Skyworks
Posts Loss on Higher Revenue
The semiconductor manufacturer, which was formed by the merger of Alpha Industries and the wireless division of Conexant Systems in June, posted a quarterly loss of $1.5 million, or a penny a share.
Revenue was up 52% to $150.7 million in the quarter, compared with combined company revenue of $99.4 million a year ago. Sequentially, sales were up 10% from combined revenue of $137 million.
Skyworks had a pro forma loss of $3.9 million, or 3 cents a share, which excludes a gain from the change in the estimate of a restructuring charge. On that basis it beat analysts' expectations for a loss of 8 cents a share.
For the current first quarter, the company said it expects revenue to rise by at least 5% sequentially, citing "strong design activity and order trends," and for gross margins to widen by 100 basis points. In the quarter after that it expects "continued top-line growth and further gross margin expansion," as well as higher operating profits.
On a conference call, the company said it was cash flow neutral in the fourth quarter -- excluding one-time merger costs -- and that it ended the year with $53 million in cash.
Gross margin in the quarter was 41%, excluding Mexicali assembly and test service revenues.
Executives on the call said that improving the capital structure -- reducing Mexicali debt and divesting real estate assets -- was its highest priority, though it did not provide any updates on those points.