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Cypress Semi Lowers
Outlook for Second Time
http://online.wsj.com/article/0,,SB109637662831529987,00.html?mod=yahoo_hs&ru=yahoo

DOW JONES NEWSWIRES
September 28, 2004 9:44 a.m.

Cypress Semiconductor Corp. lowered its third-quarter earnings and revenue targets for the second time this month, citing "sustained weakness" in multiple markets.

There was "little" business improvement during September, the San Jose, Calif., supplier of integrated circuits said Tuesday.

Cypress now expects to report operating earnings, which exclude special items, of three cents to five cents a share for the third quarter, which ended Sept. 26. Including amortization of intangibles and other acquisition-related, restructuring and special charges and credits, the company expects to post a net loss of two cents to four cents a share.

On Sept. 3, Cypress said it anticipated earnings of four cents to eight cents a share for the period. Operating earnings, which exclude special items, were projected at 11 cents to 15 cents a share. The company said orders were hurt by inventory in the channel, reduced product lead times and a slowdown in networking and wireless.

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