- Revenue of $491.0 million, at the high end of guidance
- Gross margin of 41.0%, in line with expectations
- Earnings per share of $0.15—the highest quarterly earnings in more than two years for the combined pro forma company
- Annualized synergies achieved ahead of schedule: $51.6 million
- Divestiture of mobile touchscreen business for $100 million announced
- Dividend of $36.7 million ($0.11 per share, equivalent to 3.7% annualized yield) declared and paid with favorable tax treatment
Fellow shareholders:
Our revenue and earnings for the quarter are given below, compared with those of the prior quarter and prior year*:
(In thousands, except per-share data)
|
|
|
NON-GAAP** |
|
GAAP | ||||||||
|
|
|
Q2 2015 |
|
Q1 2015 |
|
Q2 2014 |
|
Q2 2015 |
|
Q1 2015 |
|
Q2 2014 |
|
Revenue |
|
$491,028*** |
|
$209,137 |
|
$183,601 |
|
$484,778 |
|
$209,137 |
|
$183,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
41.0% |
|
-1.3% |
|
54.0% |
|
28.5% |
|
-17.0% |
|
51.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax margin |
|
11.4% |
|
-42.0% |
|
14.9% |
|
-18.1% |
|
-120.2% |
|
5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$52,870 |
|
$(87,906) |
|
$26,723 |
|
$(90,051) |
|
$(246,798) |
|
$9,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (loss) |
|
$0.15 |
|
$(0.45) |
|
$0.16 |
|
$(0.27) |
|
$(1.26) |
|
$0.06 |
|
|
|
* The results for the second quarter of 2015 include Spansion operations for the full quarter, while prior periods presented do not, as the Spansion merger was completed on March 12, 2015. |
|
** For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures." |
|
*** Non-GAAP revenue includes $6.25 million of Samsung intellectual property licensing revenue, not included in GAAP revenue as a result of the effects of purchase accounting for the merger. |
