Skyworks Updates First Fiscal Quarter Business Outlook
December 01 2008 - 4:45PM
Business Wire
Skyworks Solutions, Inc. (NASDAQ:SWKS), an innovator of high
performance analog and mixed signal semiconductors enabling mobile
connectivity, today announced that the company expects revenue for
the first fiscal quarter of 2009 to be in the range of $210 to $215
million with non-GAAP diluted earnings per share of $0.15 to $0.17.
�We are lowering our guidance to reflect weakness in the handset
and broader analog markets,� said Donald W. Palette, Skyworks� vice
president and chief financial officer. �In our fourth fiscal
quarter earnings announcement of November 6, 2008, we forecasted
revenue of $240 million and non-GAAP diluted earnings per share of
$0.23. Our 8 to 10 percent sequential revenue decline is being
driven by recent customer inputs and bookings levels, which point
to a broad-based slowdown in several of our end markets.
Nevertheless, our diversification, market share gains and balance
sheet strength are enabling us to maintain strong financial
performance during the downturn.� Estimated non-GAAP diluted
earnings per share for the first fiscal quarter excludes
approximately $6.6 million of FASB Statement No. 123(R) - related
expenses. Non-GAAP financial measures exclude certain charges
including but not limited to share-based compensation, baseband
exit charges, amortization of intangible assets, tax valuation
allowance reversals, and non-recurring items. The company believes
non-GAAP financial measures provide useful information to both
management and investors by excluding certain charges and
non-recurring items that may not be indicative of Skyworks� ongoing
operations and financial performance. About Skyworks Skyworks
Solutions, Inc. is an innovator of high performance analog and
mixed signal semiconductors enabling mobile connectivity. The
company's power amplifiers, front-end modules and direct conversion
radios are at the heart of many of today's leading-edge multimedia
handsets. Leveraging core technologies, Skyworks also offers a
diverse portfolio of linear products that support automotive,
broadband, cellular infrastructure, industrial and medical
applications. 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: www.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 information relating
to future results and expectations of Skyworks (including certain
projections and business trends). Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"forecasts," "intends," "believes," "plans," "may," "will,"
"continue," similar expressions, and variations or negatives of
these words. All such statements are subject to certain risks and
uncertainties 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
and uncertainties include, but are not limited to: unprecedented
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.
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