Cirrus Logic Reports $122.4 Million In Revenue And $0.43 Non-GAAP Diluted EPS ($0.25 GAAP) In Q3 FY12

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

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