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27-01-2011 15:00:00

Cirrus Logic Reports Fiscal Third Quarter Revenue of $95.6 Million, Up 47 Percent Year-Over-Year

Relateret indhold

Cirrus Logic, Inc. (Nasdaq: CRUS),a leader in high-precision

analog and digital signal processing components, today announced

financial results for the third quarter of fiscal year 2011, which ended

Dec. 25, 2010.

Revenue for the quarter was $95.6 million, up 47 percent compared to the

same quarter a year ago, and down five percent sequentially from the

previous quarter. Gross margin for the quarter was 55 percent, up

slightly from 54 percent in the third quarter a year ago, and down

slightly from 56 percent for the previous quarter.

Total GAAP operating expenses for the quarter were approximately $29.4

million, compared to $27.7 million in the previous quarter. Non-GAAP

operating expenses for the quarter were approximately $28.0 million

compared to $27.6 million in the previous quarter.

Income from operations on a GAAP basis was approximately $23.1 million,

representing an operating margin of 24 percent. Income from operations

on a non-GAAP basis was $24.5 million, representing a non-GAAP operating

margin of 26 percent

GAAP net income for the quarter was approximately $24.6 million, or

$0.34 per share, based on 71.7 million average diluted shares

outstanding. Non-GAAP net income was $24.2 million, or $0.34 per diluted

share.

A reconciliation of the non-GAAP charges is included in a table below.

“Revenue from portable audio products exceeded our expectations, helping

to drive overall Q3 revenue growth of 47 percent year over year,” said

Jason Rhode, president and chief executive officer, Cirrus Logic.

“Looking at both the fourth quarter and the next fiscal year, we believe

we will continue to grow revenue at a faster rate than the semiconductor

industry as a whole. With the production ramps continuing this next year

in portable audio, new design wins in other audio markets, and ongoing

design activity with our strategic energy initiatives, we are very

excited about the opportunities ahead.”

Outlook for

Fourth Quarter FY 2011 (ending Mar. 26, 2011):

  • Revenue is expected to range between $88 million and $94 million;

  • Gross margin is expected to be between 54 percent and 56 percent; and

  • Combined R&D and SG&A expenses are expected to range between $31

    million and $33 million, which include approximately $2.5 million in

    share-based compensation and amortization of acquisition-related

    intangibles expenses.

Other Highlights and Company News

  • The company repurchased and retired approximately 1.76 million shares

    during the quarter, at an average price of $12.94, while cash and cash

    equivalents grew by approximately $8 million during the quarter.

  • Total employee headcount during the quarter increased to 549

    employees, a net increase of 15 employees.

  • In January, the company began construction on its new headquarters

    facility at 800 W. Sixth Street in downtown Austin that is expected to

    be completed in the summer of 2012.

  • Thurman Case, chief financial officer, will be presenting at the

    Stifel Nicolaus Technology Conference in San Francisco on February 11,

    at 11:00 a.m. ET. A live webcast will be available in the investor

    relations section of cirrus website.

Conference Call

Cirrus Logic management will hold a conference call to discuss the

company’s results for the third quarter fiscal year 2011, on January 27,

at 10:30 a.m. ET. The conference call will be simulcast over the

internet in the investor relations section of the company website at http://investor.cirrus.com.

A replay of the conference call will be available on the website listed

above beginning one hour following the completion of the call, or by

calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code:

4398706).

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

the call are requested to email 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 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 fourth quarter fiscal year 2011 revenue, our future

growth rate, 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: the level of orders and shipments during the fourth 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; 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.

CRUS-F

Summary financial data follows:

 

CIRRUS LOGIC, INC.

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

Dec. 25,

Sep. 25,

Dec. 26,

Dec. 25,

Dec. 26,

2010

2010

2009

2010

2009

Q3'11

Q2'11

Q3'10

Q3'11

Q3'10

Audio products

$

72,716

$

71,171

$

47,063

$

197,875

$

113,121

Energy products

 

22,909

 

 

29,427

 

 

18,099

 

 

80,263

 

 

45,229

 

Net revenue

 

95,625

 

 

100,598

 

 

65,162

 

 

278,138

 

 

158,350

 

Cost of sales

 

43,163

 

 

43,818

 

 

30,276

 

 

122,161

 

 

74,903

 

Gross Profit

52,462

56,780

34,886

155,977

83,447

 

Operating expenses:

Research and development

16,348

15,450

12,834

46,890

37,697

Selling, general and administrative

13,431

15,372

11,428

42,814

33,245

Restructuring and other costs, net

(395

)

401

86

6

(79

)

Charge (proceeds) from non-marketable securities

-

500

(500

)

500

(500

)

Provision for (proceeds from) litigation expenses and settlements

(30

)

-

135

105

(2,610

)

Patent purchase agreement, net

 

-

 

 

(4,000

)

 

-

 

 

(4,000

)

 

(1,400

)

Total operating expenses

 

29,354

 

 

27,723

 

 

23,983

 

 

86,315

 

 

66,353

 

 

Operating income

23,108

29,057

10,903

69,662

17,094

 

Interest income, net

212

233

269

673

1,108

Other expense, net

 

(31

)

 

(14

)

 

(7

)

 

(13

)

 

(46

)

Income before income taxes

23,289

29,276

11,165

70,322

18,156

Provision (benefit) for income taxes

 

(1,332

)

 

(1,598

)

 

110

 

 

(2,775

)

 

116

 

Net income

$

24,621

 

$

30,874

 

$

11,055

 

$

73,097

 

$

18,040

 

 

Basic income per share:

$

0.36

$

0.45

$

0.17

$

1.08

$

0.28

Diluted income per share:

$

0.34

$

0.42

$

0.17

$

1.02

$

0.28

 

Weighted average number of shares:

Basic

68,074

68,513

65,302

67,731

65,279

Diluted

71,695

72,878

65,632

71,868

65,452

 

Prepared in accordance with Generally Accepted Accounting

Principles

 

CIRRUS LOGIC, INC.

CONSOLIDATED CONDENSED BALANCE SHEET

(in thousands)

 

 

Dec. 25,

 

Mar. 27,

 

Dec. 26,

2010

2010

2009

(unaudited)

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

28,491

$

16,109

$

24,831

Restricted investments

5,755

5,855

5,755

Marketable securities

156,052

85,384

77,636

Accounts receivable, net

37,266

23,963

25,131

Inventories

40,196

35,396

30,408

Other current assets

 

22,612

 

 

18,148

 

 

6,318

 

Total Current Assets

290,372

184,855

170,079

 

Long-term marketable securities

-

34,278

25,235

Property and equipment, net

32,919

18,674

18,499

Intangibles, net

20,688

21,896

22,654

Goodwill

6,027

6,027

6,027

Other assets

 

1,978

 

 

1,880

 

 

1,906

 

Total Assets

$

351,984

 

$

267,610

 

$

244,400

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

25,371

$

20,340

$

25,172

Accrued salaries and benefits

9,509

9,962

7,609

Other accrued liabilities

5,034

5,100

5,047

Deferred income on shipments to distributors

 

7,108

 

 

6,488

 

 

4,033

 

Total Current Liabilities

47,022

41,890

41,861

 

Long-term restructuring accrual

179

596

492

Other long-term obligations

6,113

6,523

6,555

 

Stockholders' equity:

Capital stock

982,610

952,803

950,023

Accumulated deficit

(683,220

)

(733,553

)

(753,911

)

Accumulated other comprehensive loss

 

(720

)

 

(649

)

 

(620

)

Total Stockholders' Equity

 

298,670

 

 

218,601

 

 

195,492

 

Total Liabilities and Stockholders' Equity

$

351,984

 

$

267,610

 

$

244,400

 

 

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

Nine Months Ended

 

Dec. 25,

Sep. 25,

Dec. 26,

Dec. 25,

Dec. 26,

2010

2010

2009

2010

2009

Net Income Reconciliation

Q3'11

Q2'11

Q3'10

Q3'11

Q3'10

GAAP Net Income

$

24,621

$

30,874

$

11,055

$

73,097

$

18,040

Amortization of acquisition intangibles

353

353

404

1,076

1,212

Stock based compensation expense

1,467

3,025

1,397

5,848

4,133

Facility Related adjustments

-

(100

)

(375

)

(96

)

(397

)

International sales reorganization charges

-

-

-

790

-

Provision for (proceeds from) litigation expenses and settlements

(30

)

-

135

105

(2,610

)

Restructuring and other costs, net

(395

)

401

86

6

(79

)

Charge (proceeds) from non-marketable securities

-

500

(500

)

500

(500

)

Patent purchase agreement, net

-

(4,000

)

-

(4,000

)

(1,400

)

Provision (benefit) for income taxes

 

(1,847

)

 

(2,229

)

 

-

 

 

(4,076

)

 

-

 

Non-GAAP Net Income

$

24,169

 

$

28,824

 

$

12,202

 

$

73,250

 

$

18,399

 

 

Earnings Per Share Reconciliation

GAAP Diluted income per share

$

0.34

$

0.42

$

0.17

$

1.02

$

0.28

Effect of Amortization of acquisition intangibles

-

-

0.01

0.02

0.02

Effect of Stock based compensation expense

0.02

0.04

0.02

0.08

0.06

Effect of Facility Related adjustments

-

-

-

-

(0.01

)

Effect of International sales reorganization charges

-

-

-

0.01

-

Effect of Provision for (proceeds from) litigation expenses and

settlements

-

-

-

-

(0.04

)

Effect of Restructuring and other costs, net

-

0.01

-

-

-

Effect of Charge (proceeds) from non-marketable securities

-

0.01

(0.01

)

0.01

(0.01

)

Effect of Patent purchase agreement, net

-

(0.05

)

-

(0.06

)

(0.02

)

Effect of Provision (benefit) for income taxes

(0.02

)

(0.03

)

-

(0.06

)

-

 

 

 

 

 

Non-GAAP Diluted income per share

$

0.34

 

$

0.40

 

$

0.19

 

$

1.02

 

$

0.28

 

 

Operating Income Reconciliation

GAAP Operating Income (Loss)

$

23,108

$

29,057

$

10,903

$

69,662

$

17,094

GAAP Operating Margin

24

%

29

%

17

%

25

%

11

%

Amortization of acquisition intangibles

353

353

404

1,076

1,212

Stock compensation expense - COGS

46

64

55

165

150

Stock compensation expense - R&D

579

617

438

1,717

1,380

Stock compensation expense - SG&A

842

2,344

904

3,966

2,603

Facility Related adjustments

-

(100

)

(375

)

(96

)

(397

)

International sales reorganization charges

-

-

-

790

-

Provision for (proceeds from) litigation expenses and settlements

(30

)

-

135

105

(2,610

)

Restructuring and other costs, net

(395

)

401

86

6

(79

)

Charge (proceeds) from non-marketable securities

-

500

(500

)

500

(500

)

Patent purchase agreement, net

 

-

 

 

(4,000

)

 

-

 

 

(4,000

)

 

(1,400

)

Non-GAAP Operating Income (Loss)

$

24,503

 

$

29,236

 

$

12,050

 

$

73,891

 

$

17,453

 

Non-GAAP Operating Margin

26

%

29

%

18

%

27

%

11

%

 

Operating Expense Reconciliation

GAAP Operating Expenses

$

29,354

$

27,723

$

23,983

$

86,315

$

66,353

Amortization of acquisition intangibles

(353

)

(353

)

(404

)

(1,076

)

(1,212

)

Stock compensation expense - R&D

(579

)

(617

)

(438

)

(1,717

)

(1,380

)

Stock compensation expense - SG&A

(842

)

(2,344

)

(904

)

(3,966

)

(2,603

)

Facility Related adjustments

-

100

375

96

397

International sales reorganization charges

-

-

-

(790

)

-

Provision for (proceeds from) litigation expenses and settlements

30

-

(135

)

(105

)

2,610

Restructuring and other costs, net

395

(401

)

(86

)

(6

)

79

Charge (proceeds) from non-marketable securities

-

(500

)

500

(500

)

500

Patent purchase agreement, net

 

-

 

 

4,000

 

 

-

 

 

4,000

 

 

1,400

 

Non-GAAP Operating Expenses

$

28,005

 

$

27,608

 

$

22,891

 

$

82,251

 

$

66,144

 

Cirrus Logic, Inc.

Thurman K. Case, 512-851-4125

Chief

Financial Officer

Investor.Relations@cirrus.com

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