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 fiscal year 2014, which ended
Dec. 28, as well as the company’s current business outlook.
“We delivered strong revenue, operating profit and EPS results for the
third quarter,” said Jason Rhode, president and chief executive officer.
“While our business is typically driven by product cycles that weight
our revenue more heavily towards the September and December quarters, we
expect to exceed our operating profit goal of 20 percent in FY14 and we
remain committed to this long-term target. We are extremely excited to
be taping out a wave of new products in advanced geometries this year as
we look to capitalize on strategic opportunities in audio with new and
existing customers, especially the growing trend of voice as a powerful
interface to a wide variety of devices. We anticipate these products
will contribute to future revenue growth as early as calendar year 2015.”
Reported Financial Results – Third Quarter FY14
Revenue of $218.9 million;
Gross margin of 47.4 percent;
GAAP operating expenses of $51 million and non-GAAP operating expenses
of $45 million; and
GAAP diluted earnings per share of $0.63 and non-GAAP diluted earnings
per share of $0.89.
A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.
Business Outlook – Fourth Quarter FY14
Revenue is expected to range between $130 million and $150 million;
Gross margin is expected to be between 47 percent and 49 percent; and
Combined R&D and SG&A expenses are expected to range between $51
million and $55 million, which includes approximately $6 million in
share-based compensation and amortization of acquired intangibles.
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: 27210276).
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 Phoenix, Ariz., 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 profit 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 2014 revenue, gross margin,
combined research and development and selling, general and
administrative expense levels, share-based compensation expense and
amortization of acquired intangibles. 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 fourth quarter of fiscal year 2014, 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 30, 2013, 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.