Yesterday after the closing bell, Skyworks Solutions announced that revenue for the first fiscal quarter of 2009 totaled $210.2 million, compared to the $210.5 million generated during the same period a year earlier. More impressively, the company reported Non-GAAP diluted earnings per share for the quarter was $0.17, $0.02 better than consensus estimates.

David J. Aldrich, President and CEO of Skyworks, stated, ...Skyworks delivered solid financial performance and outperformed in the first fiscal quarter of 2009 driven by accelerating energy management program ramps, new analog component product launches and smart phone demand. During the quarter we generated $75 million of cash flow from operations, retired $41 million of convertible debt for $0.93 on the dollar and exited with a quarter of a billion dollars in cash and equivalents.

He continued, Looking forward, though the market environment remains uncertain, Skyworks is taking steps to further differentiate and position our business for the eventual market recovery. Specifically, early in the quarter, we transitioned development resources from our low margin 3.5G and 4G cellular transceiver programs to our clearly identified higher growth, adjacent analog markets.

Commenting on his expectations for the current quarter, Mr. Aldrich stated, Our fab-lite, hybrid manufacturing strategy coupled with the completion of our operating expense reduction initiative will enable us to deliver non-GAAP diluted earnings per share of $0.10 to $0.11 in the second fiscal quarter of 2009. The ongoing inventory contraction is exacerbating traditional market seasonality, and as a result, we believe the supply chain sell-in will decline 20 to 30 percent sequentially in the March quarter. Against this backdrop, we are forecasting our revenue to decrease 20 percent sequentially.