Cypress Semiconductor (CY) today said that it plans to proceed with a proposed spinoff to holders of its stake in SunPower (SPWR). The company said in April that it had received an IRS ruling which clears the way for a tax-free spin-off.
Cypress said that in connection with the proposal, it may tender for its 1% convertible notes due September 2009. It also said the company may sell a portion of its shares prior to completing the spin-off.
Meanwhile, Cypress today posted Q2 revenue of $592.3 million, well above the Street consensus of $539.97 million. Non-GAAP EPS of 28 cents nicely beat the Street view at 21 cents. CEO T.J. Rodgers said the company’s results exceeded expectation in both its core semi business and at SunPower....MORE