Cypress Announces First-Ever Cash Dividend
May 12 2011 - 4:15PM
Business Wire
Cypress Semiconductor Corp. (Nasdaq: CY) today announced that
its Board of Directors has adopted a dividend policy under which
the Company intends to pay quarterly cash dividends on its common
stock.
The Board declared the first quarterly cash dividend of $0.09
per share payable to holders of record of the Company's common
stock at the close of business on June 24, 2011. This dividend will
be paid on July 21, 2011. The declared dividend will be paid from
U.S. domestic sources other than the Company's retained earnings
and is expected to be treated as an untaxed return of capital for
U.S. tax purposes for the 2011 fiscal year, although the final
determination of the tax treatment of the dividend will be made
after the Company’s 2011 fiscal year end. The Company will provide
direction annually on the potential tax treatment of the dividend
for U.S. tax purposes.
"Cypress is executing very well on its long-term business model
and is delivering increasing value to its stockholders," said Brad
Buss, Cypress's executive vice president and chief financial
officer. "We continue to invest heavily in our main business units,
including our family of rapidly growing PSoC® products, and our
Emerging Technology Division, and we are enjoying the strongest
product cycles in the company’s history. We are pleased to be able
to return excess cash to our stockholders through our stock
repurchase program and now through the adoption of a dividend
policy. We also look forward to adding new stockholders who desire
to invest in a growing company with a very competitive
dividend."
The dividend policy and the payment of cash dividends under that
policy are subject to the Board's continuing determination that the
dividend policy and the declaration of dividends are in the best
interests of Cypress’s stockholders and are in compliance with all
laws and agreements of Cypress applicable to the declaration and
payment of cash dividends. The dividend may be changed or cancelled
at the Company’s discretion at any time.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable
solutions that provide customers with rapid time-to-market and
exceptional system value. Cypress offerings include the flagship
PSoC® programmable system-on-chip families and derivatives such as
PowerPSoC® solutions for high-voltage and LED lighting
applications, CapSense® touch sensing and TrueTouch™ solutions for
touchscreens. Cypress is the world leader in USB controllers,
including the high-performance West Bridge® solution that enhances
connectivity and performance in multimedia handsets. Cypress is
also a leader in high-performance memories and programmable timing
devices. Cypress serves numerous markets including consumer, mobile
handsets, computation, data communications, automotive, industrial
and military. Cypress trades on the NASDAQ Global Select Market
under the ticker symbol CY. Visit Cypress online at
www.cypress.com.
Forward-Looking Statements
This release may be deemed to contain forward-looking
statements, which are subject to the safe harbor provisions of the
Private Litigation Reform Act of 1995. These forward-looking
statements include, among other things, statements regarding its
adoption of a dividend policy, any future payments made under that
policy, any decision to cancel or change the dividend policy, each
of which involve risks and uncertainties. Readers are cautioned
that these forward-looking statements are only predictions and may
differ materially from actual future events or results due to a
variety of factors, including: the discretion of management and the
board as to whether declaring a dividend is in the best interests
of the Company, the business and economic conditions and growth
trends in the semiconductor industry and in various geographic
regions; our ability to manage financial risk; and other factors
listed in Cypress’s most recent reports on Form 10-K, 10-Q and 8-K.
The information above speaks only as of the date of this
release.
Cypress and the Cypress logo, PSoC, PowerPSoC, CapSense, West
Bridge and EZ-USB are registered trademarks of Cypress
Semiconductor Corporation. Programmable System-on-Chip, and CyFi
are trademarks of Cypress Semiconductor Corp. All other trademarks
are the property of their respective owners
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