Cirrus Logic Announces Q3 Preliminary Revenue Results
January 07 2016 - 4:00PM
Business Wire
Continues to Expect Strong Year-Over-Year
Growth in FY16 and FY17
Cirrus Logic, Inc. (Nasdaq: CRUS) today announced preliminary
net revenue of approximately $347 million, based on unaudited
financial results for the third quarter, which ended Dec. 26,
2015.
“Our preliminary revenue results reflect weaker than anticipated
demand for certain portable audio products. This weakness escalated
over the last few weeks of December and is expected to continue to
significantly impact our revenue in the March quarter,” said Jason
Rhode, president and chief executive officer. “Despite this lower
outlook for the short term, we expect our full FY16 results to
reflect meaningful year-over-year revenue growth and further
foresee strong growth for FY17 based on several anticipated new
product introductions. The company is well positioned to benefit
from the rapidly growing demand for innovative audio and voice
products in the mobile phone, smart accessory and digital headset
markets. We are aligned with the very best customers and have a
comprehensive and robust product portfolio that spans the complete
audio signal chain. With numerous growth vectors, we believe the
company is poised for continued success in the coming years.”
The company will post its third quarter fiscal year 2016
financial results and business outlook on the investor relations
area of its website at http://investor.cirrus.com on Wednesday,
Jan. 27, at approximately 4 p.m. EST. Cirrus Logic will host a live
Q&A webcast session at 5 p.m. EST that same day 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 replay of the Q&A session will be available on the website
listed above beginning approximately two hours following the
completion of the call or by dialing (404) 537-3406 or toll free at
(855) 859-2056 (Access Code: 8524794).
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 the
United States, United Kingdom, Australia, Japan and Asia. More
information about Cirrus Logic is available at www.cirrus.com.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic, Inc.
Safe Harbor Statement
Except for historical information contained herein, the matters
set forth in this news release contain our preliminary results for
the third quarter, and other forward-looking statements, including
expectations for growth in fiscal year 2016, fiscal year 2017 and
beyond. 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 completion of
the review process for our final third quarter financial results,
along with the timing and success of future product ramps, and the
risk factors listed in our Form 10-K for the year ended March 28,
2015, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160107006229/en/
Cirrus Logic, Inc.Thurman K. Case, 512-851-4125Chief Financial
OfficerInvestor.Relations@cirrus.com
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