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Cirrus Logic Guides September Quarter Revenue Up More Than 70 Percent Sequentially

Stocks in this article: CRUS

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.

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