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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
AMENDMENT NO. 1
TO
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15d OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-10079
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CYPRESS SEMICONDUCTOR CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 94-2885898
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(State or other jurisdiction (I.R.S. employer
of incorporation or identification No.)
organization)
3901 North First Street, San Jose, California 95134-1599
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(address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408) 943-2600
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NOT APPLICABLE
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(Former name, former address and former fiscal year, if changed since
last report)
The undersigned registrant hereby amends the following items, financial
statements, exhibits, or other portions of its Report filed on Form 10-Q for the
quarter ended September 28, 1998, filed on November 10, 1998 as set forth in the
pages attached hereto.
PART I - Financial Information
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Item 2. Management's Discussion and Analysis Page 19
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PURPOSE OF THE AMENDMENT:
The following amendment is to change the caption related to the Year 2000
disclosure to read as follows "Year 2000 Readiness Disclosure".
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YEAR 2000 READINESS DISCLOSURE:
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In just over a year, most companies will face a potentially serious problem
because many software applications, operational systems and equipment with
embedded chips or processors may not properly recognize or accurately process
calendar dates beginning in the year 2000, due to the prevalent use of two
digits to represent the year in these equipment or systems.
Like many other companies, the year 2000 issue creates a risk for Cypress. The
year 2000 problem could affect computers, software and other equipment used and
operated by the Company. This could result in system failures causing
disruptions in operations, including among other things, interruptions in
manufacturing, design and process development operations; temporary disruptions
in processing business transactions and disruptions in normal business
operations.
The Company has taken company-wide actions to assess the nature and extent of
work required to prepare its products, systems, equipment and infrastructure
for the Year 2000. In addition, the Company has engaged in the process of
evaluating its key suppliers and customers to determine the extent to which the
Company's operation's are vulnerable based upon third parties to remediatation
of their own Year 2000 issues. These activities represent continuing efforts
of the Company to address the year 2000 problem which commenced with the
implementation of a Year 2000-compliant accounting software system in 1997.
The Company's president and executive staff have assumed the responsibility of
managing the impact of the Year 2000 problem on the Company including, programs
for identification, inventory taking, risk assessment and cost estimates of
problems associated with the Year 2000; the plans, remediation effort and
testing methodology to correct those problems; and the development of
contingency plans should some of the corrective actions fail to correct the
problem or not get implemented in a timely manner. These activities, in
varying phases, are currently in process.
It is the objective of the Company for its MIS systems to be compliant by March
1999 and the rest of its systems, equipment and infrastructure to be compliant
by June 1999.
To date, the Company has incurred an insignificant amount of expenditures
related to the Year 2000 problem and an estimate of the total cost of
remediation is expected to be available by the end of fiscal year 1998.
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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 thereunto duly authorized.
CYPRESS SEMICONDUCTOR CORPORATION
Date: December 2, 1998 /s/ T.J. Rodgers
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T.J. Rodgers
President and Chief Executive
Officer
/s/ Emmanuel Hernandez
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Emmanuel Hernandez
Vice President, Finance and
Administration and Chief Financial
Officer
