Cirrus Logic Reports Selected Third Quarter Fiscal Year 2007 Results
January 31 2007 - 4:00PM
Business Wire
Cirrus Logic Inc. (Nasdaq:CRUS) today announced selected unaudited
financial information for the third quarter of fiscal year 2007.
The company reported third quarter fiscal year 2007 revenue of
$45.3 million, down from $48.2 million in the previous quarter.
Revenue during the third quarter of fiscal year 2006 was $48.3
million. Total cash and marketable securities at the end of the
third fiscal quarter were $264.2 million, compared with $261.7
million at the end of the prior quarter. This total reflects the
net use of $10 million in cash associated with the previously
announced acquisition of Caretta Integrated Circuits. �We are
pleased that our diversified and highly proprietary product
portfolio has enabled us to deliver solid and predictable results
and generate consistent cash flow,� said David D. French, president
and chief executive officer, Cirrus Logic. �I look forward to the
conference call today to discuss the long-term strength of our
business model.� Outlook for Fourth Quarter FY 2007 (ending Mar.
31, 2007): Revenue is expected to range between $41 million and $44
million; Cash generation from operations, including interest
income, is expected to range between $6 million and $8 million. As
previously announced, the Board of Directors of Cirrus Logic formed
a special committee to voluntarily review the company�s historical
stock option granting practices and related accounting matters.
Since the review remains on-going, the company has limited the
scope of its third quarter financial information released today to
the selected preliminary financial information provided in this
release. All preliminary results are subject to adjustment. The
company does not expect to be in a position to announce final
financial results for the second or third fiscal quarters until the
Special Committee has completed its review. Due to the on-going
review, it appears unlikely that the company will be able to file
its Form 10-Q with the SEC for the third fiscal quarter by the Feb.
8, 2007, deadline. Please refer to the company�s Form 8-K filed
with the SEC on Oct. 23, 2006, for further information about the
review. Conference Call Cirrus Logic management will hold a
conference call to discuss certain limited results for the third
quarter of fiscal year 2007 on Jan. 31, 2007, at 5:00 p.m. EST.
Those wishing to join should call 303-262-2131 (passcode: Cirrus
Logic) at approximately 4:50 p.m. EST. A replay of the conference
call will also be available beginning one hour after the completion
of the call, until Feb. 7, 2007. To access the recording, call
303-590-3000 (passcode: 11082660 #). A live and an archived webcast
of the conference call will also be available via the company�s web
site. Cirrus Logic, Inc. Cirrus Logic develops high-precision,
analog and mixed-signal integrated circuits for a broad range of
consumer and industrial markets. Building on its diverse analog
mixed-signal patent portfolio, Cirrus Logic delivers highly
optimized products for consumer and commercial audio, automotive
entertainment and industrial applications. The company operates
from headquarters in Austin, Texas, with offices in Europe, Japan
and Asia. More information about Cirrus Logic is available at
www.cirrus.com. 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 fourth quarter fiscal year 2007 sales and cash generation from
operations. In some cases, forward-looking statements are
identified by words such as we �expect,� �anticipate,� �target,�
�project,� �believe,� �goals,� �estimates,� and �intend,�
variations of these types of words and similar expressions are
intended to identify these forward-looking statements. 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: overall conditions
in the semiconductor market; our ability to introduce new products
on a timely basis and to deliver products that perform as
anticipated; risks associated with international sales and
international operations; the level of orders and shipments during
the fourth quarter of fiscal year 2007, as well as customer
cancellations of orders, or the failure to place orders consistent
with forecasts; our ability to successfully integrate acquisitions
into our operations and realize any potential synergies; overall
economic pressures; pricing pressures; hardware or software
deficiencies; our dependence on subcontractors for assembly,
manufacturing, packaging and testing functions; our ability to make
continued sufficient investments in research and development;
foreign currency fluctuations; the retention of key employees; and
the risk factors listed in our Form 10-K for the year ended March
25, 2006, 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. In addition, there are a
number of risks associated with matters relating to the Company�s
review of its historical stock option practices. These risks and
uncertainties include, but are not limited to, the timing and
outcome of the Special Committee�s review, the conclusions of the
Special Committee resulting from that review, and any adverse tax
or accounting adjustments resulting from the review. Cirrus Logic
and Cirrus are trademarks of Cirrus Logic Inc. Summary financial
data follows: CIRRUS LOGIC, INC. SELECTED FINANCIAL INFORMATION
(unaudited; in thousands) � � Quarter Ended � Dec. 30, Sep. 23,
Dec. 24, 2006� 2006� 2005� � Industrial products $ 13,268� $
12,470� $ 8,831� Embedded products 12,362� 11,935� 13,899�
Mixed-signal audio products 19,667� 23,774� 25,523� � Net revenue $
45,297� $ 48,179� $ 48,253� � � Cash and cash equivalents $ 81,886�
$ 96,140� $ 114,947� Restricted investments 5,755� 5,755� 5,755�
Marketable securities 176,527� 158,817� 107,330� Long-term
marketable securities -� 992� 4,935� � Total cash, cash
equivalents, and marketable securities $ 264,168� $ 261,704� $
232,967� � Accounts receivable, net $ 16,585� $ 21,924� $ 21,442� �
Inventories $ 20,331� $ 21,427� $ 17,049�
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