Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision
analog and digital signal processing components, today posted on
its investor relations website at http://investor.cirrus.com the
quarterly Shareholder Letter that contains the complete financial
results for the first quarter, which ended June 30, 2012, as well
as the company’s current business outlook.
“I would like to take this opportunity to publicly thank all of
the Cirrus Logic employees who have worked incredibly hard over the
past several years to position the company for this sharp
transition to a higher level of revenue," said Jason Rhode,
president and chief executive officer. "This team's ability to
formulate and execute a strategy is truly remarkable and gives us
great confidence as we continue to increase our R&D investment
in order to support our customers and pursue further growth
opportunities. We expect FY13 to be an outstanding year for Cirrus
Logic and our long term shareholders.”
Reported Financial Results – First Quarter FY2013
- Revenue of $99 million;
- Gross margin of 54 percent;
- GAAP operating expenses of $43
million;
- Non-GAAP operating expenses of $38.6
million.
A reconciliation of the non-GAAP charges is included in the
tables accompanying this press release.
Business Outlook – Second Quarter FY2013
- Revenue is expected to range between
$170 million and $190 million;
- Gross margin is expected to be between
52 percent and 54 percent;
- Combined R&D and SG&A expenses
are expected to range between $49 million and $53 million, which
includes approximately $6 million in share-based compensation and
amortization of acquisition-related intangibles expenses.
In addition, the company is announcing the sale of assets
associated with its Apex Precision Power business in Tucson, Ariz.,
for $26 million. After the sale, Cirrus Logic will continue to
maintain a high voltage/high power IC design team in Tucson. This
transaction is expected to close within 45 days, subject to certain
standard closing conditions. More information is included in our
quarterly Shareholder Letter.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT on
Monday, July 30, 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 two hours after the completion of
the call, or by dialing (719) 457-0820, or toll-free at (888)
203-1112 (Access Code: 98762608).
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. 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 second quarter fiscal year 2013 revenue,
gross margin, combined research and development and selling,
general and administrative expense levels, share-based compensation
expense, amortization of acquired intangible expenses, and
inventory increases. 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 second and
third quarter and complete fiscal year 2013, as well as customer
cancellations of orders, or the failure to place orders consistent
with forecasts; our ability to introduce and ramp production of new
products in a timely manner; and the risk factors listed in our
Form 10-K for the year ended March 31, 2012, 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
Summary financial data follows:
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED
STATEMENT OF OPERATIONS (unaudited) (in thousands,
except per share data)
Three Months Ended Jun.
30, Mar. 31, Jun. 25, 2012 2012
2011 Q1'13 Q4'12 Q1'12 Audio products $
80,747 $ 90,522 $ 71,120 Energy products 18,259
20,109 21,122
Net revenue
99,006 110,631
92,242 Cost of sales 45,566
48,284 44,533
Gross Profit
53,440 62,347 47,709 Research and
development 24,910 24,105 18,767 Selling, general and
administrative 18,059 17,254 14,606 Other expenses (proceeds)
- 100 - Total operating
expenses 42,969 41,459 33,373
Operating income 10,471 20,888
14,336 Interest income, net 127 139 154 Other income
(expense), net (23 ) 45 (17 )
Income
before income taxes 10,575 21,072 14,473
Provision (benefit) for income taxes 3,648
(29,755 ) 5,295
Net income $
6,927 $ 50,827 $
9,178 Basic income per share: $ 0.11 $ 0.79 $
0.14 Diluted income per share: $ 0.10 $ 0.75 $ 0.13 Weighted
average number of shares: Basic 64,470 64,213 67,099 Diluted 68,529
67,913 70,445
See notes to Consolidated Condensed
Statement of Operations Prepared in accordance with Generally
Accepted Accounting Principles
CIRRUS LOGIC,
INC. CONSOLIDATED CONDENSED BALANCE SHEET (in
thousands)
Jun. 30, Mar. 31, 2012 2012
(unaudited) ASSETS Current assets Cash and cash equivalents $
84,312 $ 65,997 Restricted investments - - Marketable securities
82,359 115,877 Accounts receivable, net 49,262 44,153 Inventories
96,790 55,915 Deferred tax asset 53,139 53,137 Other current assets
14,574 16,508 Total Current Assets
380,436 351,587 Long-term marketable securities - 2,914
Property and equipment, net 85,337 66,978 Intangibles, net 18,457
18,241 Goodwill 6,027 6,027 Deferred tax asset 85,721 89,071 Other
assets 9,300 9,644 Total Assets $
585,278 $ 544,462 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 75,507
$ 38,108 Accrued salaries and benefits 10,956 13,634 Other accrued
liabilities 9,498 14,015 Deferred income on shipments to
distributors 7,158 7,228 Total Current
Liabilities 103,119 72,985 Long-term restructuring accrual -
- Other long-term obligations 4,159 5,620 Stockholders'
equity: Capital stock 1,013,442 1,008,228 Accumulated deficit
(534,682 ) (541,609 ) Accumulated other comprehensive loss
(760 ) (762 ) Total Stockholders' Equity 478,000
465,857 Total Liabilities and Stockholders'
Equity $ 585,278 $ 544,462 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 Jun. 30,
Mar. 31, Jun. 25, 2012 2012 2011
Net Income Reconciliation
Q1'13 Q4'12 Q1'12
GAAP Net Income $ 6,927 $ 50,827
$ 9,178 Amortization of acquisition intangibles 353
353 353 Stock based compensation expense 4,173 3,451 2,442 Other
expenses (proceeds) * - 263 - Provision (benefit) for income taxes
3,355 (30,310 ) 4,984
Non-GAAP Net Income $ 14,808 $
24,584 $ 16,957 Earnings
Per Share Reconciliation
GAAP Diluted income per share
$ 0.10 $ 0.75 $ 0.13
Effect of Amortization of acquisition intangibles 0.01 0.01 0.01
Effect of Stock based compensation expense 0.06 0.05 0.03 Effect of
Other expenses (proceeds) * - - - Effect of Provision (benefit) for
income taxes 0.05 (0.45 ) 0.07
Non-GAAP
Diluted income per share $ 0.22 $
0.36 $ 0.24 Operating
Income Reconciliation
GAAP Operating Income $
10,471 $ 20,888 $ 14,336 GAAP
Operating Margin 11 % 19 % 16 % Amortization of acquisition
intangibles 353 353 353 Stock compensation expense - COGS 118 113
89 Stock compensation expense - R&D 2,243 1,753 1,043 Stock
compensation expense - SG&A 1,812 1,585 1,310 Other expenses
(proceeds) * - 263 -
Non-GAAP Operating Income $ 14,997
$ 24,955 $ 17,131
Non-GAAP Operating Margin 15 % 23 % 19 % Operating Expense
Reconciliation
GAAP Operating Expenses $
42,969 $ 41,459 $ 33,373
Amortization of acquisition intangibles (353 ) (353 ) (353 ) Stock
compensation expense - R&D (2,243 ) (1,753 ) (1,043 ) Stock
compensation expense - SG&A (1,812 ) (1,585 ) (1,310 ) Other
expenses (proceeds) * - (263 ) -
Non-GAAP Operating Expenses
$ 38,561 $ 37,505
$ 30,667
* Other expenses (proceeds) may contain
certain items such as litigation expenses, proceeds from a patent
agreement, restructuring items, and impairments of non-marketable
securities.
Cirrus Logic (NASDAQ:CRUS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cirrus Logic (NASDAQ:CRUS)
Historical Stock Chart
From Jul 2023 to Jul 2024