Cirrus Logic Reviews Historical Stock Option Grants.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas -- 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 that it is voluntarily reviewing its historical stock option granting practices and related accounting matters. In September September: see month. 2006, Cirrus Logic, at the direction of the Audit Committee of the company's Board of Directors, performed an initial internal review of selected stock option grants. In the course of that review, the company discovered information that raises potential questions about the measurement dates used to account for certain stock option grants. At the recommendation of the Audit Committee, a Special Committee of the Board of Directors has been formed to conduct a more detailed review of past stock option grants, the timing of those grants and related accounting matters. The Special Committee has engaged independent outside counsel to conduct this review and hopes to complete the review as quickly as possible. Cirrus Logic is not currently able to determine whether adjustments will be required to historical financial statements. Any such adjustments, if required, would likely consist of non-cash items. Cirrus Logic will provide a public statement regarding the conclusions reached in its voluntary review after the review is completed. As previously announced, Cirrus Logic will hold its quarterly conference call to discuss the company's results for the second quarter of fiscal year 2007 on Oct. 25, 2006, 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 . At that time, the company expects to be able to release only limited financial results. Those wishing to join should call 303-262-2142 (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 Nov. 1, 2006. To access the recording, call 303-590-3000 (passcode: 11072869 #). 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 mixed-signal patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment and industrial applications. The company operates from headquarters in Austin, Texas, with offices in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 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 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. , including our expectations regarding announcements of financial results for the second fiscal quarter of 2007 and the completion of the Special Committee's review. 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. 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 timing and outcome of the Special Committee's review and the conclusions of the Special Committee resulting from that review. For other factors that could cause our results to vary from expectations, please see 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 25, 2006, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . 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. |
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