starbuxsux
9 years ago
Cirrus Logic Reports Q1 Revenue of $282.6 Million
4:00 PM ET 7/22/15 | BusinessWire
Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter fiscal year 2016, which ended June 27, 2015, as well as the company's current business outlook.
"Q1 was a great quarter for Cirrus Logic. We delivered solid financial results as demand for our smart codecs and amplifiers pushed revenue above the high end of our guidance," said Jason Rhode, president and chief executive officer. "FY16 looks to be an outstanding year with a significant increase in revenue being driven by new products. We expect strong demand for our audio and voice solutions to fuel additional growth in FY17."
Reported Financial Results - First Quarter FY16
-- Revenue of $282.6 million;
-- GAAP and non-GAAP gross margin of approximately 47 percent;
-- GAAP operating expenses of $82.5 million, which included a one-time $12.5 million benefit from the sale of certain LED patents; non-GAAP operating expenses of $79.9 million; and
-- GAAP diluted earnings per share of $0.50 and non-GAAP diluted earnings per share of $0.54.
A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.
Business Outlook - Second Quarter FY16
-- Revenue is expected to range between $290 million and $310 million;
-- GAAP gross margin is expected to be between 45 percent and 47 percent; and
-- Combined GAAP R&D and SG&A expenses are expected to range between $96 million and $100 million, which includes approximately $9 million in share-based compensation and $7 million in amortization of acquired intangibles.
Cirrus Logic will host a live Q&A session at 5 p.m. EST today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (404) 537-3406, or toll-free at (855) 859-2056 (Access Code: 75505782).
Cirrus Logic, Inc.
Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio, industrial and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in the United States, United Kingdom, Australia, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including gross margins, operating expenses, net income, operating profit and income, effective tax rate and diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including future growth opportunities and our estimates of second quarter fiscal year 2016 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as "expect," "anticipate," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the second quarter of fiscal year 2016, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; and the risk factors listed in our Form 10-K for the year ended March 28, 2015, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
Cirrus Logic and Cirrus are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.
starbuxsux
11 years ago
Cirrus Logic Reports Q4 Revenue of $149.7 Million and Full FY14 Revenue of $714.3 Million
4:01 PM ET 4/24/14 | BusinessWire
Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the fourth quarter and full fiscal year 2014, which ended March 29, as well as the company's current business outlook.
"Cirrus Logic is entering into FY15 with a robust pipeline of innovative products, a compelling roadmap pairing our best in class hardware with embedded SoundClear(R) software and solid relationships with leading players in our target markets," said Jason Rhode, president and chief executive officer. "Many of our new developments are now under way in more advanced process geometries, allowing our engineers to add meaningful signal processing capabilities to our products and significantly enhance the value we add for our customers."
Reported Financial Results - Fourth Quarter FY14
-- Revenue of $149.7 million;
-- Gross margin of 49 percent;
-- GAAP operating expenses of $53.3 million and non-GAAP operating expenses of $47.9 million; and
-- GAAP diluted earnings per share of $0.20 and non-GAAP diluted earnings per share of $0.41.
Reported Financial Results - Complete FY14
-- Revenue of $714.3 million;
-- Gross margin of 50 percent;
-- GAAP operating expenses of $201.1 million and non-GAAP operating expenses of $178.3 million; and
-- GAAP diluted earnings per share of $1.65 and non-GAAP diluted earnings per share of $2.69.
A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.
Business Outlook - First Quarter FY15
-- Revenue is expected to range between $135 million and $155 million;
-- Gross margin is expected to be between 47 percent and 49 percent; and
-- Combined R&D and SG&A expenses are expected to range between $57 million and $62 million, which includes approximately $7 million in share-based compensation and amortization of acquired intangibles.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (404) 537-3406, or toll-free at (855) 859-2056 (Access Code: 23057089).
Upcoming Investor Conference
Cirrus Logic CEO Jason Rhode will present at the Jefferies 2014 Global Technology, Media and Telecom Conference in Miami on May 6 at 12:00 pm EDT. A live webcast of the presentation will be available on the company's investor relations website http://investor.cirrus.com. An archived replay of the webcast will be available for 90 days on the website following the event.
Cirrus Logic, Inc.
Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Phoenix, Ariz., Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including operating expenses, net income, operating profit and diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of first quarter fiscal year 2015 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as "expect," "anticipate," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the first quarter of fiscal year 2015, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; and the risk factors listed in our Form 10-K for the year ended March 30, 2013, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
Cirrus Logic, Cirrus and SoundClear are registered trademarks of Cirrus Logic, Inc.
Summary financial data follows:
View data
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended Twelve Months Ended ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------- Mar. 29, Dec. 28, Mar. 30, Mar. 29, Mar. 30, 2014 2013 2013 2014 2013 -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- Q4'14 Q3'14 Q4'13 Q4'14 Q4'13 -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- -------------------------------------------------- Audio products $ 137,773 $ 206,388 $ 196,098 $ 667,739 $ 754,769 Energy products 11,886 12,495 10,775 46,599 55,017 -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Net revenue 149,659 218,883 206,873 714,338 809,786 -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Cost of sales 76,291 115,034 123,259 358,175 414,595 -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Gross Profit 73,368 103,849 83,614 356,163 395,191 Gross Margin 49.0 % 47.4 % 40.4 % 49.9 % 48.8 % Research and development 35,511 32,426 30,085 126,189 114,071 Selling, general and administrative 17,823 18,625 19,724 74,861 76,998 Restructuring and other costs (26 ) 12 - (598 ) 3,539 Gain on sale of asset - - - - (247 ) Patent settlements, net - - - 695 - -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Total operating expenses 53,308 51,063 49,809 201,147 194,361 -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Operating income 20,060 52,786 33,805 155,016 200,830 Interest income, net 267 222 106 848 440 Other income (expense), net (27 ) (45 ) 14 (127 ) (80 ) -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Income before income taxes 20,300 52,963 33,925 155,737 201,190 Provision for income taxes 7,698 11,463 7,565 47,626 64,592 -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Net income $ 12,602 $ 41,500 $ 26,360 $ 108,111 $ 136,598 ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== ==================== ======= ==================== Basic earnings per share: $ 0.20 $ 0.66 $ 0.41 $ 1.72 $ 2.12 Diluted earnings per share: $ 0.20 $ 0.63 $ 0.39 $ 1.65 $ 2.00 Weighted average number of shares: Basic 62,215 62,854 63,877 62,926 64,580 Diluted 64,545 65,368 67,138 65,535 68,454 Prepared in accordance with Generally Accepted Accounting Principles
View data
CIRRUS LOGIC, INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (unaudited, in thousands, except per share data) (not prepared in accordance with GAAP) Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. Certain modifications to prior year non-GAAP presentation has been made and had no material effect on the results of operations.
View data
Three Months Ended Twelve Months Ended --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------- Mar. 29, Dec. 28, Mar. 30, Mar. 29, Mar. 30, 2014 2013 2013 2014 2013 ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------- -------------------------------------------------- Net Income Reconciliation Q4'14 Q3'14 Q4'13 Q4'14 Q4'13 ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------- -------------------------------------------------- GAAP Net Income $ 12,602 $ 41,500 $ 26,360 $ 108,111 $ 136,598 Amortization of acquisition intangibles 217 275 - 492 604 Stock based compensation expense 5,545 6,016 5,734 23,074 21,496 International sales reorganization charges - - 442 - 395 Restructuring and other costs, net (26 ) 12 - (598 ) 3,539 Gain on asset sale - - - - (247 ) Patent settlements, net - - - 695 - Provision for income taxes 7,808 10,300 7,041 44,647 59,643 -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Non-GAAP Net Income $ 26,146 $ 58,103 $ 39,577 $ 176,421 $ 222,028 ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ======= ==================== ==================== ======= ==================== Earnings Per Share Reconciliation GAAP Diluted earnings per share $ 0.20 $ 0.63 $ 0.39 $ 1.65 $ 2.00 Effect of Amortization of acquisition intangibles - - - 0.01 0.01 Effect of Stock based compensation expense 0.09 0.10 0.09 0.35 0.31 Effect of International sales reorganization charges - - 0.01 - - Effect of Restructuring and other costs, net - - - (0.01 ) 0.05 Effect of Patent settlements, net - - - 0.01 - Effect of Provision for income taxes 0.12 0.16 0.10 0.68 0.87 -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Non-GAAP Diluted earnings per share $ 0.41 $ 0.89 $ 0.59 $ 2.69 $ 3.24 ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ======= ==================== ==================== ======= ==================== Operating Income Reconciliation GAAP Operating Income $ 20,060 $ 52,786 $ 33,805 $ 155,016 $ 200,830 GAAP Operating Profit 13 % 24 % 16 % 22 % 25 % Amortization of acquisition intangibles 217 275 - 492 604 Stock compensation expense - COGS 287 332 296 864 751 Stock compensation expense - R&D 2,546 2,834 2,976 10,392 10,550 Stock compensation expense - SG&A 2,712 2,850 2,462 11,818 10,195 International sales reorganization charges - - 442 - 395 Restructuring and other costs, net (26 ) 12 - (598 ) 3,539 Gain on asset sale - - - - (247 ) Patent settlements, net - - - 695 - -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Non-GAAP Operating Income $ 25,796 $ 59,089 $ 39,981 $ 178,679 $ 226,617 ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ======= ==================== ==================== ======= ==================== Non-GAAP Operating Profit 17 % 27 % 19 % 25 % 28 % Operating Expense Reconciliation GAAP Operating Expenses $ 53,308 $ 51,063 $ 49,809 $ 201,147 $ 194,361 Amortization of acquisition intangibles (217 ) (275 ) - (492 ) (604 ) Stock compensation expense - R&D (2,546 ) (2,834 ) (2,976 ) (10,392 ) (10,550 ) Stock compensation expense - SG&A (2,712 ) (2,850 ) (2,462 ) (11,818 ) (10,195 ) International sales reorganization charges - - (442 ) - (395 ) Restructuring and other costs, net 26 (12 ) - 598 (3,539 ) Gain on asset sale - - - - 247 Patent settlements, net - - - (695 ) - -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------- -------------------- -------------------- ------- -------------------- Non-GAAP Operating Expenses $ 47,859 $ 45,092 $ 43,929 $ 178,348 $ 169,325 ==================== ====== ==================== ==================== ====== ==================== ==================== ====== ==================== ==================== ======= ==================== ==================== ======= ====================
View data
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE SHEET unaudited; in thousands Mar. 29, Dec. 28, Mar. 30, 2014 2013 2013 ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ASSETS Current assets Cash and cash equivalents $ 31,850 $ 74,690 $ 66,402 Restricted investments - - - Marketable securities 263,417 215,792 105,235 Accounts receivable, net 63,220 109,535 69,289 Inventories 69,743 69,985 119,300 Deferred tax asset 22,024 33,155 64,937 Other current assets 25,079 25,662 19,371 -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- Total Current Assets 475,333 528,819 444,534 Long-term marketable securities 89,243 37,115 64,910 Property and equipment, net 103,650 102,542 100,623 Intangibles, net 11,999 13,427 4,650 Goodwill 16,367 16,335 6,027 Deferred tax asset 25,065 17,354 16,671 Other assets 3,087 6,848 13,932 -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- Total Assets $ 724,744 $ 722,440 $ 651,347 ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 51,932 $ 60,493 $ 60,827 Accrued salaries and benefits 13,388 13,937 16,592 Other accrued liabilities 11,572 12,881 10,704 Deferred income on shipments to distributors 5,631 4,998 4,956 -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- Total Current Liabilities 82,523 92,309 93,079 Other long-term obligations 4,863 5,108 10,094 Stockholders' equity: Capital stock 1,078,878 1,069,113 1,041,834 Accumulated deficit (440,634 ) (443,322 ) (492,741 ) Accumulated other comprehensive loss (886 ) (768 ) (919 ) -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- Total Stockholders' Equity 637,358 625,023 548,174 -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- Total Liabilities and Stockholders' Equity $ 724,744 $ 722,440 $ 651,347 ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== Prepared in accordance with Generally Accepted Accounting Principles
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140424006610r1&sid=cmtx6&distro=nx
SOURCE: Cirrus Logic, Inc.
Cirrus Logic, Inc.
Thurman K. Case, 512-851-4125
Chief Financial Officer
Investor.Relations@cirrus.com
starbuxsux
11 years ago
$CRUS - Press Release: Cirrus Logic Reports September Quarter Revenue Up 23 Percent Sequentially to $190.7 Million
4:00 PM ET 10/29/13 | Dow Jones
Cirrus Logic Reports September Quarter Revenue Up 23 Percent Sequentially to $190.7 Million Delivers Strong Sequential Earnings Per Share and Operating Profit Growth
AUSTIN, Texas--(BUSINESS WIRE)--October 29, 2013--
Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the second quarter fiscal year 2014, which ended Sept. 28, as well as the company's current business outlook.
"Q2 was another great quarter for Cirrus Logic as portable audio continued to be a key driver of our success and we made significant progress on our strategic initiatives," said Jason Rhode, president and chief executive officer. "We are especially pleased with the addition of Acoustic Technologies to the Cirrus Logic team as they are expected to accelerate our progress toward our vision of being the preferred supplier of signal processing components."
Reported Financial Results -- Second Quarter FY14
-- Revenue of $190.7 million;
-- Gross margin of 52 percent;
-- GAAP operating expenses of $48.8 million and non-GAAP operating expenses
of $43.4 million; and
-- GAAP diluted earnings per share of $0.50 and non-GAAP diluted earnings
per share of $0.84.
A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.
Business Outlook -- Third Quarter FY14
-- Revenue is expected to range between $200 million and $220 million;
-- Gross margin is expected to be between 45 percent and 47 percent; and
-- Combined R&D and SG&A expenses are expected to range between $50 million
and $54 million, which includes approximately $7 million in share-based
compensation and acquisition related items.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (404) 537-3406, or toll-free at (855) 859-2056 (Access Code: 76914741).
Cirrus Logic, Inc.
Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Phoenix, Ariz., Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including operating expenses, net income, operating profit and diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of third quarter fiscal year 2014 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense and acquisition related items. In some cases, forward-looking statements are identified by words such as "expect," "anticipate," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the third quarter of fiscal year 2014, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; and the risk factors listed in our Form 10-K for the year ended March 30, 2013, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic, Inc.
CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
---------------------------------------- --------------------------
Sep. 28, Jun. 29, Sep. 29, Sep. 28, Sep. 29,
2013 2013 2012 2013 2012
------------ ------------ ------------ ------------ ------------
Q2'14 Q1'14 Q2'13 Q2'14 Q2'13
------------ ------------ ------------ ------------ ------------
Audio products $179,912 $143,666 $177,915 $323,578 $258,662
Energy products 10,759 11,459 15,859 22,218 34,118
------- ------- ------- ------- -------
Net revenue 190,671 155,125 193,774 345,796 292,780
------- ------- ------- ------- -------
Cost of sales 91,223 75,627 93,687 166,850 139,253
------- ------- ------- ------- -------
Gross Profit 99,448 79,498 100,087 178,946 153,527
Gross Margin 52.2% 51.2% 51.7% 51.7% 52.4%
Research and
development 29,722 28,530 29,468 58,252 54,378
Selling,
general and
administrative 19,215 19,198 20,194 38,413 38,253
Restructuring
and other
costs (154) (430) - (584) -
Patent
settlements,
net - 695 - 695 -
------- ------- ------- ------- -------
Total
operating
expenses 48,783 47,993 49,662 96,776 92,631
------- ------- ------- ------- -------
Operating income 50,665 31,505 50,425 82,170 60,896
Interest income,
net 201 158 131 359 258
Other expense,
net (38) (17) (40) (55) (63)
------- ------- ------- ------- -------
Income before
income taxes 50,828 31,646 50,516 82,474 61,091
Provision for
income taxes 17,461 11,004 15,067 28,465 18,715
------- ------- ------- ------- -------
Net income $ 33,367 $ 20,642 $ 35,449 $ 54,009 $ 42,376
======= ======= ======= ======= =======
Basic earnings
per share: $ 0.53 $ 0.33 $ 0.55 $ 0.85 $ 0.65
Diluted earnings
per share: $ 0.50 $ 0.31 $ 0.51 $ 0.82 $ 0.61
Weighted average
number of
shares:
Basic 63,217 63,363 64,924 63,329 64,697
Diluted 66,125 66,188 69,207 66,203 68,920
CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)
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