Cirrus Logic Inc. (Nasdaq:CRUS) announced that today it has filed
with the Securities and Exchange Commission (SEC) an amended Annual
Report on Form 10-K/A for the fiscal year ended March 25, 2006, its
amended Quarterly Report on Form 10-Q/A for the quarter ended June
24, 2006, and its Quarterly Reports on Form 10-Q for the quarters
ended Sept. 23, 2006 and Dec. 30, 2006. The Form 10-K/A filed today
includes restated financial statements for fiscal years 2002
through 2006, with adjustments for fiscal years 1997 through 2001
reflected in the opening balances in the restated fiscal year 2002
financial statements. The total additional non-cash, stock-based
compensation expenses recorded for fiscal years 1997 through the
first quarter of fiscal year 2007 were approximately $32 million.
The company previously reported on March 2, 2007 that it estimated
these charges would range between $22 million and $24 million.
Although no additional changes to option measurement dates were
identified, after further review of the accounting treatment of
certain option grants, the company determined that additional
non-cash stock-based compensation expenses should be recorded. With
today�s filings, the company is now current in its SEC reporting
obligations and believes that it has satisfied all of the
conditions of the NASDAQ Listing Qualifications Panel for the
continued listing of its common stock on the NASDAQ Global Select
Market. Q4 Financial Results and Conference Call Cirrus Logic will
hold its quarterly conference call to discuss fourth quarter fiscal
2007 financial results on Wednesday, May 9, 2007 at 5 p.m. EDT.
Cirrus Logic will release the company's financial results at
approximately 4 p.m. EDT on the same day. To listen to the live
conference call, please dial (303) 262-2131 (Passcode: Cirrus
Logic) by 4:50 p.m. EDT on May 9. A replay of the call will also be
available, starting one hour after the completion of the call,
until May 16, 2007. To access the recording, dial (303) 590-3000
(Passcode: 11088085#). Additionally, the conference call will be
webcast live on the company�s website. 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. Except for
historical information contained herein, the matters set forth in
this news release contain forward-looking statements, including our
beliefs with regards to the status of the Company�s current SEC
reporting obligations and the satisfaction of all of the conditions
of the NASDAQ Listing Qualifications Panel for the continued
listing of its common stock on the NASDAQ Global Select Market. 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. 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 on-going SEC inquiry relating
to the Company�s historical stock option grants and practices, and
the risk factors listed in our Form 10-K/A for the year ended March
25, 2006, and in our other filings with the SEC, which are
available at www.sec.gov. Cirrus Logic and Cirrus are trademarks of
Cirrus Logic Inc. Summary financial data follows: CIRRUS LOGIC,
INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data) � Three Months Ended Jun. 24,
Sep. 23, Dec. 30, 2006� 2006� 2006� � Net revenue $ 45,181� $
48,179� $ 45,297� Cost of sales 18,021� 20,014� 17,886� Gross
Margin 27,160� 28,165� 27,411� � Gross Margin % 60.1% 58.5% 60.5% �
Operating expenses: Research and development 11,670� 10,103�
11,190� Selling, general and administrative 11,091� 12,389� 13,478�
Restructuring and other costs -� (428) 1,013� Acquired in process
research and development -� -� 1,925� Total operating expenses
22,761� 22,064� 27,606� � Total operating expenses as a percentage
of revenue 50.4% 45.8% 60.9% � Income (loss) from operations 4,399�
6,101� (195) � Realized gain on marketable equity securities 193�
-� -� Interest income, net 2,965� 3,154� 3,615� Other income
(expense), net 55� (25) 76� Income (loss) before income taxes
7,612� 9,230� 3,496� Provision (benefit) for income taxes (213)
(97) 32� � Net income (loss) $ 7,825� $ 9,327� $ 3,464� � Basic
income per share: $ 0.09� $ 0.11� $ 0.04� Diluted income per share:
$ 0.09� $ 0.11� $ 0.04� � Basic weighted average common shares
outstanding 87,196� 87,553� 87,756� Diluted weighted average common
shares outstanding 88,759� 88,499� 88,725� � Prepared in accordance
with Generally Accepted Accounting Principles CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data) (not prepared in
accordance with GAAP) � Jun. 24, Sep. 23, Dec. 30, 2006� 2006�
2006� We use these non-GAAP financial numbers to assist us in the
management of the Company because we believe that this information
provides a more consistent and complete understanding of the
underlying results and trends of the business. � GAAP net income $
7,825� $ 9,327� $ 3,464� Non-GAAP adjustments: Stock-based
compensation expense 1,208� 1,766� 1,404� Restructuring costs -�
(428) 1,013� Stock Option Special Committee expenses -� -� 1,583�
Acquired in process R&D -� -� 1,925� Realized gain on
marketable securities (193) -� -� Other non-recurring items (259)
58� -� � Non-GAAP net income 8,581� 10,723� 9,389� � GAAP diluted
earnings per share $ 0.09� $ 0.11� $ 0.04� Non-GAAP adjustments:
Effect of the stock-based compensation expense 0.01� $ 0.02� $
0.02� Effect of restructuring costs -� (0.01) 0.01� Effect of
Special Committee expenses -� -� 0.02� Effect of acquired in
process R&D -� -� 0.02� Effect of realized gain on marketable
securities -� -� -� Effect of other non-recurring items -� -� -� �
Non-GAAP diluted earnings per share $ 0.10� $ 0.12� $ 0.11� �
Summary of stock-based compensation expense recorded during each
quarter of fiscal year 2007 included above as a reconciling item to
GAAP net income. � Jun. 24, Sep. 23, Dec. 30, 2006� 2006� 2006� �
Cost of sales 13� 17� 17� Research and development 472� 642� 488�
Selling, general and administrative 723� 1,107� 899� � Effect on
Income from continuing operations (before taxes) 1,208� 1,766�
1,404� Income Tax -� (2) -� � Total stock-based compensation
expense (net of taxes) 1,208� 1,764� 1,404� CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET (in thousands) � Jun. 24, Sep.
23, Dec. 30, 2006� 2006� 2006� ASSETS Current assets Cash and cash
equivalents $ 103,053� $ 96,140� $ 81,885� Restricted cash 5,755�
5,755� 5,755� Marketable securities 137,123� 158,817� 176,527�
Accounts receivable, net 21,518� 21,924� 16,585� Inventories
21,391� 21,427� 20,331� Other current assets 5,634� 5,949� 6,654�
Total Current Assets 294,474� 310,012� 307,737� � Long-term
marketable securities 5,972� 992� -� Property and equipment, net
13,263� 12,845� 12,324� Intangibles, net 2,593� 2,894� 9,039�
Goodwill -� -� 6,146� Non-marketable securities 7,947� 7,947�
7,947� Other assets 3,293� 3,347� 3,253� Total Assets $ 327,542�
$338,037� $346,446� � LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Accounts payable $ 11,943� $ 10,824� $ 12,142� Accrued
salaries and benefits 6,813� 7,038� 6,349� Other accrued
liabilities 9,704� 9,565� 12,425� Deferred income on shipments to
distributors 6,199� 6,427� 4,907� Income taxes payable 1,990�
2,079� 2,091� Total Current Liabilities 36,649� 35,933� 37,914� �
Long-term restructuring accrual 4,469� 3,621� 3,367� Other
long-term obligations 9,536� 9,155� 9,763� � Stockholders' equity:
Capital stock 919,339� 922,086� 924,665� Accumulated deficit
(641,250) (631,923) (628,459) Accumulated other comprehensive
income (loss) (1,201) (835) (804) Total Stockholders' Equity
276,888� 289,328� 295,402� Total Liabilities and Stockholders'
Equity $ 327,542� $338,037� $346,446� � Prepared in accordance with
Generally Accepted Accounting Principles
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