The Thermcraft TransTemp transparent tube furnace was originally developed at the Lincoln Laboratory on the campus of MIT. Unlike conventional furnaces, the TransTemp becomes transparent at approximately 600°C, which makes it possible to see a process as it takes place inside the furnace.
TransTemp transparent furnaces use a gold mirror that reflects infrared radation and acts as an insulator. The use of only a gold mirror for insulation minimizes mass and allows for very fast heat up and cool down rates. The maximum recommended operating temperature of the TransTemp tube furnace is 1000°C.
Construction
TransTemp tube furnaces are constructed using three coaxially mounted tubes. The outermost tube is Pyrex glass that has a gold mirror on its inner surface. Gold is highly reflective of infrared energy and acts as an insulator. Gold is also ideal for a transparent furnace because it is a poor reflector of visible light. The second tube is a quartz shield that protects the gold mirror. Coaxially mounted inside of the quartz shield is a resistive element. The element is made up of a series of fixed brazed coils. The exact temperature profile will depend on the design of the element. The third tube is a quartz tube or muffle, which extends beyond the ends of the furnace and passes through the center of the heating element.
Temperature Uniformity
In conventional tube furnaces using packed or porous insulation, the temperature is generally uniform over only the central third of the heated length. Outside this region, the temperature decreases significantly due to heat loss at the ends. In the TransTemp tube furnace, uniform reflection of infrared radiation evenly distributes the heat throughout the entire length of the tube. Because the mirror is uniform, it has uniform radial heat loss. With the ends capped, the TransTemp tube furnace will provide a uniform temperature along 60% of its length.
2011年7月21日星期四
Earnings Call Transcript
Good morning and welcome to the Cypress Semiconductor Second Quarter 2011 Earnings Release Conference Call. Today's conference is being recorded. If you have any objections, you may disconnect your lines at this time. I would now like to turn the call over to Mr. T.J. Rodgers, President and CEO of Cypress Semiconductor. Sir, you may begin.
T. Rodgers
Good morning. We're here to report second quarter of 2011. I will start out with our CFO, Brad Buss, with the numbers.
Brad Buss
Thanks, T.J. Thanks everybody for attending. Just a couple of quick housekeeping things. As you know, these are preliminary, unaudited results. We obviously encourage you to go through our 10-Q in excruciating detail when it's filed in August. And as usual, everything is forward-looking. There's a ton of risk factors. We encouraged you to look through that, and we don't have a duty to update them.
And I also just want to say today is a historic day at Cypress, in that we actually paid our first dividend. It was $0.09 per common share outstanding, and we just gave $15.3 million to you. So we encourage you to spend it on a lot of Cypress touch products in the U.S. or enjoy a holiday in Greece and help everybody out.
I'll go through Q2 results, and then I'll take a look at the items. So we have really good revenue in Q2. We came in at the top end of the range at $255 million. That was a 9% sequential increase. It was actually 14% sequential -- or 13%, I should say, sequential increase, if you strip out the Image Sensor business that was partially in Q1 that we sold. So obviously, a very strong growth rate for us and probably one of the best that you'll see, I'm sure, in our semiconductor peers.
Our handset revenue grew 32% sequentially, and we also had a really big increase in tablet revenues. We saw increases in our wireless- and consumer-end markets, and we saw a slight decreases as though -- as expected in wireline and our computation-end market. We really don't see any end market being in trouble at all, and -- however, we continue to monitor the macro and inventory positions, and Chris can talk further on that later.
If you look at it by division, our MPD decreased 5% as expected, due to the Image Sensor business sale that I talked about. If you adjusted Image Sensor out of MPD, they actually increased 4% sequentially, slightly better than our normal seasonal expectations. And then, we saw growth in SRAM and in our auto business actually. In DCD, we saw a 4% revenue decrease, really driven by our legacy com business and West Bridge.
CCD had record revenue in Q1. They increased 22% sequentially. Obviously, TrueTouch hit another new revenue record, and they grew a whopping 52% sequentially and over 350% year-on-year. Again, due to handset growth at Tier 1 customers and significantly higher revenues in tablets. Just a side note, CCD is now our largest division by revenue, and they crossed the 50% mark for the first time and ended up at 51%. And just to put in perspective, that's up from 39% in 2010. TrueTouch is also our largest individual product family. It surpassed our synchronous SRAM business unit, and we have a bunch of ton of great design wins, which I'm sure Chris and Norm will talk on further.
If you look at handsets as an end market, which again, in early 2008, we really didn't even participate to any degree, it grew 32% sequentially, almost 200% year-on-year. And handsets are now our largest end market, and that accounted for 29% of our revenue.
So just winding back to TrueTouch real quick. Our guidance for 2011 has to more than double versus 2010. So that yielded an implied revenue range of around $180 million to $200 million. So based on our strong first half results, a very strong design pipeline and obviously, some increased tablet revenues, I was really glad to see that Chris and Norm are ponying up even higher revenue. And we're going to increase the guidance by $50 million and now expect a range of $230 million to $250 million for fiscal 2011.
On a GAAP basis, we had net income of almost $41 million. We had a $17 million tax benefit, and that was -- yielded us $0.21 per share, and that was more than double from the prior year. Our non-GAAP net income was $63 million. That yielded fully diluted EPS of $0.32, and that was at the higher end of our guidance and again, was at the highest level since 2000. This is a EPS growth of 33% year-on-year at a rate that's 2.3x faster than the sales growth. We enjoyed 100% fall-through of the incremental GP dollars, and we also generated lower OpEx, which gave us that big increase. If you strip out the Emerging Tech business and just look at the core business, it yielded $0.36 in EPS, PBT of $70 million in -- on a PBT percent of 29%. So we continue to execute very well in both of our core and our Emerging Tech areas.
The non-GAAP gross margin was 57.2% went down from 58.1%, mostly due to standard product and customer mix. We had some higher depreciation from our assay fab expansion that we talked about and then a couple of odds and ends in inventory and cost. Our core semiconductor gross margin, without Emerging Tech, was 58.2%. Our average utilization in our one fab in Minnesota was 89%, up from the high 70s in Q1, and I would expect to see utilization remain relatively stable in Q3. Wafers from our foundry partners were almost 50%, and again, I'd expect that to increase into 2012. Our average corporate ASPs remained healthy, and they increased slightly to $1.49.
The non-GAAP OpEx was down as I expected, and it actually was a little lower than my guidance. We came in at $83 million, and again, remember Q1 was slightly elevated due to some litigation expense with wrapping up the SRAM. We had a worldwide sales conference for the first time in many moons and the standard seasonally higher payroll taxes. Headcount remained relatively flat, even after we made substantial additions in our PSoC and TrueTouch business groups, and we're extremely focused on OpEx, continuing to look to drive our model. And I think you'll see us out probably the lowest OpEx percent of revenue in over a decade, which we're quite proud of.
T. Rodgers
Good morning. We're here to report second quarter of 2011. I will start out with our CFO, Brad Buss, with the numbers.
Brad Buss
Thanks, T.J. Thanks everybody for attending. Just a couple of quick housekeeping things. As you know, these are preliminary, unaudited results. We obviously encourage you to go through our 10-Q in excruciating detail when it's filed in August. And as usual, everything is forward-looking. There's a ton of risk factors. We encouraged you to look through that, and we don't have a duty to update them.
And I also just want to say today is a historic day at Cypress, in that we actually paid our first dividend. It was $0.09 per common share outstanding, and we just gave $15.3 million to you. So we encourage you to spend it on a lot of Cypress touch products in the U.S. or enjoy a holiday in Greece and help everybody out.
I'll go through Q2 results, and then I'll take a look at the items. So we have really good revenue in Q2. We came in at the top end of the range at $255 million. That was a 9% sequential increase. It was actually 14% sequential -- or 13%, I should say, sequential increase, if you strip out the Image Sensor business that was partially in Q1 that we sold. So obviously, a very strong growth rate for us and probably one of the best that you'll see, I'm sure, in our semiconductor peers.
Our handset revenue grew 32% sequentially, and we also had a really big increase in tablet revenues. We saw increases in our wireless- and consumer-end markets, and we saw a slight decreases as though -- as expected in wireline and our computation-end market. We really don't see any end market being in trouble at all, and -- however, we continue to monitor the macro and inventory positions, and Chris can talk further on that later.
If you look at it by division, our MPD decreased 5% as expected, due to the Image Sensor business sale that I talked about. If you adjusted Image Sensor out of MPD, they actually increased 4% sequentially, slightly better than our normal seasonal expectations. And then, we saw growth in SRAM and in our auto business actually. In DCD, we saw a 4% revenue decrease, really driven by our legacy com business and West Bridge.
CCD had record revenue in Q1. They increased 22% sequentially. Obviously, TrueTouch hit another new revenue record, and they grew a whopping 52% sequentially and over 350% year-on-year. Again, due to handset growth at Tier 1 customers and significantly higher revenues in tablets. Just a side note, CCD is now our largest division by revenue, and they crossed the 50% mark for the first time and ended up at 51%. And just to put in perspective, that's up from 39% in 2010. TrueTouch is also our largest individual product family. It surpassed our synchronous SRAM business unit, and we have a bunch of ton of great design wins, which I'm sure Chris and Norm will talk on further.
If you look at handsets as an end market, which again, in early 2008, we really didn't even participate to any degree, it grew 32% sequentially, almost 200% year-on-year. And handsets are now our largest end market, and that accounted for 29% of our revenue.
So just winding back to TrueTouch real quick. Our guidance for 2011 has to more than double versus 2010. So that yielded an implied revenue range of around $180 million to $200 million. So based on our strong first half results, a very strong design pipeline and obviously, some increased tablet revenues, I was really glad to see that Chris and Norm are ponying up even higher revenue. And we're going to increase the guidance by $50 million and now expect a range of $230 million to $250 million for fiscal 2011.
On a GAAP basis, we had net income of almost $41 million. We had a $17 million tax benefit, and that was -- yielded us $0.21 per share, and that was more than double from the prior year. Our non-GAAP net income was $63 million. That yielded fully diluted EPS of $0.32, and that was at the higher end of our guidance and again, was at the highest level since 2000. This is a EPS growth of 33% year-on-year at a rate that's 2.3x faster than the sales growth. We enjoyed 100% fall-through of the incremental GP dollars, and we also generated lower OpEx, which gave us that big increase. If you strip out the Emerging Tech business and just look at the core business, it yielded $0.36 in EPS, PBT of $70 million in -- on a PBT percent of 29%. So we continue to execute very well in both of our core and our Emerging Tech areas.
The non-GAAP gross margin was 57.2% went down from 58.1%, mostly due to standard product and customer mix. We had some higher depreciation from our assay fab expansion that we talked about and then a couple of odds and ends in inventory and cost. Our core semiconductor gross margin, without Emerging Tech, was 58.2%. Our average utilization in our one fab in Minnesota was 89%, up from the high 70s in Q1, and I would expect to see utilization remain relatively stable in Q3. Wafers from our foundry partners were almost 50%, and again, I'd expect that to increase into 2012. Our average corporate ASPs remained healthy, and they increased slightly to $1.49.
The non-GAAP OpEx was down as I expected, and it actually was a little lower than my guidance. We came in at $83 million, and again, remember Q1 was slightly elevated due to some litigation expense with wrapping up the SRAM. We had a worldwide sales conference for the first time in many moons and the standard seasonally higher payroll taxes. Headcount remained relatively flat, even after we made substantial additions in our PSoC and TrueTouch business groups, and we're extremely focused on OpEx, continuing to look to drive our model. And I think you'll see us out probably the lowest OpEx percent of revenue in over a decade, which we're quite proud of.
2011年4月11日星期一
Opening bell 11 April
Mumbai: Has the rally lost legs? Oil is on the boil again. Fewer trading days this week might make market participants wary of taking positions. Here is a list of things to know before markets open.
The world over, investors are selling equities on concerns that higher oil prices will stoke inflation and hurt corporate profits. All stock market indices in the US declined on Friday. The S&P 500 lost 0.40% to end at 1,328. Asian markets too opened mixed on Monday morning. Read more...
Escalating violence in Libya and concerns that the unrest might spread to other oil producing countries sent crude rates higher. Brent crude is trading at $126.70 a barrel, higher by $0.05.
Inflationary fears are driving investors towards precious metals. Silver jumped to a 31-month high. Gold for immediate delivery rose to a record $1,476.55 an ounce in Singapore trading.
Could there be any succour? Libyan dictator Gaddafi has accepted mediators’ roadmap to end the violence in Libya. South African President Jacob Zuma led a delegation of African leaders for talks in Tripoli. The delegation also called on NATO to end strikes in Libya. Read more...
Meanwhile in India, another battle is brewing between Reliance Industries and NTPC. With the production from its KG D6 blocks falling, RIL does not want to commit more gas to NTPC prompting the latter to approach the oil & gas Ministry for arbitration.
The Bangalore unit of Bhel is planning to increase its capacity by one-third to 20,000 MW in 2011-12. The company plans to invest Rs. 100 crore on expansion of its glass insulator manufacturing unit. Also, Bhel and Bharat Electronics are floating a joint venture to set up a 250-MW solar photovoltaic modules plant. The factory is expected to cost Rs. 2,000 crore.
The world over, investors are selling equities on concerns that higher oil prices will stoke inflation and hurt corporate profits. All stock market indices in the US declined on Friday. The S&P 500 lost 0.40% to end at 1,328. Asian markets too opened mixed on Monday morning. Read more...
Escalating violence in Libya and concerns that the unrest might spread to other oil producing countries sent crude rates higher. Brent crude is trading at $126.70 a barrel, higher by $0.05.
Inflationary fears are driving investors towards precious metals. Silver jumped to a 31-month high. Gold for immediate delivery rose to a record $1,476.55 an ounce in Singapore trading.
Could there be any succour? Libyan dictator Gaddafi has accepted mediators’ roadmap to end the violence in Libya. South African President Jacob Zuma led a delegation of African leaders for talks in Tripoli. The delegation also called on NATO to end strikes in Libya. Read more...
Meanwhile in India, another battle is brewing between Reliance Industries and NTPC. With the production from its KG D6 blocks falling, RIL does not want to commit more gas to NTPC prompting the latter to approach the oil & gas Ministry for arbitration.
The Bangalore unit of Bhel is planning to increase its capacity by one-third to 20,000 MW in 2011-12. The company plans to invest Rs. 100 crore on expansion of its glass insulator manufacturing unit. Also, Bhel and Bharat Electronics are floating a joint venture to set up a 250-MW solar photovoltaic modules plant. The factory is expected to cost Rs. 2,000 crore.
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