Cypress Announces Quarterly Cash Dividend | Cypress Semiconductor
Cypress Announces Quarterly Cash Dividend
SAN JOSE, Calif., November 9, 2015 – Cypress Semiconductor Corp. (NASDAQ: CY) today announced that its Board of Directors approved a quarterly cash dividend of $0.11 per share payable to holders of record of the Company's common stock at the close of business on December 31, 2015. This dividend will be paid on January 21, 2016.
We expect that the dividend, which will be paid from U.S. domestic sources other than the Company's retained earnings, will be treated as a return of capital for U.S. tax purposes for the 2016 fiscal year. However, the characterization of dividend treatment, which is determined on the last day of the fiscal year, can be affected by transactions, the impact of which cannot be determined until after year-end.
Cypress’s dividend policy, and the payment of cash dividends under that policy, are subject to the Board's continuing determination that the dividend policy, and the declaration of dividends, are in the best interests of Cypress’s stockholders and are in compliance with all laws and agreements of Cypress applicable to the declaration and payment of cash dividends. The dividend policy may be changed or canceled at the Company’s discretion at any time.
Cypress (NASDAQ: CY) delivers high-performance, high-quality solutions at the heart of today’s most advanced embedded systems, from automotive, industrial and networking platforms to highly interactive consumer and mobile devices. With a broad, differentiated product portfolio that includes NOR flash memories, F-RAM™ and SRAM, Traveo™ microcontrollers, the industry’s only PSoC® programmable system-on-chip solutions, analog and PMIC Power Management ICs, CapSense® capacitive touch-sensing controllers, and Wireless BLE Bluetooth Low-Energy and USB connectivity solutions, Cypress is committed to providing its customers worldwide with consistent innovation, best-in-class support and exceptional system value. To learn more, go to www.cypress.com.
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding its adoption of a cash dividend policy, any future payments made under that policy, any decision to cancel or change the cash dividend policy, the judgment as to the tax treatment of such dividends, each of which involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: the discretion of management and the board as to whether declaring a cash dividend is in the best interests of the Company, the business and economic conditions and growth trends in the semiconductor industry and in various geographic regions; our ability to manage financial risk; and other factors listed in Cypress’s most recent reports on Form 10-K, 10-Q and 8-K. The information above speaks only as of the date of this release.
IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication, unless expressly stated otherwise, was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter(s) addressed herein.
Cypress, the Cypress logo, PSoC and CapSense are registered trademarks and F-RAM and Traveo are trademarks of Cypress Semiconductor Corp. All other trademarks are property of their owners.
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