* First-quarter adjusted earnings $0.03/share vs est $0.01
* First-quarter revenue $172.7 mln vs est $167.5 mln
April 18 Cypress Semiconductor Corp,
which makes touch sensing microcontrollers for cellphones,
reported better-than-expected quarterly results on lower costs
and an improvement in demand for its products in China.
The company's shares rose 4 percent in premarket trade.
Revenue fell 7 percent to $172.7 million, the lowest
percentage fall in four quarters, beating the $167.5 million
analysts were expecting, according to Thomson Reuters I/B/E/S.
Cypress' book-to-bill ratio rose to 1.04 in the first
quarter, suggesting increased demand for its chips. A
book-to-bill ratio above 1 means a company has more orders in a
quarter than it can deliver.
"We thus expect solid sequential revenue growth in the
second quarter for all divisions -- the first quarter of 2013
was the bottom of the 2012 semiconductor slump for us," Cypress
said in a statement.
The company's touch controllers are used in devices built by
South Korea's Samsung Electronics Co, which
accounted for 10.8 percent of Cypress' revenue last year.
The company, which also makes specialized chips for
computers, took a hit over the past year as PC sales continued
their downward spiral.
Personal computer sales plunged 14 percent in the first
three months of 2013, the biggest decline in two decades of
keeping records, while tablets continued to gain in popularity,
tech tracking firm IDC said last week.
Lazard Capital said the company's touch business is likely
recovering, helped by sales of low-end smartphones in China,
while Wedbush Securities said the worst was over for the
Fairchild Semiconductor International Inc, another
Samsung supplier that makes power-management chips for PCs and
mobile phones, reported better-than-expected quarterly revenue
as it sold more high-voltage chips to industrial and automotive
Cypress's net loss rose to $28.2 million, or 19 cents per
share, from $19.5 million, or 13 cents per share, a year
earlier. Excluding one-time items, it had a profit of 3 cents
per share, above the average analyst estimate of 1 cent per