News Article
Skyworks Retires $20.4 million of Principal Convertible Debt
As the balance sheet improves, the firm announced that 2.1 million shares will not need to be diluted.
Skyworks, a provider of analog and mixed signal semiconductors enabling a broad range of end markets, has announced that the Company retired an additional $20.4 million of convertible notes with an original maturity date of March 2012.
With the early retirement of this debt, Skyworks eliminated potential future dilution of 2.1 million shares and, at a higher level, continues to enhance its overall capital structure. At the end of the Company's most recently reported quarter, Skyworks maintained $412 million in cash and cash equivalents with a principal value of $47 million in long-term convertible debt.
At the end of the second fiscal quarter of 2008, the company held $228 million in cash and cash equivalents and $200 million in long-term debt.
"Skyworks has generated $323 million in cash flow from operations over the past six quarters, enabling us to efficiently deleverage our balance sheet," said Donald W. Palette, CFO of Skyworks. "This financial strategy has supported increasing business throughout the economic downturn as customers, suppliers and partners appreciate the strength of our balance sheet in today's market environment. As a result, we intend to outperform our addressed markets and further improve our capital structure going forward."
