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Cirrus Reports Q2

AUSTIN, Texas — Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the second quarter of fiscal year 2011, which ended September 25, 2010.

“Our energy product lines also delivered strong results, and we received our first production orders for our power factor correction chip – a great indication that our energy control initiative is on the right track.”

Revenue for the quarter was $100.6 million, up 81 percent compared to $55.7 million during the second quarter of fiscal year 2010, and up 23 percent from $81.9 million in the previous quarter. Gross margin for the quarter was 56 percent, up from 52 percent in the second quarter a year ago, and down slightly from 57 percent for the previous quarter.

Total GAAP operating expenses for the quarter were approximately $27.7 million, compared to $29.2 million in the previous quarter. Research and Development (R&D) investment for the quarter was $15.5 million, and Selling, General and Administrative (SG&A) expenses totaled $15.4 million. Income from operations on a GAAP basis was approximately $29.1 million, or a 29 percent operating margin.

Non-GAAP operating expenses for the quarter were approximately $27.6 million, resulting in non-GAAP income from operations of $29.2 million, or a 29 percent operating margin. In the previous quarter, non-GAAP operating expenses were $26.6 million, with non-GAAP income from operations of $20.2 million, or a 25 percent operating margin. A reconciliation of the charges is included in a table below.

GAAP net income for the quarter was approximately $30.9 million or $0.42 per share, based on 72.9 million average diluted shares outstanding. Excluding the items noted in the reconciliation table, non-GAAP net income was $28.8 million, or $0.40 per diluted share.

“Portable audio was a continued highlight in Q2, and we are preparing for additional production ramps coming over the next several quarters,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Our energy product lines also delivered strong results, and we received our first production orders for our power factor correction chip – a great indication that our energy control initiative is on the right track.”

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