Cirrus Logic Announces Preliminary Q4 Revenue Increases 87 Percent Year-Over-Year to $62.6 Million
April 07 2010 - 8:00AM
Business Wire
Cirrus Logic Inc. (Nasdaq: CRUS) today announced estimated net
revenue based on preliminary financial results for the fourth
fiscal quarter, which ended on March 27, 2010, to be up 87 percent
year-over-year to approximately $62.6 million, an increase from the
previous guidance of $55 million to $59 million. Revenue from audio
products is estimated at $40.5 million and revenue from energy
products is expected to be approximately $22.1 million.
The company estimates gross margin to be between 56 percent and
57 percent. Combined R&D and SG&A expenses are estimated to
be approximately $26.4 million and include an estimated $1.6
million in share-based compensation and amortization of
acquisition-related intangible expenses.
“Our year-over-year fourth quarter revenue growth of 87 percent
exceeded our expectations and sets the stage for what we expect
will be another strong year for Cirrus Logic,” said Jason Rhode,
president and chief executive officer of Cirrus Logic. “We look
forward to sharing our full results and guidance on our upcoming
earnings call.”
Cirrus Logic will hold its quarterly conference call to discuss
fourth quarter, fiscal year 2010 financial results on Tuesday,
April 27, 2010 at 10:30 a.m. EDT. Cirrus Logic will release the
company's financial results at approximately 8:00 a.m. EDT on the
same day.
To listen to the live conference call, dial 480-629-9723, or
toll-free at 877-941-2333 (Conference ID: 4281912) by 10:20 a.m. on
April 27, 2010. A replay of the conference call will be available
beginning one hour following the completion of the call, until May
4, 2010. To access the recording, dial 303-590-3030, or toll-free
at 800-406-7325 (Conference ID: 4281912). Additionally, the
conference call will be webcast live through the Investor Relations
page of the company’s website at www.cirrus.com. Shareholders who
would like to submit a question to be addressed during the call are
requested to submit the question to
investor.relations@cirrus.com.
Cirrus Logic, Inc.
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.
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 2010 revenue,
gross margin, combined research and development and selling, and
general and administrative expense levels. In some cases,
forward-looking statements are identified by words such as
“expect,” “anticipate,” “target,” “project,” “believe,” “goals,”
“opportunity,” “estimates,” “intend,” and variations of these types
of words and similar expressions. 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, 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
28, 2009, 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.
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