Cirrus Logic Announces Departure of CFO and General Counsel.Business Editors/High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--July 3, 2003 Expects June Quarter Revenue To Be Within Guidance Range Company Closed Sale of Test Operations Cirrus Logic (company) Cirrus Logic - A manufacturer of integrated circuits including the Advanced RISC Machine and display interface processors and cards for use as Windows accelerators (requiring dedicated driver software). http://cirrus.com/. Inc. (Nasdaq:CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ), today announced the resignation of Steven D. Overly, its Senior Vice President of Administration, Chief Financial Officer, General Counsel and Secretary, for personal reasons. On July 2, 2003, W. Kirk Patterson, Vice President and Controller, was appointed acting CFO See Chief Financial Officer. . Mr. Patterson has over 23 years of broad financial experience and has been with Cirrus Logic for three years. Prior to joining Cirrus Logic, Mr. Patterson was employed by PricewaterhouseCooper and BP Corporation. Outlook The company said today that it expects revenue for its first fiscal quarter of 2004, ended June 28, 2003, to be in the low end of the company's revenue guidance. In addition, the company expects double-digit percentage revenue growth in the September quarter. "We are pleased to see that business conditions are improving and that our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is substantially higher than it was 90 days ago," stated David D. French, President and Chief Executive Officer of Cirrus Logic. Sale of Assets On June 30, 2003, the company closed the sale of its semiconductor test operations in Austin, Texas, to ChipPAC Inc., which the company announced on June 26, 2003. Cirrus Logic will announce its first fiscal quarter results in a conference call on July 23, 2003. About Cirrus Logic Inc. Cirrus Logic is a premier supplier of high-performance analog, mixed-signal and digital processing Digital processing is the process of altering digital data in any form. The most common situations where digital processing is involved are computer graphics and digital audio processing. solutions for consumer entertainment electronics, automotive entertainment and industrial product applications. Building on its global market leadership in audio ICs and its rich mixed-signal patent portfolio, Cirrus Logic targets audio, video and precision mixed-signal applications in these growing markets. The company operates from headquarters in Austin, Texas, with offices in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Colorado, Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision Except for historical information contained herein, the matters set forth in this news release, including Cirrus Logic's expectations regarding its revenue growth in the September quarter, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are dependent on certain risks and uncertainties including such factors, among others, as the risk factors listed in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 29, 2003, and in other filings with the Securities and Exchange Commission. The foregoing information concerning Cirrus Logic's business outlook represents our outlook as of the date of this news release, and Cirrus Logic undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, except as required by law. Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc. All other product names noted herein may be trademarks of their respective holders. |
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