Cirrus Logic Signs Agreement to Acquire Apex Microtechnology
July 12 2007 - 8:55AM
Business Wire
Cirrus Logic Inc. (Nasdaq:CRUS), a leading designer of
high-precision analog, mixed-signal and embedded integrated
circuits, today announced that it has signed a definitive agreement
to acquire Apex Microtechnology, a leading provider of precision
high-power analog amplifier products, for $42 million in cash.
Founded in 1980 with headquarters in Tucson, Ariz., Apex
Microtechnology is a leading innovator of integrated circuits,
hybrids and modules used in a wide range of industrial and
aerospace applications that require high-power precision analog
products, such as PWM and power amplifiers. These precision
amplifiers are used for driving motors, piezo electrics,
programmable power supplies and other devices requiring high power
and precision control. Apex Microtechnology employs approximately
90 people. �Apex Microtechnology�s proven success and diversified
customer base gives Cirrus Logic the expertise to expand into
high-power industrial markets,� said Jason Rhode, president and
chief executive officer, Cirrus Logic. �Combining Cirrus Logic�s
signal processing and IC design skills with Apex�s expertise in
power drivers and amplifiers will allow us to introduce precision
power products with higher levels of integration and
functionality.� Apex generated revenue of approximately $4 million
to $5 million per quarter during the past year with strong gross
margins, in keeping with Cirrus Logic�s overall corporate goals.
Apex has quarterly operating expenses in the range of $1.5 million
to $2 million. Cirrus Logic expects that the acquisition will
become positive to earnings per share in the third fiscal quarter
of 2008. Cirrus Logic anticipates the acquisition to close by the
end of August. Apex Microtechnology offers approximately 80
products supporting 1,200 customers worldwide. Apex�s top customers
include leaders in industrial and aerospace markets. Apex products
are designed to operate in the high power realm of output current
greater than one amp and/or high voltage greater than 60 volts.
Apex�s product portfolio includes products that deliver power in
the range of one watt to thousands of watts, with voltages up to
1,200 volts. Apex Microtechnology products will continue to be
marketed under the Apex brand. 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
statements related to the anticipated closing of a transaction with
Apex Microtechnology and the financial effects of the transaction,
including the effect on our earnings per share. 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.
For factors that could cause our results to vary from expectations,
please see the risk factors listed in our Form 10-K for the year
ended March 31, 2007, and in our other filings with the Securities
and Exchange Commission, which are available at www.sec.gov. 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. All
other product names noted herein may be trademarks of their
respective holders.
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