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Cirrus Logic Reports Q1

AUSTIN, Texas — Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the first quarter of fiscal year 2012, which ended June 25, 2011.

Revenue for the quarter was $92.2 million, up 13 percent compared to $81.9 million in the same quarter a year ago, and up slightly from $91.4 million in the previous quarter.

Gross margin for the quarter was 52 percent, compared to 57 percent in the quarter a year ago, and 50 percent in the previous quarter. The year-over-year decrease was primarily driven by the residual impact of the production issue the company disclosed on April 14, 2011. The company expects the effect of this production issue to be fully resolved during the second fiscal quarter.

Total GAAP operating expenses for the quarter were $33.4 million, compared to $32.4 million in the previous quarter. Non-GAAP operating expenses for the quarter were $30.7 million, compared to $29.7 million in the previous quarter.

GAAP operating margin was 16 percent for the June quarter, while non-GAAP operating margin was 19 percent.

GAAP net income for the quarter was $9.2 million, or $0.13 per share, based on 70.4 million average diluted shares outstanding. Non-GAAP net income for the quarter was $17.0 million, or $0.24 per diluted share. A reconciliation of the non-GAAP charges is included in a table below.

“Q1 marks a great first quarter in what we expect to be an outstanding year for Cirrus Logic, highlighted by both year-over-year and sequential growth in our audio business,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “With meaningful new product introductions from multiple customers coming later this year, we believe that fiscal year 2012 will be successful both financially and strategically as new products in both our Audio and Energy product lines continue to be well received by key customers.”

Outlook for Second Quarter FY 2012 (ending September 24, 2011):

  • Revenue is expected to range between $101 million and $105 million;
  • Gross margin is expected to be between 52 percent and 54 percent; and
  • Combined R&D and SG&A expenses are expected to range between $34.5 million and $37.5 million, which includes approximately $3.8 million in share-based compensation and amortization of acquisition-related intangibles expenses. Other Highlights and Company News
  • A new three chip portable audio solution, which includes a new audio DSP, recently began production shipments in the first fiscal quarter.
  • The company repurchased approximately 3.5 million shares during the quarter at an average price of $15.94, leaving approximately $20 million authorized and approved for additional repurchases.
  • Total employee headcount during the quarter increased to 608 employees, a net increase of 38 employees. {complink 1130|Cirrus Logic Inc.}
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