Big gains for Cypress after Spansion merger
Following its Spansion merger, Cypress has reported $491 million Q2 revenue for a net profit of $53 million.
Programmable Systems’ sales $202.8 million were 172% up y-o-y.
Memory Products’ sales were $261.4 million up 205% y-o-y.
Emerging Technologies’ sales were $7.7 million up 44% y-o-y.
Data Communications’ sales were $19.1 million up 6% y- o-y.
Revenues were derived from: Japan 34%, Europe 14%, and the Americas 11%.
“Our sales force is actively cross-selling products from our expanded product portfolio,” says CEO T.J. Rodgers “as a result, we have begun to see an increase in new opportunities at top-tier customers, particularly in the automotive market.”
Since the merger, Cypress has exited 19 of the 27 sites planned for closure, reduced its headcount by 833 people, and saved an annual $51.6 million. It expects $160 million in annual savings over the long term.
The company writes:
We are pleased to announce strong financial results for the second quarter of 2015, our first full quarter as a combined company. Our non-GAAP earnings per share of $0.15 represents a record relative to the last 10 quarters of the Cypress and Spansion pro forma combination. …
We have continued to make excellent progress on integration. We have exited 19 of the 27 sites planned for closure, reduced our combined headcount by 833 people and achieved $51.6 million in annualized synergies in the second quarter—ahead of our plan to achieve $160 million in synergies.
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