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Cirrus Logic Reports Fiscal Second Quarter Revenue Of $101.6M

Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted its second quarter, fiscal year 2012 financial results and business outlook on its investor relations website at http://investor.cirrus.com .

Cirrus Logic will host a live Q&A session at 6:00 p.m. EDT on Wednesday, Oct. 19, 2011, 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: 4478182).

Reported Financial Results

  • Revenue of $101.6 million
  • Gross margin of 53.5 percent
  • GAAP operating expenses were $36.4 million
  • Non-GAAP operating expenses of $32.1 million

A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.

“We're very pleased with the culture we've developed, the strategy we're pursuing, the talent and passion of our employees, and the relationships we have with some of the best companies in the world,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “While we are seeing softness in some areas of our business due to issues in the global economy, we still expect significant year over year revenue growth in Q3, and we are well positioned to capitalize on some extraordinary growth opportunities that we believe will enable Cirrus Logic to be a great company for many years.”

Outlook for Third Quarter FY 2012 (ending December 31, 2011):

  • Revenue is expected to range between $102 million and $108 million;
  • Gross margin is expected to be between 53 percent and 55 percent; and
  • Combined R&D and SG&A expenses are expected to range between $37 million and $39 million, which includes approximately $3 million in share-based compensation and amortization of acquisition-related intangibles expenses.

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 third 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 third 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.

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