Cirrus Logic Reports Fiscal Q2 2008 Financial Results.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/. Revenue Grows 14 Percent Over the June Quarter, Led by Revenue From Portable Products and Apex Acquisition AUSTIN, Texas -- Cirrus Logic Inc. (Nasdaq:CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ), a leader in high-precision analog and digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). components, today announced financial results for the second quarter fiscal year 2008, which ended Sept. 29, 2007. The company reported second quarter fiscal year 2008 revenue of $47.0 million, compared with $41.1 million in the previous quarter, and $48.2 million during the second quarter of fiscal year 2007. Second quarter gross margin was 57.0 percent compared to 58.5 percent for the second quarter of fiscal year 2007. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter were $30.3 million and include a $3.7 million impairment charge to the company's remaining investment in Magnum Semiconductor, a $1.8 million charge associated with the in-process R&D related to the acquisition of Apex Microtechnology Microtechnology is technology with features near one micrometre (one millionth of a metre, or 10-6 metre, or 1μm). In the 1960s, scientists learned that by arraying large numbers of microscopic transistors on a single chip, microelectronic circuits could be , approximately $555,000 in stock-based compensation expense, $175,000 in legal fees related to current activities associated with the concluded stock option review, and approximately $300,000 in the amortization of intangibles related to acquisitions. The net loss for the second quarter on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis was approximately $300,000. Total cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has at the end of the second fiscal quarter was $245 million, compared with $278 million at the end of the prior fiscal quarter. Cirrus generated approximately $9 million, excluding approximately $42 million used for the Apex acquisition. "We made great progress in Q2 towards our goal of rebuilding the foundation of Cirrus Logic and positioned ourselves well to achieve our long-term growth and profitability goals," said Jason Rhode, Cirrus Logic president and chief executive officer. "We closed on the acquisition of Apex Microtechnology, which we expect to strengthen our future EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. and diversify our industrial business. We saw revenues from new products more than double versus Q1, driven by products in several of our target markets and multiple new tier one customers. Also on the product front, we released several new products to full production status, and four new first revision products were sent to our foundry partners. "We added Tim Turk as the leader of our sales team, and he has already had a significant impact on his organization's effectiveness. We were also extremely pleased to announce yesterday that Scott Anderson Scott Anderson is the name of:
"I am excited about the progress we've made in Q2, and I am confident that we are taking the right steps to establish Cirrus as the first-choice supplier of analog and digital signal processing components." Outlook for Third Quarter FY 2008 (ending December 29, 2007): * Revenue is expected to range between $47 million and $51 million; * Gross margin is expected to be between 56 percent and 59 percent; and * Combined GAAP operating expenses are expected to range between $26 million and $28 million, including approximately $1.8 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 second quarter of fiscal year 2008, on Oct. 24, 2007, at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Those wishing to join should call 303-262-2193 (passcode: Cirrus Logic) at approximately 4:50 p.m. EDT. A replay of the conference call will also be available beginning one hour after the completion of the call, until Oct. 31, 2007. To access the recording, call 303-590-3000 (passcode: 11098789#). A live and an archived webcast of the conference call will also be available via the company's Web site at www.cirrus.com. Cirrus Logic, Inc. Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits A mixed-signal integrated circuit combines analog circuits with digital signal processing (DSP) circuits on a single semiconductor die. An integrated circuit that includes both analog and digital circuitry (but no DSP), like a 555 timer, is generally not considered a mixed-signal for a broad range of consumer and industrial markets. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment, and industrial and aerospace 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. 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. Statement Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of third quarter fiscal year 2008 revenue, gross margin, combined research and development and selling, general and administrative expense levels, and share-based compensation expense. In some cases, forward-looking statements are identified by words such as we "expect," "anticipate," "target," "project," "believe," "goals," "estimates," and "intend," variations of these types of words and similar expressions are intended to identify these forward-looking statements. 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: our ability to successfully integrate our recent acquisitions into our business; overall conditions in the semiconductor market; our ability to introduce new products on a timely basis and to deliver products that perform as anticipated; risks associated with international sales and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the level of orders and shipments during the third quarter of fiscal year 2008, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; overall economic pressures; pricing pressures; hardware or software deficiencies; our dependence on subcontractors for assembly, manufacturing, packaging and testing functions; our ability to make continued sufficient investments in research and development; foreign currency fluctuations; the retention of key employees; expenses associated with the Company's stock option investigation, and related ongoing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and administrative proceedings; and the risk factors listed in our 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 31, 2007, as updated on July 30, 2007 in our Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended June 30, 2007, 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. Summary financial data follows: [TABLE OMITTED] [TABLE OMITTED] |
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