CRUS Cirrus Logic Inc

Cirrus Logic Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the fourth quarter of fiscal year 2009, which ended March 28, 2009.

Revenue for the quarter was $33.5 million compared to $44.8 million during the fourth quarter of fiscal year 2008, and $43.8 million in the previous quarter. Gross margin for the quarter was 55 percent, which is unchanged from the 55 percent gross margin reported by the company for both the quarter a year ago and the December quarter.

Total GAAP operating expenses for the quarter were approximately $24.2 million, up from $22 million in third quarter. GAAP operating expenses in the fourth quarter included a $2.1 million charge associated with the impairment of certain intangible assets, as well as stock-based compensation and acquisition-related amortization of intangibles charges of approximately $1.5 million, certain one time legal charges of $400,000, and an additional $100,000 expense related to facilities accruals.

The loss from operations on a GAAP basis was $5.7 million. Excluding the charges noted above, the non-GAAP loss from operations was $1.5 million.

Cirrus Logic reported a fourth quarter GAAP net loss of $7.8 million, or a loss of $0.12 per share based on 65.2 million average diluted shares outstanding. Excluding the items noted above, as well as an additional charge of $2.7 million related to the reduction of our deferred tax asset, on a non-GAAP basis the company reported a net loss of $900,000, or a loss of $0.01 per share.

Cirrus Logic also reported that total cash and marketable securities increased $2.7 million from the previous quarter to $120.2 million.

�The March quarter was tough for the semiconductor industry as a whole, and we are pleased to have generated cash and managed our expenses in this environment,� said Jason Rhode, president and chief executive officer, Cirrus Logic.��Our strong financial position has allowed us to maintain focus on our vision, and I�m excited to see several significant new design wins reflected in our backlog for the first quarter.�Revenue from new products continues to grow on a year over year basis, which is a good indication of our growing market share.�

Outlook for First Quarter FY 2010 (ending June 27, 2009):

• Revenue is expected to range between $36 million and $40 million;
• Gross margin is expected to be between 52 percent and 54 percent; and
• Combined R&D and SG&A expenses are expected to range between $22 million and $24 million, which include approximately $2.0 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company�s results for the fourth quarter of fiscal year 2009, on April 29, 2009, at 5:00 p.m. EDT. Those wishing to join should call (303) 205-0044 (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 May 6, 2009. To access the recording, call (303) 590-3000 (passcode: 11130371#). A live and an archived webcast of the conference call will also be available via the investor section of company�s Web site at www.cirrus.com.

Cirrus Logic, Inc.

Celebrating its 25th year as a leading fabless semiconductor company in 2009, 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 Tucson, 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 net loss, non-GAAP loss from operations, and non-GAAP diluted loss per share. A reconciliation of the adjustments to GAAP results for this quarter 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. 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.

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 2010 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as �expect,� �anticipate,� �target,� �project,� �believe,� �goals,� �opportunity,� �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 economic pressures and general market and economic conditions; overall conditions in the semiconductor market; the level of orders and shipments during the first quarter of fiscal year 2010, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; pricing pressures; and the risk factors listed in our Form 10-K for the year ended March 29, 2008, 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 STATEMENT OF OPERATIONS (unaudited) (in thousands, except per share data) � � � Quarter Ended � � � � Mar. 28, Dec. 27, Mar. 29, 2009 2008 2008 � Net revenue $ 33,520 $ 43,833 $ 44,822 Cost of sales � 15,051 � � 19,755 � � 20,115 � Gross Margin � 18,469 � � 24,078 � � 24,707 � Gross Margin Percentage 55.1 % 54.9 % 55.1 % � Operating expenses: Research and development 10,950 10,896 12,326 Selling, general and administrative 10,649 11,055 13,304 Restructuring and other costs - - 12,095 Impairment of goodwill and other intangibles 2,144 - - Provision for litigation expenses � 434 � � - � � - � Total operating expenses � 24,177 � � 21,951 � � 37,725 � � Income (loss) from operations (5,708 ) 2,127 (13,018 ) � Interest income, net 525 679 2,411 Other income (expense), net � 11 � � 10 � � (73 ) Income (loss) before income taxes (5,172 ) 2,816 (10,680 ) Provision (benefit) for income taxes � 2,596 � � 66 � � 3,005 � Net income (loss) $ (7,768 ) $ 2,750 � $ (13,685 ) � Basic income (loss) per share: $ (0.12 ) $ 0.04 $ (0.16 ) Diluted income (loss) per share: $ (0.12 ) $ 0.04 $ (0.16 ) � � Basic weighted average common shares outstanding 65,241 65,172 85,310 Diluted weighted average common shares outstanding 65,241 65,274 85,310 � Prepared in accordance with Generally Accepted Accounting Principles � CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE SHEET (in thousands) � � � Mar. 28, � � Dec. 27, � � Mar. 29, 2009 2008 2008 (unaudited) ASSETS Current assets Cash and cash equivalents $ 31,504 $ 28,134 $ 56,614 Restricted investments 5,755 5,755 5,755 Marketable securities 79,346 83,647 125,129 Accounts receivable, net 13,306 15,638 22,652 Inventories 19,878 23,409 22,464 Other current assets � 5,359 � � 8,395 � � 10,041 � Total Current Assets 155,148 164,978 242,655 � Long-term marketable securities 3,627 - - Property and equipment, net 19,367 20,063 20,961 Intangibles, net 23,309 24,573 26,044 Goodwill 6,027 6,027 6,194 Other assets � 2,018 � � 2,114 � � 2,452 � Total Assets $ 209,496 � $ 217,755 � $ 298,306 � � LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 9,886 $ 8,295 $ 16,164 Accrued salaries and benefits 6,432 6,183 7,085 Other accrued liabilities 6,004 7,391 18,157 Deferred income on shipments to distributors � 5,918 � � 8,038 � � 6,584 � Total Current Liabilities 28,240 29,907 47,990 � Long-term restructuring accrual 931 1,011 1,818 Other long-term obligations 7,397 6,912 7,563 � Stockholders' equity: Capital stock 945,455 944,369 937,716 Accumulated deficit (771,951 ) (764,183 ) (696,557 ) Accumulated other comprehensive loss � (576 ) � (261 ) � (224 ) Total Stockholders' Equity � 172,928 � � 179,925 � � 240,935 � Total Liabilities and Stockholders' Equity $ 209,496 � $ 217,755 � $ 298,306 � � 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) � 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 ongoing business due to the uniqueness of these charges. � � Quarter Ended � Mar. 28, 2009

Net Loss Reconciliation

GAAP net loss $ (7,768 ) Non-GAAP adjustments: Stock compensation expense 1,089 Amortization of acquisition intangibles 404 Facility and other related adjustments 115 Impairment of Intangible Assets 2,144 Provision for litigation expenses 434 Deferred Tax Asset Provision 2,683 � Non-GAAP net loss $ (899 ) � EPS Reconciliation

GAAP diluted loss per share

$ (0.12 ) Non-GAAP adjustments: Effect of stock compensation expense 0.02 Effect of amortization of acquisition intangibles 0.01 Effect of facility and other related adjustments - Effect of impairment of intangible assets 0.03 Effect of provision for litigation expenses 0.01 Effect of deferred tax asset provision 0.04 �

Non-GAAP diluted loss per share

$ (0.01 ) �

Operating Loss Reconciliation

GAAP Operating Loss $ (5,708 ) Non-GAAP adjustments: Stock compensation expense 1,089 Amortization of acquisition intangibles 404 Facility and other related adjustments 115 Impairment of Intangible Assets 2,144 Provision for litigation expenses � 434 � Non-GAAP Operating Loss $ (1,522 )

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Operating Expense Reconciliation GAAP Operating Expenses $ 24,177 Non-GAAP adjustments: Stock compensation expense 1,045 Amortization of acquisition intangibles 404 Facility and other related adjustments 115 Impairment of Intangible Assets 2,144 Provision for litigation expenses � 434 � Non-GAAP Operating Expenses $ 20,035 �