Friday, April 24, 2009

Skyworks Revenue Down for Q2

RF/microwave integrated device manufacturer, Skyworks Solutions, Inc. (NASDAQ: SWKS) announced their second fiscal quarter 2009 results on Thursday. Revenue for the quarter was $173.0 million, a 14 percent decrease from $201.7 million in the year-ago period and versus guidance of $168.0 million.

Non-GAAP operating income was $21.2 million in the second fiscal quarter with diluted earnings per share of $0.12, $0.02 better than consensus estimates. On a GAAP basis, operating loss for the second fiscal quarter was $3.7 million and diluted loss per share was $0.03, including $19.4 million of previously disclosed charges relating to the Company’s operating expense reduction initiatives.

“Despite the challenging economic backdrop, Skyworks delivered solid financial results in the second fiscal quarter of 2009 driven by our diversification, scale advantages, fab-lite strategy and improved cost structure,” said David J. Aldrich, president and chief executive officer of Skyworks. “Offsetting general market weakness, our performance was highlighted by strength in energy management and smart grid technologies, China 3G base stations, smart phones and push-to-talk applications. At a higher level, we believe our results demonstrate that Skyworks is gaining share in the broader analog semiconductor market and is creating a highly differentiated business model.”

Business Highlights

* Maintained non-GAAP gross margin of 40 percent (38 percent on a GAAP basis)
* Reduced operating expenses by more than $25 million on an annualized basis
* Partnered with Itron, a leading energy technology provider, to meet increasing demand for smart meter technology
* Captured key design wins at Huawei and ZTE for 3G and 4G base station solutions
* Unveiled a suite of low noise amplifiers targeting ultra-high performance infrastructure, GPS and satellite radio applications
* Supported an increasingly popular e-book reading platform developed by one of the world’s largest online retailers
* Expanded Qualcomm baseband partnership leveraging higher value front-end modules and encompassing a growing number of 2G, 3G and HSDPA reference designs
* Named Supplier of the Year for the second consecutive time by LG Electronics

Third Fiscal Quarter 2009 Outlook

“Although we remain cautious on the macro-economy, Skyworks intends to resume top and bottom line growth in the current quarter through share gains and participation in new markets,” said Donald W. Palette, vice president and chief financial officer of Skyworks. “Specifically, we expect June quarterly revenue to be up 5 percent sequentially with expanding margins driving non-GAAP diluted earnings per share of $0.14 - - - a 15 percent sequential improvement in profitability.”

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