Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision
analog and digital signal processing components, today posted its
third quarter, fiscal year 2012 financial results and business
outlook on its investor relations website at
http://investor.cirrus.com.
Reported Financial Results
- Revenue of $122.4 million
- Gross margin of 54 percent
- GAAP operating expenses of $39.6
million
- Non-GAAP operating expenses of $36.6
million
A reconciliation of the non-GAAP charges is included in the
tables accompanying this press release.
“Q3 was an outstanding quarter for Cirrus Logic as we recorded
revenue growth of 28 percent year-over-year, exceeding our initial
expectations,” said Jason Rhode, president and chief executive
officer, Cirrus Logic. “Our continuing growth in revenues
and gross profit and the operating cash flow generated during
fiscal 2012 have enabled us to continue to make the substantial and
increasing investments in research and development that are so
critically important to our product development efforts. With
several new products expected to hit the market in Q4 and a number
of new devices being readied for production in the upcoming
quarters, we are excited about the extraordinary opportunities
coming this year.”
Outlook for Fourth Quarter FY 2012 (ending March 31,
2012):
- Revenue is expected to range between
$108 million and $112 million;
- Gross margin is expected to be between
54 percent and 56 percent; and
- Combined R&D and SG&A expenses
are expected to range between $39 million and $41 million, which
includes approximately $3 million in share-based compensation and
amortization of acquisition-related intangibles expenses.
Cirrus Logic will host a live Q&A session at 6:00 p.m. ET on
Thursday, Jan. 26, 2012, to answer questions related to its
financial results and business outlook. Shareholders who would like
to submit a question to be addressed during the call are requested
to email investor.relations@cirrus.com.
A live webcast of the Q&A session can be accessed on the
Cirrus Logic website, and a replay will be available approximately
one hour following its completion, or by calling (303) 590-3030, or
toll-free at (800) 406-7325 (Access Code: 4503802).
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.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a
GAAP basis, Cirrus has provided non-GAAP financial information,
including operating expenses, net income, operating margin and
diluted earnings per share. A reconciliation of the adjustments to
GAAP results 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 fourth quarter fiscal year 2012 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,” “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: the level of orders
and shipments during the fourth quarter of fiscal year 2012, as
well as customer cancellations of orders, or the failure to place
orders consistent with forecasts; and the risk factors listed in
our Form 10-K for the year ended March 26, 2011, 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.
CRUS-F
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED
STATEMENT OF OPERATIONS (unaudited) (in thousands,
except per share data)
Three Months Ended Nine Months Ended
Dec. 31, Sep. 24, Dec. 25, Dec.
31, Dec. 25, 2011
2011 2010 2011
2010 Q3'12 Q2'12
Q3'11 Q3'12 Q3'11 Audio products $ 105,418 $
83,683 $ 72,716 $ 260,220 $ 197,875 Energy products 16,950
17,919 22,909 55,992
80,263
Net revenue
122,368 101,602
95,625 316,212
278,138 Cost of sales 56,338
47,247 43,163 148,118
122,161
Gross Profit 66,030 54,355
52,462 168,094 155,977 Research and
development 23,143 19,682 16,348 61,592 46,890 Selling, general and
administrative 16,488 16,760 13,431 47,854 42,814 Restructuring and
other costs - - (395 ) - 6 Impairment of non-marketable securities
- - - - 500 Provision for litigation expenses - - (30 ) - 105
Patent agreement, net - - -
- (4,000 ) Total operating expenses
39,631 36,442 29,354
109,446 86,315
Operating
income 26,399 17,913 23,108 58,648
69,662 Operating income (loss) as a percent of revenue 21.6
% 17.6 % 24.2 % 18.5 % 25.0 % Interest income, net 112 112
212 378 673 Other income (expense), net (71 ) (27 )
(31 ) (115 ) (13 )
Income before income
taxes 26,440 17,998 23,289 58,911
70,322 Provision (benefit) for income taxes 9,709
6,751 (1,332 ) 21,755
(2,775 )
Net income $ 16,731
$ 11,247 $ 24,621
$ 37,156 $ 73,097
Basic income per share: $ 0.26 $ 0.17 $ 0.36 $ 0.57 $ 1.08 Diluted
income per share: $ 0.25 $ 0.17 $ 0.34 $ 0.55 $ 1.02
Weighted average number of shares: Basic 63,957 64,426 68,074
65,161 67,731 Diluted 66,989 67,265 71,695 68,099 71,868
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)
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.
Three Months
Ended Nine Months Ended Dec. 31, Sep.
24, Dec. 25, Dec. 31, Dec. 25,
2011 2011 2010
2011 2010 Net
Income Reconciliation
Q3'12 Q2'12 Q3'11
Q3'12 Q3'11 GAAP Net Income $
16,731 $ 11,247 $ 24,621
$ 37,156 $ 73,097 Amortization of
acquisition intangibles 353 353 353 1,059 1,076 Stock based
compensation expense 2,769 3,517 1,467 8,728 5,848 Facility Related
adjustments - - - - (96 ) International sales reorganization
charges - 622 - 622 790 Provision for litigation expenses and
settlements - - (30 ) - 105 Restructuring and other costs, net - -
(395 ) - 6 Charge from non-marketable securities - - - - 500 Patent
purchase agreement, net - - - - (4,000 ) Provision (benefit) for
income taxes 8,992 6,163 (1,847
) 20,139 (4,076 )
Non-GAAP Net Income
$ 28,845 $ 21,902
$ 24,169 $ 67,704
$ 73,250 Earnings Per Share
Reconciliation
GAAP Diluted income per share $
0.25 $ 0.17 $ 0.34 $
0.55 $ 1.02 Effect of Amortization of
acquisition intangibles 0.01 0.01 - 0.02 0.02 Effect of Stock based
compensation expense 0.04 0.05 0.02 0.12 0.08 Effect of Facility
Related adjustments - - - - - Effect of International sales
reorganization charges - 0.01 - 0.01 0.01 Effect of Provision for
litigation expenses and settlements - - - - - Effect of
Restructuring and other costs, net - - - - - Effect of Charge from
non-marketable securities - - - - 0.01 Effect of Patent purchase
agreement, net - - - - (0.06 ) Effect of Provision (benefit) for
income taxes 0.13 0.09 (0.02 ) 0.29 (0.06 )
Non-GAAP Diluted income per share $
0.43 $ 0.33 $ 0.34
$ 0.99 $ 1.02
Operating Income Reconciliation
GAAP Operating Income
$ 26,399 $ 17,913 $
23,108 $ 58,648 $ 69,662 GAAP
Operating Margin 22 % 18 % 24 % 19 % 25 % Amortization of
acquisition intangibles 353 353 353 1,059 1,076 Stock compensation
expense - COGS 92 104 46 285 165 Stock compensation expense -
R&D 1,613 1,181 579 3,837 1,717 Stock compensation expense -
SG&A 1,064 2,232 842 4,606 3,966 Facility Related adjustments -
- - - (96 ) International sales reorganization charges - 622 - 622
790 Provision for litigation expenses and settlements - - (30 ) -
105 Restructuring and other costs, net - - (395 ) - 6 Charge from
non-marketable securities - - - - 500 Patent purchase agreement,
net - - - -
(4,000 )
Non-GAAP Operating Income $
29,521 $ 22,405 $
24,503 $ 69,057 $
73,891 Non-GAAP Operating Margin 24 % 22 % 26 % 22 %
27 % Operating Expense Reconciliation
GAAP Operating
Expenses $ 39,631 $ 36,442 $
29,354 $ 109,446 $ 86,315
Amortization of acquisition intangibles (353 ) (353 ) (353 ) (1,059
) (1,076 ) Stock compensation expense - R&D (1,613 ) (1,181 )
(579 ) (3,837 ) (1,717 ) Stock compensation expense - SG&A
(1,064 ) (2,232 ) (842 ) (4,606 ) (3,966 ) Facility Related
adjustments - - - - 96 International sales reorganization charges -
(622 ) - (622 ) (790 ) Provision for litigation expenses and
settlements - - 30 - (105 ) Restructuring and other costs, net - -
395 - (6 ) Charge from non-marketable securities - - - - (500 )
Patent purchase agreement, net - -
- - 4,000
Non-GAAP
Operating Expenses $ 36,601 $
32,054 $ 28,005 $
99,322 $ 82,251
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED BALANCE
SHEET unaudited; in thousands
Dec. 31, Sep. 24, Dec. 25,
2011 2011
2010 ASSETS Current assets Cash and cash equivalents
$ 38,010 $ 39,268 $ 28,491 Restricted investments 2,898 2,898 5,755
Marketable securities 99,342 100,130 156,052 Accounts receivable,
net 54,512 44,898 37,266 Inventories 58,079 49,552 40,196 Other
current assets 46,914 41,668
22,612 Total Current Assets 299,755 278,414 290,372
Long-term marketable securities 20,092 8,703 - Property and
equipment, net 57,263 50,102 32,919 Intangibles, net 18,596 18,905
20,688 Goodwill 6,027 6,027 6,027 Deferred tax asset 82,071 90,995
360 Other assets 10,813 7,517
1,618
Total Assets
$ 494,617 $ 460,663 $ 351,984
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts
payable $ 45,104 $ 35,256 $ 25,371 Accrued salaries and benefits
11,539 10,942 9,509 Other accrued liabilities 14,259 10,105 5,034
Deferred income on shipments to distributors 8,511
9,334 7,108 Total Current Liabilities
79,413 65,637 47,022 Long-term restructuring accrual - - 179
Other long-term obligations 6,494 6,505 6,113 Stockholders'
equity: Capital stock 1,001,967 998,572 982,610 Accumulated deficit
(592,436 ) (609,167 ) (683,220 ) Accumulated other comprehensive
loss (821 ) (884 ) (720 ) Total Stockholders'
Equity 408,710 388,521 298,670
Total Liabilities and Stockholders' Equity $ 494,617
$ 460,663 $ 351,984 Prepared in accordance
with Generally Accepted Accounting Principles
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