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20-07-2010 14:00:00

Cirrus Logic Reports Fiscal First Quarter Revenue Up 118 Percent to $81.9 Million

Relateret indhold

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 2011, which ended

June 26, 2010.

Revenue for the quarter was $81.9, up 118 percent compared to $37.5

million during the first quarter of fiscal year 2010, and up 31% from

$62.6 million in the previous quarter. Gross margin for the quarter was

57 percent, up from 52 percent in the first quarter a year ago, and up

from 56 percent for the previous quarter.

Total GAAP operating expenses for the quarter were approximately $29.2

million, up from $27 million in the previous quarter. Research and

Development (R&D) investment for the quarter was $15.1 million, and

Selling, General and Administrative (SG&A) expenses totaled $14 million.

These expenses include charges of $1.3 million for stock-based

compensation, $400,000 in acquisition-related amortization of

intangibles, and an $800,000 charge related to the reorganization of the

international sales force. Income from operations on a GAAP basis was

approximately $17.5 million, or a 21 percent operating margin.

Non-GAAP operating expenses for the quarter were approximately $26.6

million, resulting in non-GAAP income from operations of $20.2 million,

or a 25 percent operating margin. In the previous quarter, non-GAAP

operating expenses were $24.9 million, with non-GAAP income from

operations of $10.5 million, or a 17 percent operating margin.

GAAP net income for the quarter was approximately $17.6 million or $0.25

per share based on 70.8 million average diluted shares outstanding.

Excluding the items noted previously, non-GAAP net income was $20.3

million, or $0.29 per diluted share.

“We are extremely pleased with our Q1 financial results as revenue

growth in portable audio was supported by revenue growth from several

other audio and energy-related product lines,” said Jason Rhode,

president and chief executive officer, Cirrus Logic. “With a great

second quarter ahead of us, and our newly released products being very

well received by customers, we believe that the future for Cirrus Logic

remains very bright.”

Outlook for

Second Quarter FY 2011 (ending September 25, 2010):

  • Revenue is expected to range between $98 million and $106 million;

  • Gross margin is expected to be between 56 percent and 58 percent; and

  • Combined R&D and SG&A expenses are expected to range between $28

    million and $30 million, which include approximately $1.7 million in

    share-based compensation and amortization of acquisition-related

    intangibles expenses.

Conference Call

Cirrus Logic management will hold a conference call to discuss the

company’s results for the first quarter fiscal year 2011, on July 20,

2010 at 10:30 a.m. EDT. Those wishing to join should call (480)

629-9690, or toll-free at (866) 225-8754 (Conference ID: 4328597) by

10:20 a.m. on July 20, 2010. A replay of the conference call will also

be available beginning one hour after the completion of the call, until

July 27, 2010. To access the recording, call (303) 590-3030, or

toll-free at (800) 406-7325 (Conference ID: 4328597). A live and an

archived webcast of the conference call will also be available via the

Investor section of the company’s website at www.cirrus.com.

Shareholders who would like to submit a question to be addressed during

the call are requested to contact investor.relations@cirrus.com.

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 Tucson, Ariz., Europe, Japan and Asia.

More information about Cirrus Logic is available at www.cirrus.com.

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

non-GAAP operating expenses, non-GAAP net income, non-GAAP net income

from operations, non-GAAP operating margin and non-GAAP 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. As a note, the non-GAAP financial information used

by Cirrus Logic may differ from that used by other companies.

These

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 second quarter fiscal year 2011 revenue, gross margin,

combined research and development and selling, general and

administrative expense levels, share-based compensation expense, and

amortization of acquired intangible expenses. 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: overall economic pressures and general market and economic

conditions; overall conditions in the semiconductor market; the level of

orders and shipments during the second quarter of fiscal year 2011, as

well as customer cancellations of orders, or the failure to place orders

consistent with forecasts; the loss of a key customer; pricing

pressures; and the risk factors listed in our Form 10-K for the year

ended March 27, 2010, and in our other filings with the Securities and

Exchange Commission, which are available at

www.sec.gov

.

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.

 

CIRRUS LOGIC, INC.

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended

Jun. 26,

Mar. 27,

Jun. 27,

2010

2010

2009

Q1'11

Q4'10

Q1'10

Audio products

$

53,988

$

40,540

$

24,787

Energy products

 

27,927

 

22,099

 

 

12,727

 

Net revenue

 

81,915

 

62,639

 

 

37,514

 

Cost of sales

 

35,180

 

27,355

 

 

17,927

 

Gross Profit

46,735

35,284

19,587

 

Operating expenses:

Research and development

15,092

13,724

12,508

Selling, general and administrative

14,011

12,678

10,071

Restructuring and other costs

-

572

-

Provision for litigation expenses and settlements

 

135

 

-

 

 

(2,745

)

Total operating expenses

 

29,238

 

26,974

 

 

19,834

 

 

Operating income (loss)

17,497

8,310

(247

)

 

Interest income, net

228

237

463

Other income (expense), net

 

32

 

(20

)

 

(18

)

Income before income taxes

17,757

8,527

198

Provision (benefit) for income taxes

 

155

 

(11,831

)

 

(23

)

Net income

$

17,602

$

20,358

 

$

221

 

 

Basic income (loss) per share:

$

0.26

$

0.31

$

-

Diluted income (loss) per share:

$

0.25

$

0.31

$

-

 

Weighted average number of shares:

Basic

66,639

65,517

65,254

Diluted

70,755

66,595

65,341

 

Prepared in accordance with Generally Accepted Accounting

Principles

 

 

CIRRUS LOGIC, INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION

(unaudited, in thousands, except per share data)

(not prepared in accordance with GAAP)

 

 

 

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. As a note, the non-GAAP financial information used by

Cirrus Logic may differ from that used by other companies. These

non-GAAP measures should be considered in addition to, and not as a

substitute for, the results prepared in accordance with GAAP.

 

 

Three Months Ended

Jun. 26,

Mar. 27,

Jun. 27,

2010

2010

2009

Net Income Reconciliation

Q1'11

Q4'10

Q1'10

GAAP Net Income

$

17,602

$

20,358

$

221

Amortization of acquisition intangibles

370

404

404

Stock based compensation expense

1,356

1,181

1,353

Facility Related adjustments

4

-

(22

)

International sales reorganization charges

790

-

-

Provision for litigation expenses and settlements

135

-

(2,745

)

Restructuring and other costs, net

-

572

-

Provision (benefit) for income taxes

 

-

 

 

(11,838

)

 

-

 

Non-GAAP Net Income (Loss)

$

20,257

 

$

10,677

 

$

(789

)

 

Earnings Per Share reconciliation

GAAP Diluted income per share

$

0.25

$

0.31

$

-

Effect of Amortization of acquisition intangibles

0.01

-

0.01

Effect of Stock based compensation expense

0.02

0.02

0.02

Effect of Facility Related adjustments

-

-

-

Effect of International sales reorganization charges

0.01

-

-

Effect of Provision for litigation expenses and settlements

-

-

(0.04

)

Effect of Restructuring and other costs, net

-

0.01

-

Effect of Provision (benefit) for income taxes

-

(0.18

)

-

 

 

 

Non-GAAP Diluted income (loss) per share

$

0.29

 

$

0.16

 

$

(0.01

)

 

Operating Income Reconciliation

GAAP Operating Income (Loss)

$

17,497

$

8,310

$

(247

)

GAAP Operating Margin

21

%

13

%

-1

%

Amortization of acquisition intangibles

370

404

404

Stock compensation expense - COGS

55

61

52

Stock compensation expense - R&D

521

501

514

Stock compensation expense - SG&A

780

619

787

Facility Related adjustments

4

-

(22

)

International sales reorganization charges

790

-

-

Provision for litigation expenses and settlements

135

-

(2,745

)

Restructuring and other costs, net

 

-

 

 

572

 

 

-

 

Non-GAAP Operating Income (Loss)

$

20,152

 

$

10,467

 

$

(1,257

)

Non-GAAP Operating Margin

25

%

17

%

-3

%

 

Operating Expense Reconciliation

GAAP Operating Expenses

$

29,238

$

26,974

$

19,834

Amortization of acquisition intangibles

(370

)

(404

)

(404

)

Stock compensation expense - R&D

(521

)

(501

)

(514

)

Stock compensation expense - SG&A

(780

)

(619

)

(787

)

Facility Related adjustments

(4

)

-

22

International sales reorganization charges

(790

)

-

-

Provision for litigation expenses and settlements

(135

)

-

2,745

Restructuring and other costs, net

 

-

 

 

(572

)

 

-

 

Non-GAAP Operating Expenses

$

26,638

 

$

24,878

 

$

20,896

 

 

 

CIRRUS LOGIC, INC.

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands)

 

 

Jun. 26,

 

Mar. 27,

 

Jun. 27,

2010

2010

2009

(unaudited)

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

46,158

$

16,109

$

26,942

Restricted investments

6,355

5,855

5,755

Marketable securities

96,148

85,384

78,413

Accounts receivable, net

34,536

23,963

13,969

Inventories

42,415

35,396

20,192

Other current assets

 

18,656

 

 

18,148

 

 

4,615

 

Total Current Assets

244,268

184,855

149,886

 

Long-term marketable securities

13,008

34,278

11,254

Property and equipment, net

21,306

18,674

18,631

Intangibles, net

21,402

21,896

22,567

Goodwill

6,027

6,027

6,027

Other assets

 

1,866

 

 

1,880

 

 

1,972

 

Total Assets

$

307,877

 

$

267,610

 

$

210,337

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

28,088

$

20,340

$

14,180

Accrued salaries and benefits

8,685

9,962

5,129

Other accrued liabilities

5,845

5,100

4,924

Deferred income on shipments to distributors

 

8,561

 

 

6,488

 

 

3,249

 

Total Current Liabilities

51,179

41,890

27,482

 

Long-term restructuring accrual

497

596

849

Other long-term obligations

6,487

6,523

7,336

 

Stockholders' equity:

Capital stock

966,414

952,803

946,886

Accumulated deficit

(715,951

)

(733,553

)

(771,730

)

Accumulated other comprehensive loss

 

(749

)

 

(649

)

 

(486

)

Total Stockholders' Equity

 

249,714

 

 

218,601

 

 

174,670

 

Total Liabilities and Stockholders' Equity

$

307,877

 

$

267,610

 

$

210,337

 

 

Prepared in accordance with Generally Accepted Accounting

Principles

Cirrus Logic, Inc.

Thurman K. Case, 512-851-4125

Chief

Financial Officer

Investor.Relations@cirrus.com

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