Cirrus Logic Inc. (Nasdaq:CRUS), a leader in high-precision analog
and digital signal processing components, today announced financial
results for the first quarter fiscal year 2008, which ended June
30, 2007. The company reported first quarter fiscal year 2008
revenue of $41.1 million, compared with $45.2 million during the
first quarter of fiscal year 2007. First quarter gross margin was
59.2 percent compared to 60.1 percent for the first quarter of
fiscal year 2007. Combined research and development (R&D) and
selling, general and administrative (SG&A) expenses for the
quarter were $23.9 million. R&D and SG&A expenses included
$1.5 million in stock-based compensation expense, as well as $0.5
million in expenses associated with the company�s recently
concluded stock-option review. Total cash and marketable securities
at the end of the first fiscal quarter was $277.6 million, compared
with $271.7 million at the end of the prior fiscal quarter, an
increase of $5.9 million. �While June quarter revenue reflects weak
demand for older products, I am pleased to see a stronger mix of
new customers and new products reflected in our backlog for the
September quarter, particularly in portable audio and automotive
products,� said Jason Rhode, Cirrus Logic president and chief
executive officer. Outlook for Second Quarter FY 2008 (ending
September 29, 2007), including the recently completed Apex
Microtechnology acquisition: Revenue is expected to range between
$46 million and $51 million; Gross margin is expected to be between
58 percent and 60 percent; and Combined GAAP R&D and SG&A
expenses are expected to range between $25 million and $27 million,
including share-based compensation expense of approximately $1.6
million. Conference Call Cirrus Logic management will hold a
conference call to discuss the company�s results for the first
quarter of fiscal year 2008, on July 25, 2007, at 5:00 p.m. EDT.
Those wishing to join should call 303-262-2190 (passcode: Cirrus
Logic) at approximately 4:50 p.m. EDT. A replay of the conference
call will also be available beginning one hour after the completion
of the call, until Aug. 1, 2007. To access the recording, call
303-590-3000 (passcode: 11093466#). A live and an archived webcast
of the conference call will also be available via the company�s Web
site at www.cirrus.com. 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, industrial and aerospace applications.
The company operates from headquarters in Austin, Texas, with
offices in Tucson, Ariz., 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 second quarter fiscal year
2008 revenue, gross margin, combined research and development and
selling, general and administrative expense levels, and share-based
compensation expense. 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: our ability to
successfully integrate our recent acquisitions into our business;
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 second quarter of fiscal year 2008, as well as
customer cancellations of orders, or the failure to place orders
consistent with forecasts; 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; expenses associated with the Company�s
stock option investigation, and related on-going litigation and
administrative proceedings; and 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. 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. Summary financial data follows: CIRRUS LOGIC,
INC.CONSOLIDATED CONDENSED BALANCE SHEET(in thousands) Jun. 30,2007
Mar. 31,2007 Jun. 24,2006 ASSETS (unaudited) (unaudited) Current
assets Cash and cash equivalents $ 97,566 $ 87,960 $ 103,053
Restricted investments 5,755 5,755 5,755 Marketable securities
174,242 178,000 137,123 Accounts receivable, net 19,428 19,127
21,518 Inventories 17,512 16,496 21,391 Other current assets �
14,138 � 13,699 � 5,634 Total Current Assets 328,641 321,037
294,474 � Long-term marketable securities - - 5,972 Property and
equipment, net 10,508 11,407 13,263 Intangibles, net 11,246 8,550
2,593 Goodwill 6,461 6,461 - Investment in Magnum Semiconductor
3,657 3,657 7,947 Other assets � 1,900 � 1,948 � 3,293 Total Assets
$ 362,413 $ 353,060 $ 327,542 � LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities Accounts payable $ 11,643 $ 10,434 $
11,943 Accrued salaries and benefits 6,565 7,816 6,813 Other
accrued liabilities 9,890 10,519 9,704 Deferred income on shipments
to distributors 5,362 4,290 6,199 Income taxes payable � 6 � 1,561
� 1,990 Total Current Liabilities 33,466 34,620 36,649 � Long-term
restructuring accrual 2,995 3,418 4,469 Other long-term obligations
9,664 10,085 9,536 � Stockholders' equity: Capital stock 932,689
926,900 919,339 Accumulated deficit (615,616) (621,180) (641,250)
Accumulated other comprehensive loss � (785) � (783) � (1,201)
Total Stockholders' Equity � 316,288 � 304,937 � 276,888 Total
Liabilities and Stockholders' Equity $ 362,413 $ 353,060 $ 327,542
� Prepared in accordance with Generally Accepted Accounting
Principles CIRRUS LOGIC, INC.CONSOLIDATED CONDENSED STATEMENT OF
OPERATIONS(unaudited)(in thousands, except per share data) �
Quarter Ended � Jun. 30,2007 Mar. 31,2007 Jun. 24,2006 � Net
revenue $ 41,124 $ 43,647 $ 45,181 Cost of sales � 16,759 � 17,369
� 18,021 Gross Margin � 24,365 � 26,278 � 27,160 Gross Margin
Percentage 59.2% 60.2% 60.1% � Operating expenses: Research and
development 10,913 10,998 11,670 Selling, general and
administrative 12,981 14,797 11,091 Restructuring and other costs -
521 - Impairment of goodwill and other intangibles - 4,290 -
Acquired in process R&D - - - License agreement � - � - � -
Total operating expenses � 23,894 � 30,606 � 22,761 � Income (loss)
from operations 471 (4,328) 4,399 � Realized gain on marketable
equity securities - - 193 Interest income, net 3,507 3,412 2,965
Other income (expense), net � 26 � 71 � 55 Income (loss) before
income taxes 4,004 (845) 7,612 Provision (benefit) for income taxes
� 15 � (8,124) � (213) Net income $ 3,989 � $ 7,279 $ 7,825 � Basic
income per share: $ 0.05 $ 0.08 $ 0.09 Diluted income per share: $
0.04 $ 0.08 $ 0.09 � Basic weighted average common shares
outstanding 88,490 88,076 87,196 Diluted weighted average common
shares outstanding 89,669 89,333 88,759 � Prepared in accordance
with Generally Accepted Accounting Principles
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