 versus prior guidance of $0.46, and representing a 53 percent
improvement when compared to $0.32 for the same period a year ago. On a GAAP
basis, operating income for the third fiscal quarter of 2011 was $72.2 million
and diluted earnings per share was $0.27 after one time acquisition and other
related costs.
"Skyworks exceeded all key metrics last quarter and we see a steep growth
trajectory heading into the second half of calendar 2011," said David J. Aldrich,
president and chief executive officer of Skyworks. "Our momentum is being driven
by content growth and share gains within leading smart phones, tablets, gaming
platforms, home automation systems and network infrastructure coupled with
diversification into new vertical markets. Further, the advent of LTE,
machine-to-machine and cloud computing applications is translating into stronger
design win activity as more and more electronic platforms are becoming wirelessly
enabled to share data, voice and video. Given our differentiated product
portfolio, extensive customer engagements, technology roadmaps and scale,
Skyworks is uniquely positioned to capitalize on this rapidly approaching
connectivity revolution and, in turn, to sustainably outpace industry growth."
Business Highlights
-- Expanded gross margin by 166 basis points year-over-year to 44.9 percent on a
non-GAAP basis (43.9 percent GAAP)
-- Closed acquisition of mobile data connectivity leader SiGe Semiconductor
-- Announced intent to acquire power management innovator Advanced Analogic
Technologies
-- Unveiled industry's first stand-alone, high-dynamic range power detectors for
3G and LTE smart phones and datacards
-- Secured high power, transmit/receive switches, high frequency modulators and
wide-band digital attenuator sockets in support of TD-LTE China market
-- Launched ultra-low power LNAs for diverse markets including set-top boxes,
Bluetooth(R) headsets, hearing aids, meter readers and 2.4 GHz wireless networks
-- Captured wireless networking design wins in support of home monitoring and
security deployments
-- Awarded major electronic toll collection system contract with portfolio of
analog control ICs
-- Enabled wireless connectivity at all three market leading gaming console OEMs
-- Ramped high-power filters for military and homeland security markets
Fourth Fiscal Quarter 2011 Outlook
"Based on strong bookings and order visibility, the stage is set for Skyworks to
again outperform our addressable markets and deliver operating leverage," said
Donald W. Palette, vice president and chief financial officer of Skyworks.
"Specifically, for the current quarter, we are guiding to revenue of $400 million
with non-GAAP diluted earnings per share of $0.53."
For further information regarding use of non-GAAP measures in this press release,
please refer to the Discussion Regarding the Use of Non-GAAP Financial Measures
set forth below.
Skyworks' Third Fiscal Quarter 2011 Conference Call
Skyworks will host a conference call with analysts to discuss its third fiscal
quarter 2011 results and business outlook today at 5:00 p.m. Eastern time. 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 888-278-8476 (domestic) or 913-312-0846 (international),
confirmation code: 1581426.
Playback of the conference call will begin at 9:00 p.m. Eastern time on July 21,
and end at 9:00 p.m. Eastern time on July 28. The replay will be available on
Skyworks' Web site or by calling 888-203-1112 (domestic) or 719-457-0820
(international), pass code: 1581426.
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, optocouplers, 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:
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: whether we are able to satisfy the closing conditions and close our
acquisition of Advanced Analogic Technologies; whether we are able to
successfully integrate SiGe Semiconductor's and/or Advanced Analogic
Technologies' operations; 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; the availability and pricing of third party
semiconductor foundry, assembly and test capacity, raw materials and supplier
components; 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; 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.
Additional Information about the Advanced Analogic Technologies Incorporated
Transaction and Where to Find It
Skyworks filed with the Securities and Exchange Commission ("SEC") on June 17,
2011 a Registration Statement on Form S-4 and plans to file a Registration
Statement on Form S-8 in connection with its pending acquisition of Advanced
Analogic Technologies Incorporated, and Advanced Analogic Technologies filed on
June 17, 2011 with the SEC a Proxy Statement/Prospectus in connection with the
transaction which it plans to mail to its stockholders. The Registration
Statement on Form S-4 and the Proxy Statement/Prospectus contain, and the
Registration Statement on Form S-8 when it becomes available will contain,
important information about Skyworks, Advanced Analogic Technologies, the
transaction and related matters. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
CAREFULLY THE REGISTRATION STATEMENTS AND PROXY STATEMENT/PROSPECTUS AS THEY
BECOME AVAILABLE.
Investors and security holders can to obtain free copies of the Registration
Statement on Form S-4 (and the Registration Statement on Form S-8 when it becomes
available) and the Proxy Statement/Prospectus and other documents filed with the
SEC by Skyworks and Advanced Analogic Technologies through the website maintained
by the SEC at sec.gov.
In addition, investors and security holders may obtain free copies of the
Registration Statement on Form S-4 (and the Registration Statement on Form S-8
when it becomes available) and the Proxy Statement/Prospectus from Skyworks by
contacting Skyworks' Investor Relations at (949) 231-4700, or by accessing
Skyworks' investor relations website at skyworksinc.com; or from
Advanced Analogic Technologies by contacting Advanced Analogic Technologies'
Investor Relations at The Blueshirt Group, Lisa Laukkanen, at (415) 217-4967 or
by accessing Advanced Analogic Technologies' investor relations website at
analogictech.com.
Participants in the Solicitation
Skyworks and Advanced Analogic Technologies, and their respective directors and
executive officers, may be deemed to be participants in the solicitation of
proxies in respect of the vote by Advanced Analogic Technologies stockholders on
the acquisition of Advanced Analogic Technologies by Skyworks. Information about
the directors and executive officers of Skyworks and Advanced Analogic
Technologies are set forth in Skyworks' and Advanced Analogic Technologies' most
recent Form 10-K/A, which were filed with the SEC on January 31, 2011 and May 2,
2011, respectively, as well as Skyworks' proxy statement dated, and filed with
the SEC on, April 7, 2011. Investors may obtain additional information regarding
the interest of Skyworks and its directors and officers, and Advanced Analogic
Technologies and its directors and executive officers in the proposed
transaction, by reading the Registration Statement on Form S-4 and the Proxy
Statement/Prospectus regarding the transaction and the Registration Statement on
Form S-8 when it becomes available.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
Three Months EndedNine Months Ended
----------------------------- -------------------------------
July 1,July 2,July 1,July 2,
(in thousands, except per share amounts)2011201020112010
-------------- -------------- ---------------- --------------
Net revenue$ 356,075$ 275,370$ 1,016,606$ 758,566
Cost of goods sold199,850157,104570,862437,892
------------------------------
Gross profit156,225118,266445,744320,674
Operating expenses:
Research and development43,06734,882121,22898,731
Selling, general and administrative35,45129,45198,16784,164
Restructuring and other charges1,475(1,040)1,475(1,040)
Amortization of intangibles4,0061,5017,2464,502
------------------------------
Total operating expenses83,99964,794228,116186,357
Operating income72,22653,472217,628134,317
Interest expense(465)(867)(1,463)(3,619)
Gain (loss) on early retirement of convertible debt-45-(79)
Other (loss) income, net(2)19(185)(300)
------- ------------------ --------- --
Income before income taxes71,75952,669215,980130,319
Provision for income taxes20,21117,93353,60439,829
------------------------------
Net income$51,548$34,736$162,376$90,490
== ========= ========= =========== =======
Earnings per share:
Basic$0.28$0.20$0.89$0.52
Diluted$0.27$0.19$0.85$0.50
Weighted average shares:
Basic183,750175,495182,642174,220
Diluted191,380183,889190,628182,072
SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Three Months EndedNine Months Ended
--------------------------------- ---------------------------------
July 1,July 2,July 1,July 2,
(in thousands)2011201020112010
---------------- ---------------- ---------------- ----------------
GAAP gross profit$ 156,225$ 118,266$ 445,744$ 320,674
Share-based compensation expense [a]2,1789215,3972,752
Acquisition-related expense 1,617-1,617-
----------------------------
Non-GAAP gross profit$ 160,020$ 119,187$ 452,758$ 323,426
=== ========== ========== ========== =======
Non-GAAP gross margin %44.9 %43.3 %44.5 %42.6 %
Three Months EndedNine Months Ended
--------------------------------- ---------------------------------
July 1,July 2,July 1,July 2,
(in thousands)2011201020112010
---------------- ---------------- ---------------- ----------------
GAAP operating income$72,226$53,472$ 217,628$ 134,317
Share-based compensation expense [a]14,5439,43542,68826,239
Acquisition-related expense 2,857-3,505-
Litigation settlement gains and losses [c]2,300-2,300-
Amortization of intangible assets4,0061,5017,2464,502
Restructuring & other charges (credits) [d]1,475(1,040)1,475(1,040)
Deferred executive compensation143173451519
Non-GAAP operating income$97,550$63,541$ 275,293$ 164,537
=== ========== ========== ========== =======
Non-GAAP operating margin %27.4 %23.1 %27.1 %21.7 %
Three Months EndedNine Months Ended
--------------------------------- ---------------------------------
July 1,July 2,July 1,July 2,
(in thousands)2011201020112010
---------------- ---------------- ---------------- ----------------
GAAP net income$51,548$34,736$ 162,376$90,490
Share-based compensation expense [a]14,5439,43542,68826,239
Acquisition-related expense 2,857-3,505-
Litigation settlement gains and losses [c]2,300-2,300-
Amortization of intangible assets4,0061,5017,2464,502
Restructuring & other charges (credits) [d]1,475(1,040)1,475(1,040)
Deferred executive compensation143173451519
(Gain) loss on early retirement of convertible debt [e]-(45)-79
Amortization of discount on convertible debt [f]3394781,0002,180
Tax adjustments [g]15,82713,51135,42327,695
----------------------------
Non-GAAP net income$93,038$58,749$ 256,464$ 150,664
=== ========== ========== ========== =======
Three Months EndedNine Months Ended
--------------------------------- ---------------------------------
July 1,July 2,July 1,July 2,
2011201020112010
---------------- ---------------- ---------------- ----------------
GAAP net income per share, diluted$0.27$0.19$0.85$0.50
Share-based compensation expense [a]0.080.050.220.14
Acquisition-related expense 0.02-0.02-
Litigation settlement gains and losses [c]0.01-0.01-
Amortization of intangible assets0.020.010.040.03
Restructuring & other charges (credits) [d]0.01-0.01-
Amortization of discount on convertible debt [f]--0.010.01
Tax adjustments [g]0.080.070.190.15
----------------------------
Non-GAAP net income per share, diluted$0.49$0.32$1.35$0.83
=== ========== ========== ========== =======
SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following financial measures
which have not been calculated in accordance with United States Generally
Accepted Accounting Principles (GAAP): (i) non-GAAP gross profit and gross
margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net
income, and (iv) non-GAAP net income per share (diluted). As set forth in the
"Unaudited Reconciliation of Non-GAAP Financial Measures" table found above, we
derive such non-GAAP financial measures by excluding certain expenses and other
items from the respective GAAP financial measure that is most directly comparable
to each non-GAAP financial measure. Management uses these non-GAAP financial
measures 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 and
competitors more difficult, obscure trends in ongoing operations or reduce
management's ability to make useful forecasts.
We provide investors with non-GAAP gross profit and gross margin, non-GAAP
operating income and operating margin and non-GAAP net income 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 an additional 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 also believe that
providing non-GAAP operating income and operating margin allows investors to
assess the extent to which ongoing operations impact our overall financial
performance. We further believe that providing non-GAAP net income and non-GAAP
net income per share (diluted) allows investors to 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 these non-GAAP financial measures contributes to enhanced financial
reporting transparency and provides investors with added clarity about complex
financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross profit, stock
compensation expense, restructuring-related charges and acquisition-related
expenses. We calculate non-GAAP operating income by excluding from GAAP operating
income, stock compensation expense, restructuring-related charges,
acquisition-related expenses, litigation settlement gains and losses and certain
deferred executive compensation. We calculate non-GAAP net income and net income
per share (diluted) by excluding from GAAP net income and net income per share
(diluted), stock compensation expense, restructuring-related charges,
acquisition-related expenses, litigation settlement gains and losses,
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
the respective non-GAAP financial measure referenced above 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.
Acquisition-Related Expenses - including such items as, when applicable,
amortization of acquired intangible assets, fair value adjustments to contingent
consideration, fair value charges incurred upon the sale of acquired inventory,
acquisition-related professional fees and deemed compensation expenses, 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.
Litigation settlement gains and losses - including gains and losses related to
the resolution of other than ordinary course threatened and actually filed
lawsuits and other than ordinary course contractual disputes, because (1) they
are not considered by management in making operating decisions, (2) such gains
and losses tend to be infrequent in nature, (3) such gains and losses are
generally not directly controlled by management, (4) we believe such gains and
losses do not necessarily reflect the performance of our ongoing operations for
the period in which such charges are recognized and (5) the amount of such gains
or losses can vary significantly between companies and make comparisons
difficult.
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 necessarily reflect the
performance of our ongoing operations for the period in which such charges are
incurred.
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.
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 decisions.
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 financial measures presented in the table above should not be
considered in isolation and are not an alternative for, the respective GAAP
financial measure that is most directly comparable to each such non-GAAP
financial measure. Investors are cautioned against placing undue reliance on
these non-GAAP financial measures and are urged to review and consider carefully
the adjustments made by management to the most directly comparable GAAP financial
measures to arrive at these non-GAAP financial measures. 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.
Our earnings release contains a forward looking estimate of non-GAAP diluted
earnings per share for the fourth quarter of our 2011 fiscal year ("Q4 2011"). We
provide this non-GAAP measure to investors on a prospective basis for the same
reasons (set forth above) that we provide them to investors on a historical
basis. We are unable to provide a reconciliation of our forward looking estimate
of Q4 2011 non-GAAP diluted earnings per share to a forward looking estimate of
Q4 2011 GAAP diluted earnings per share because certain information needed to
make a reasonable forward looking estimate of GAAP diluted earnings per share for
Q4 2011 (other than estimated stock compensation expense of $0.08 per diluted
share, certain tax items of $0.06 per diluted share, estimated acquisition
related expense of $0.09 per diluted share and estimated deferred executive
compensation expense and restructuring and other charges 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. Such events may
include unanticipated gains and losses on retirement of convertible debt,
unanticipated one time charges related to asset impairments (fixed assets,
intangibles or goodwill), unanticipated acquisition related costs, unanticipated
litigation settlement gains and losses and other unanticipated non-recurring
items not reflective of ongoing operations. We believe the probable significance
of these unknown items, in aggregate, to be in the range of $0.00 to $0.05 in
quarterly earnings per diluted share on a GAAP basis. 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.
[a]These charges represent expense recognized in accordance with ASC
718 - Compensation, Stock Compensation. Approximately $2.2
million, $4.2 million and $8.1 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 1, 2011. Approximately $5.4 million, $13.1 million and
$24.2 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 1, 2011.
For the three months ended July 2, 2010, approximately $0.9
million, $1.9 million and $6.6 million were included in costs of
goods sold, research and development expense and selling, general
and administrative expense, respectively. For the nine months
ended July 2, 2010, approximately $2.8 million, $5.4 million and
$18.0 million were included in costs of goods sold, research and
development expense and selling, general and administrative
expense, respectively.
The acquisition-related expense recognized during the three months
and nine months ended July 1, 2011 includes a $1.6 million charge
to cost of sales related to the sale of acquired inventory. Also
included in acquisition-related expense is $1.2 million and $1.9
million in transaction costs associated with acquisitions
completed or contemplated during the three months and nine months
ended July 1, 2011, respectively.
[c]During the three month period ended July 1, 2011, the Company
recognized a $2.3 million charge related to the resolution of a
contractual dispute.
[d]During the three months ended July 1, 2011, the Company
implemented a restructuring plan to reduce the headcount
associated with its acquisition of SiGe Semiconductor, Inc.
For the three months ended July 2, 2010, the Company recorded a
$1.0 million credit to restructuring and other charges related to
the sale of an impaired long-lived asset.
[e]The gain recorded during the three months ended July 2, 2010
relates to the retirement of $20.4 million of the Company's 1.50%
convertible subordinated notes due on March 1, 2012.
The net loss recorded during the nine months ended July 2, 2010
relates to a loss on the retirement of $32.6 million of the
Company's 1.25% convertible subordinated notes due on March 1,
2010 offset by a gain on the retirement of $20.4 million of the
Company's 1.50% convertible subordinated notes due on March 1,
2012.
[f]These charges represent the amortization expense recognized in
accordance with ASC 470-20. Approximately, $0.3 million and $1.0
million, respectively, of amortization expense was recognized
during the three months and nine months ended July 1, 2011.
Approximately $0.5 and $2.2 million, respectively, of amortization
expense was recognized during the three months and nine months
ended July 2, 2010.
[g]During the three months and nine months ended July 1, 2011 and
July 2, 2010, these amounts primarily represent the utilization of
net operating loss and research and development credit
carryforwards.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
July 1,Oct. 1,
(in thousands)20112010
----------------- -----------------
Assets
Current assets:
Cash and cash equivalents$310,357$459,385
Accounts receivable, net186,129175,232
Inventories188,795125,059
26,85230,189
Prepaid expenses and other current assets
Property, plant and equipment, net252,755204,363
Goodwill and intangible assets, net768,996498,096
Other assets71,71571,728
------------------
Total assets$ 1,805,599$ 1,564,052
====== =============== =========
Liabilities and Equity
Current liabilities:
Credit facility$-$50,000
Convertible notes25,744-
Accounts payable116,648111,967
Accrued liabilities and other current liabilities101,95742,357
Long-term debt-24,743
Other long-term liabilities29,07618,389
Stockholders' equity1,532,1741,316,596
------------------
Total liabilities and equity$ 1,805,599$ 1,564,052
====== =============== =========
SOURCE: Skyworks Solutions, Inc.
Skyworks Media Relations:
Pilar Barrigas, 949-231-3061
or
Skyworks Investor Relations:
Stephen Ferranti, 781-376-3056 |
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| From: Savant | 8/3/2011 11:38:41 PM | | | | | | Skyworks to Present at Oppenheimer Technology and Communications Conference
WOBURN, Mass., Aug 03, 2011 (BUSINESS WIRE) -- Skyworks Solutions, Inc. (SWKS),
an innovator of high reliability analog and mixed signal semiconductors enabling
a broad range of end markets, today announced that company executives will be
presenting a company overview at the Oppenheimer Technology and Communications
Conference on August 10, 2011 at 2:25 p.m. Eastern Time from the Four Seasons
Hotel in Boston.
The presentation will be Web cast live and archived for replay for one week
following the conference in the "Investor Relations" section of Skyworks' Web
site at skyworksinc.com. |
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