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Skyworks Posts Record Revenue of $245.1 Million and Non-GAAP Operating Margin of 21.3 Percent in Q1 FY10

Produces Record Non-GAAP Diluted EPS of $0.27Expands Gross Margin to 42.2 Percent on a Non-GAAP BasisDelivers 17 Percent Revenue Growth and Improves Non-GAAP Operating Income 83 Percent on a Year-Over-Year BasisGenerates $53 Million of Cash Flow from OperationsGuides to 30 Percent Year-Over-Year Revenue Growth for Q2 FY10

Skyworks Solutions, Inc. today reported first fiscal quarter 2010 results. Revenue for the quarter was $245.1 million, representing a 17 percent year-over-year increase when compared to $210.2 million in the first fiscal quarter of 2009, and exceeding the Company's guidance range of $238 million to $242 million.

On a non-GAAP basis, operating income for the first fiscal quarter was $52.3 million, up from $28.6 million in the prior-year period, representing an 83 percent increase and a 21.3 percent operating margin. Non-GAAP diluted earnings per share for the quarter was a record $0.27, $0.02 better than guidance and a 59 percent improvement when compared to $0.17 for the first fiscal quarter of 2009. On a GAAP basis, operating income for the first fiscal quarter was $42.5 million versus $21.0 million in the first fiscal quarter of 2009. GAAP diluted earnings per share for the quarter was $0.16 versus $0.14 in the prior year period.

"Skyworks' strong performance is being driven by several key trends including the exploding demand for mobile Internet applications, increasingly diversified linear products and the rapid adoption of smart grid technologies," said David J. Aldrich, president and chief executive officer of Skyworks. "More importantly, as our improving gross and operating margins demonstrate, our innovative solutions are allowing us to further differentiate Skyworks, positioning us to create even greater competitive advantages and shareholder value."

Business Highlights

    * Increased non-GAAP gross and operating margins to 42.2 percent and 21.3 percent, respectively (41.8 percent and 17.4 percent on a GAAP basis)
    * Exited the quarter with $402 million of cash and equivalents
    * Supported launch of Google's Nexus One Android-based smart phone
    * Commenced volume production of custom solutions supporting Itron's OpenWay(R) energy management module
    * Introduced a family of highly integrated CMOS switches with high isolation capability for the direct broadcast satellite TV market
    * Launched the industry's broadest frequency range voltage control oscillator for 3G and 4G base station infrastructure applications
    * Successfully ramped analog control devices for Intel's wireless local area networking applications
    * Extended key ISO/TS 16949 automotive certification to Mexicali manufacturing facility, allowing further penetration into new markets

Second Fiscal Quarter 2010 Outlook

"2010 is off to a solid start for Skyworks. Based on broad-based business strength and new applications, we anticipate 30 percent year-over-year revenue growth in the second fiscal quarter of 2010," said Donald W. Palette, vice president and chief financial officer of Skyworks. "Specifically, we expect approximately $225 million in revenue, significantly better than normal seasonality for the March quarter, with non-GAAP diluted earnings per share of $0.21---representing a 75 percent year-over-year improvement in bottom line profitability."

 

Skyworks' First Fiscal Quarter 2010 Conference Call

Skyworks will host a conference call with analysts to discuss its first fiscal quarter 2010 results and business outlook today at 5:00 p.m. Eastern Time (ET). To listen to the conference call via the Internet, please visit the investor relations section of Skyworks' Web site. To listen to the conference call via telephone, please call 877-208-2391 (domestic) or 913-312-0391 (international), confirmation code: 6415309.

Playback of the conference call will begin at 9:00 p.m. ET on January 20, and end at 9:00 p.m. ET on January 27. The replay will be available on Skyworks' Web site or by calling 888-203-1112 (domestic) or 719-457-0820 (international), pass code: 6415309.

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