Cirrus Logic Reports Preliminary Fiscal Fourth Quarter Results
April 14 2011 - 5:45PM
Business Wire
Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision
analog and digital signal processing components, today announced
preliminary unaudited financial results for the fourth quarter and
for fiscal year 2011, which ended March 26, 2011.
Revenue for the quarter is expected to be approximately $91.4
million, in line with guidance, representing a 46 percent increase
over the $62.6 million in revenue for the fourth quarter of fiscal
year 2010, and a 4 percent decrease from $95.6 million in the third
fiscal quarter. Revenue for fiscal year 2011 is expected to be
approximately $369.6 million, a 67 percent increase over $221
million fiscal year 2010 revenue.
Gross margin for the quarter is expected to be approximately 50
percent, below previously issued guidance of 54 to 56 percent. The
company’s lower-than-expected gross margin for the quarter is the
result of a charge of approximately $4.2 million, or $0.06 per
share, based on 72.3 million diluted shares outstanding, due to a
production issue with a new audio device that entered high volume
production in March 2011. The company expects a smaller residual
impact to gross margins in the first two quarters of FY2012 as the
company works through in line inventory related to this
product.
“FY2011 was an outstanding year for Cirrus Logic as revenue
growth and operating profit improvements exceeded our own high
expectations,” said Jason Rhode, Cirrus Logic president and CEO.
“I’m pleased with the team’s success in meeting our customers’
demand despite the challenges resulting from a low-yielding product
during a major production ramp in March. Design win activity
remains excellent and I remain very excited about the future for
Cirrus Logic.”
Total combined R&D and SG&A operating expenses are
expected to be approximately $32.3 million, in line with company
guidance, and include an estimated $2.6 million in share-based
compensation and amortization of acquired intangible expenses.
The company also expects total cash and marketable securities to
increase approximately $25 million to $215 million at the end of
the March quarter.
Ask the CEO
For more information about the company and items discussed in
this announcement, please visit the “Ask the CEO” section of our
website at investor.cirrus.com. The company regularly posts
comments from our CEO and answers questions about the company and
industry. Questions may be submitted via the website and
registration is available to receive notification of updates.
Conference Call
Cirrus Logic Inc. (Nasdaq: CRUS) will hold its quarterly
conference call to discuss final fourth quarter and fiscal year
2011 financial results and answer questions on Thursday, April 28,
at 10:30 a.m. ET. Cirrus Logic will release the company's financial
results at approximately 9:00 a.m. ET on the same day.
The conference call will be simulcast over the Internet in the
Investor Relations section of the company’s website and
shareholders and other interested parties are invited to listen to
the simulcast at http://investor.cirrus.com. A replay of the
conference call will be available on the website beginning one hour
following the completion of the call, or by calling (303) 590-3030,
or toll-free at (800) 406-7325 (Access Code: 4430704). Shareholders
who would like to submit a question to be addressed during the call
are requested to email 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 expected revenues, gross margin, and total R&D
and SG&A operating expenses for the fourth quarter of fiscal
year 2011, and our expected residual impact to gross margins in the
first two quarters of fiscal year 2012. 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, our ability to improve yields on the device referenced
in this press release; our ability to meet our customer’s demand
for these devices; and the risk factors listed in our Form 10-K for
the year ended March 27, 2010, 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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