Cirrus Logic, Inc. (Nasdaq: CRUS),
a leader in high-precision
analog and digital signal processing components, today posted on its
investor relations website at
the quarterly Shareholder Letter that contains the complete financial
results for the third quarter of fiscal year 2013, which ended Dec. 29,
as well as the company’s current business outlook.
“Q3 was a great quarter for Cirrus Logic as demand for multiple new
products in portable audio drove revenue above our expectations,” said
Jason Rhode, president and chief executive officer. “During the quarter,
we gained traction with our portable audio and LED lighting products,
where we began shipping in additional SKUs and customers. Our outlook
for the year remains on track, and we are positioned well for further
growth in FY14. We continue to see significant opportunities to grow our
business with both new and existing customers.”
Reported Financial Results – Third Quarter FY2013
Revenue of $310 million;
Gross margin of 51 percent;
GAAP operating expenses of $52 million and non-GAAP operating expenses
of $43 million;
GAAP diluted earnings per share of $ 0.99 and non-GAAP diluted
earnings per share of $1.64.
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – Fourth Quarter FY2013
Revenue is expected to range between $200 million and $220 million;
Gross margin is expected to be between 50 percent and 52 percent;
Combined R&D and SG&A expenses are expected to range between $49
million and $51 million, which includes approximately $6 million in
Cirrus Logic will host a live Q&A session at 5 p.m. EST today to answer
questions related to its financial results and business outlook.
Participants may listen to the conference call on the
. Participants who would like to submit a question to
be addressed during the call are requested to email
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: 86031084).
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
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. The non-GAAP financial information used by Cirrus
Logic may differ from that used by other companies.
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 fourth quarter fiscal year 2013 revenue, gross margin,
combined research and development and selling, general and
administrative expense levels, and share-based compensation expense, as
well as estimates for our fiscal year 2014 revenue growth. 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.
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 fourth quarter
and complete fiscal year 2013, as well as customer cancellations of
orders, or the failure to place orders consistent with forecasts; our
ability to introduce and ramp production of new products in a timely
manner; 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
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.