Skyworks Solutions, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): October 10, 2005
SKYWORKS SOLUTIONS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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1-5560
(Commission File Number)
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04-2302115
(IRS Employer Identification No.) |
20 Sylvan Road, Woburn,
Massachusetts 01801
(Address of principal executive offices) (Zip Code)
(781) 376-3000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The information contained herein and in the accompanying exhibit shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such
a filing.
On
October 10, 2005, Skyworks Solutions, Inc. updated its business outlook for the three month
period ended September 30, 2005. A copy of the press release is attached hereto as Exhibit
99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99.1
Press Release dated October 10, 2005, updating Skyworks Solutions, Inc.’s business outlook for the three month period ended September 30, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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SKYWORKS SOLUTIONS, INC.
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By: |
/s/ Allan M. Kline
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| Date: October 11, 2005 |
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Allan M. Kline |
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Chief Financial Officer |
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EXHIBIT INDEX
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| EXHIBIT NO. |
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DESCRIPTION |
99.1
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Press Release dated October 10, 2005, updating Skyworks
Solutions, Inc.’s business outlook for the three month period ended September 30, 2005. |
Exhibit 99.1
EXHIBIT 99.1
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Skyworks Media Relations:
Pilar Barrigas
(949) 231-3061
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Skyworks Investor Relations:
Thomas Schiller
(949) 231-4700 |
Skyworks Updates Fourth Fiscal Quarter Business Outlook
WOBURN, Mass., Oct. 10, 2005—Skyworks Solutions, Inc. (NASDAQ: SWKS), a global leader in
analog, mixed signal and digital semiconductors for mobile communications applications, today
announced that based upon preliminary review of its unaudited financial results, the company
expects revenue for the fourth fiscal quarter ended September 30, 2005, to be approximately $190
million. This outlook is below the low end of the Company’s guidance of $194 million provided in
July 2005, and consensus estimates of $198.7 million.
Skyworks’ revised revenue guidance is a result of two factors: first, a one-time payment to a
customer recorded against current period revenue; second, a late quarter demand shift away from
hub/consigned products and toward highly integrated GPRS, EDGE and WCDMA front-end modules, which
the Company was unable to support within the quarter given material and capacity constraints. Gross
margin and operating income for the fourth fiscal quarter are expected to be impacted by the full
amount of the change in revenue, due to the nature of the customer payment and the shift in product
mix. As a result, operating income is expected to be in the range of $7 to $10 million.
“We are obviously disappointed with our preliminary fourth fiscal quarter results and are
taking aggressive steps to eliminate supply chain bottlenecks, ensuring our ability to fully
capture shifting customer demand going forward,” said David J. Aldrich, Skyworks’ president and
chief executive officer. “We believe the payment to a strategic customer is a good investment in
our relationship and should benefit future periods. Meanwhile, we are experiencing recent order
strength driven by the customer adoption of our newest front-end module solutions, Helios™ EDGE
radios and family of linear products, which bodes well for accelerating growth and our ability to
deliver on our commitment of expanding margins as we enter the December quarter.”
The Company plans to report its fiscal fourth quarter and year-end earnings on November 2. At that
time, management will hold its regular analyst conference call and provide more details on the
quarter’s results and the guidance for the first fiscal quarter of 2006.
About Skyworks
Skyworks Solutions, Inc. is a global leader in analog, mixed signal and digital semiconductors
for mobile communications applications. The company’s power amplifiers, front-end modules, direct
conversion transceivers and complete system solutions are at the heart of many of today’s
leading-edge multimedia handsets, cellular base stations and wireless networking platforms.
Skyworks also offers a portfolio of highly innovative linear products, supporting a diverse set of
automotive, broadband, industrial and medical customers.
Headquartered in Woburn, Mass., Skyworks is worldwide with engineering, manufacturing, sales
and service facilities throughout Asia, Europe and North America. For more information, please
visit the Skyworks Web site at: www.skyworksinc.com.
Safe Harbor Statement
This news release includes “forward-looking statements” intended to qualify for the safe
harbor from liability established by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include information relating to future results of Skyworks (including
certain projections and business trends). Forward-looking statements can often be identified by
words such as “anticipates,” “expects,” “intends,” “believes,” “plans,” “may,” “will,” “continue,”
similar expressions, and variations or negatives of these words. All such statements are subject
to certain risks and uncertainties that could cause actual results to differ materially and
adversely from those projected, and may affect our future operating results, financial position and
cash flows.
These risks and uncertainties include, but are not limited to: global economic and market
conditions, such as the cyclical nature of the semiconductor industry and the markets addressed by
the company’s and its customers’ products; demand for and market acceptance of new and existing
products; the ability to develop, manufacture and market innovative products in a rapidly changing
technological environment; the ability to compete with products and prices in an intensely
competitive industry; product obsolescence; losses or curtailments of purchases from key customers
or the timing of customer inventory adjustments; the timing of new product introductions; the
availability and extent of utilization of raw materials, critical manufacturing equipment and
manufacturing capacity; pricing pressures and other competitive factors; changes in product mix;
fluctuations in manufacturing yields; the ability to continue to grow and maintain an intellectual
property portfolio and obtain needed licenses from third parties; the ability to attract and retain
qualified personnel; labor relations of the company, its customers and suppliers; economic, social
and political conditions in the countries in which Skyworks, its customers or its suppliers
operate, including security and health risks, possible disruptions in transportation networks and
fluctuations in foreign currency exchange rates; and the uncertainties of litigation, as well as
other risks and uncertainties, including but not limited to those detailed from time to time in the
company’s filings with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and the company
undertakes no obligation to update or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
Note to Editors: Skyworks and Skyworks Solutions are trademarks or registered trademarks of
Skyworks Solutions, Inc. or its subsidiaries in the United States and in other countries. All
other brands and names listed are trademarks of their respective companies.
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