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 fourth quarter and full fiscal year 2013, which
ended March 30, as well as the company’s current business
outlook.
“FY13 was a tremendous year for Cirrus Logic. We experienced
substantial growth in our revenue and operating profit, we
significantly expanded our footprint in portable audio and we
launched our new LED lighting products,” said Jason Rhode,
president and chief executive officer. “We are aligned with the
best customers around, and our team is actively engaged in new
developments that are expected to drive our growth over time.”
Reported Financial Results – Fourth Quarter FY13
- Revenue of $207 million;
- Gross margin of 40.4 percent, which, as
disclosed in our press release on April 16, included an inventory
reserve of approximately $20.7 million that resulted in a
gross margin decline of slightly more than 10 percent;
- GAAP operating expenses of $50 million
and non-GAAP operating expenses of $44 million; and
- GAAP diluted earnings per share of
$0.39 and non-GAAP diluted earnings per share of $0.59.
Reported Financial Results – Complete FY13
- Revenue of $810 million;
- Gross margin of 49 percent;
- GAAP operating expenses of $194 million
and non-GAAP operating expenses of $169 million; and
- GAAP diluted earnings per share of
$2.00 and non-GAAP diluted earnings per share of $3.24.
A reconciliation of the non-GAAP charges is included in the
tables accompanying this press release.
Business Outlook – First Quarter FY14
- Revenue is expected to range between
$150 million and $170 million;
- Gross margin is expected to be between
50 percent and 52 percent; and
- Combined R&D and SG&A expenses
are expected to range between $51 million and $55 million, which
includes approximately $6 million in share-based compensation.
Cirrus Logic will host a live Q&A session at 5 p.m. EDT
today to answer questions related to its financial results and
business outlook. Participants may listen to the conference call on
the Cirrus Logic website. Participants who would like to submit a
question to be addressed during the call are requested to email
investor.relations@cirrus.com. A replay of the webcast can be
accessed on the Cirrus Logic website approximately two hours
following its completion, or by calling (404) 537-3406, or
toll-free at (855) 859-2056 (Access Code: 32769785).
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
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 profit 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 first quarter fiscal year 2014 revenue,
gross margin, combined research and development and selling,
general and administrative expense levels, and share-based
compensation expense. 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 first
quarter of fiscal year 2014, 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 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
CIRRUS LOGIC, INC. CONSOLIDATED CONDENSED
STATEMENT OF OPERATIONS (unaudited) (in thousands,
except per share data)
Three Months Ended
Twelve Months Ended Mar. 30, Dec. 29, Mar.
31, Mar. 30, Mar. 31, 2013 2012
2012 2013 2012 Q4'13 Q3'13
Q4'12 Q4'13 Q4'12 Audio products $ 196,098 $
300,010 $ 90,522 $ 754,769 $ 350,743 Energy products 10,775
10,123 20,109 55,017
76,100
Net revenue 206,873
310,133 110,631
809,786 426,843 Cost of sales
123,259 152,083 48,284
414,595 196,402
Gross Profit
83,614 158,050 62,347 395,191
230,441 Research and development 30,085 29,608 24,105
114,071 85,697 Selling, general and administrative 19,724 19,021
17,254 76,998 65,108 Restructuring and other costs - 3,539 - 3,539
- Gain on sale of asset - (247 ) - (247 ) - Provision for
litigation expenses - - 100
- 100 Total operating expenses
49,809 51,921 41,459 194,361
150,905
Operating income
33,805 106,129 20,888 200,830
79,536 Interest income, net 106 76 139 440 517 Other
income (expense), net 14 (31 ) 45
(80 ) (70 )
Income before income taxes
33,925 106,174 21,072 201,190
79,983 Provision (benefit) for income taxes 7,565
38,312 (29,755 ) 64,592
(8,000 )
Net income $ 26,360 $
67,862 $ 50,827 $
136,598 $ 87,983 Basic
earnings per share: $ 0.41 $ 1.04 $ 0.79 $ 2.12 $ 1.35 Diluted
earnings per share: $ 0.39 $ 0.99 $ 0.75 $ 2.00 $ 1.29
Weighted average number of shares: Basic 63,877 65,055 64,213
64,580 64,934 Diluted 67,138 68,866 67,913 68,454 68,064
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 Twelve Months Ended Mar.
30, Dec. 29, Mar. 31, Mar. 30, Mar.
31, 2013 2012 2012 2013 2012
Net Income Reconciliation
Q4'13 Q3'13 Q4'12
Q4'13 Q4'12 GAAP Net Income $
26,360 $ 67,862 $ 50,827
$ 136,598 $ 87,983 Amortization of
acquisition intangibles - - 353 604 1,412 Stock based compensation
expense 5,734 6,026 3,451 21,496 12,179 Facility Related
adjustments - - 218 - 218 International sales reorganization
charges 442 (47 ) (55 ) 395 567 Provision for litigation expenses
and settlements - - 100 - 100 Restructuring and other costs, net -
3,539 - 3,539 - Gain on asset sale - (247 ) - (247 ) - Provision
(benefit) for income taxes 7,372 35,667
(30,310 ) 59,974 (10,171 )
Non-GAAP
Net Income $ 39,908 $
112,800 $ 24,584 $
222,359 $ 92,288 Earnings
Per Share Reconciliation
GAAP Diluted earnings per share
$ 0.39 $ 0.99 $ 0.75
$ 2.00 $ 1.29 Effect of Amortization of
acquisition intangibles - - 0.01 0.01 0.02 Effect of Stock based
compensation expense 0.09 0.09 0.05 0.31 0.18 Effect of Facility
Related adjustments - - - - - Effect of International sales
reorganization charges 0.01 - - - 0.01 Effect of Restructuring and
other costs, net - 0.05 - 0.05 - Effect of Provision (benefit) for
income taxes 0.10 0.51 (0.45 )
0.88 (0.14 )
Non-GAAP Diluted earnings per
share $ 0.59 $ 1.64
$ 0.36 $ 3.25 $
1.36 Operating Income Reconciliation
GAAP
Operating Income $ 33,805 $ 106,129
$ 20,888 $ 200,830 $
79,536 GAAP Operating Profit 16 % 34 % 19 % 25 % 19 %
Amortization of acquisition intangibles - - 353 604 1,412 Stock
compensation expense - COGS 296 218 113 751 398 Stock compensation
expense - R&D 2,976 3,234 1,753 10,550 5,590 Stock compensation
expense - SG&A 2,462 2,574 1,585 10,195 6,191 Facility Related
adjustments - - 218 - 218 International sales reorganization
charges 442 (47 ) (55 ) 395 567 Provision for litigation expenses
and settlements - - 100 - 100 Restructuring and other costs, net -
3,539 - 3,539 - Gain on asset sale - (247 )
- (247 ) -
Non-GAAP Operating
Income $ 39,981 $ 115,400
$ 24,955 $ 226,617
$ 94,012 Non-GAAP Operating Profit 19 % 37 %
23 % 28 % 22 % Operating Expense Reconciliation
GAAP
Operating Expenses $ 49,809 $
51,921 $ 41,459 $ 194,361
$ 150,905 Amortization of acquisition intangibles - -
(353 ) (604 ) (1,412 ) Stock compensation expense - R&D (2,976
) (3,234 ) (1,753 ) (10,550 ) (5,590 ) Stock compensation expense -
SG&A (2,462 ) (2,574 ) (1,585 ) (10,195 ) (6,191 ) Facility
Related adjustments - - (218 ) - (218 ) International sales
reorganization charges (442 ) 47 55 (395 ) (567 ) Provision for
litigation expenses and settlements - - (100 ) - (100 )
Restructuring and other costs, net - (3,539 ) - (3,539 ) - Gain on
asset sale - 247 -
247 -
Non-GAAP Operating Expenses
$ 43,929 $ 42,868
$ 37,505 $ 169,325
$ 136,827 CIRRUS LOGIC,
INC. CONSOLIDATED CONDENSED BALANCE SHEET (in
thousands) Mar. 30,
Dec. 29, Mar. 31, 2013
2012 2012 (unaudited) ASSETS Current assets Cash and
cash equivalents $ 66,402 $ 87,452 $ 65,997 Restricted investments
- - - Marketable securities 105,235 60,717 115,877 Accounts
receivable, net 69,289 170,683 44,153 Inventories 119,300 135,023
55,915 Deferred tax asset 64,937 53,140 53,137 Other current assets
19,371 21,775 16,508
Total Current Assets 444,534 528,790 351,587 Long-term
marketable securities 64,910 - 2,914 Property and equipment, net
100,623 100,534 66,978 Intangibles, net 4,650 4,920 18,241 Goodwill
6,027 6,027 6,027 Deferred tax asset 16,671 36,466 89,071 Other
assets 13,932 15,761 9,644
Total Assets $ 651,347 $ 692,498 $ 544,462
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Accounts payable $ 60,827 $ 95,493 $ 38,108 Accrued
salaries and benefits 16,592 13,752 13,634 Other accrued
liabilities 10,704 13,992 14,015 Deferred income on shipments to
distributors 4,956 5,579 7,228
Total Current Liabilities 93,079 128,816 72,985 Other
long-term obligations 10,094 10,131 5,620 Stockholders'
equity: Capital stock 1,041,834 1,033,549 1,008,228 Accumulated
deficit (492,741 ) (479,225 ) (541,609 ) Accumulated other
comprehensive loss (919 ) (773 ) (762 ) Total
Stockholders' Equity 548,174 553,551
465,857 Total Liabilities and Stockholders' Equity $
651,347 $ 692,498 $ 544,462 Prepared in
accordance with Generally Accepted Accounting Principles
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