Cirrus Logic announces first quarter Fiscal Year 1996 results.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--July 26, 1995--Cirrus Logic, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ) announced that net revenues for the first quarter of fiscal 1996, ended July 1, 1995, were $300.3 million, up 62% from $185.0 million for the corresponding quarter a year ago, and up from $273.2 million for last quarter. Net income for the quarter was $22.7 million, an increase of 46% from net income of $15.6 million for the year-ago quarter, and up from $18.9 million for the preceding quarter. Per share earnings were $0.34, compared to $0.24 and $0.29 for the year-ago and preceding quarters, respectively. Per share earnings for all periods have been restated to reflect a two-for-one split of the Company's stock, which became effective on July 17, 1995. Michael L. Hackworth, President and Chief Executive Officer of 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/. , stated, "We achieved record levels of revenues and operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. this quarter. Demand was high across all our product lines, with growth led by our graphics and audio products. We also saw strong new orders in our newer product areas, such as fax/modem, digital read-channel, and wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. chips. We have made significant progress in expanding our production. However, we are still in an environment where demand exceeds our capacity to supply." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Hackworth, "This was a strong quarter for new product development activities as well, particularly for the multimedia PC market. We began volume shipments of our first integrated graphics Refers to having the video display circuitry of a computer contained directly on the motherboard rather than on a separate plug-in card (the display adapter). Integrated graphics typically share memory with the CPU (see shared video memory) and provide a more economical alternative to the and full-motion video Video transmission that changes the image 30 frames per second (30 fps). Motion pictures are run at 24 fps, which is the minimum frequency required to eliminate the perception of moving frames and make the images appear visually fluid to the eye. controller. This product brings high-quality CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). video playback Playback could mean:
"This was the first quarter in which our MiCRUS joint venture contributed significant volume to our production, which helped us improve our gross margins. We are pleased with the excellent output of this fab and with the progress MiCRUS has made in ramping capacity," Mr. Hackworth noted. Headquartered in Fremont, Calif., Cirrus Logic is a leading manufacturer of advanced integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. for the desktop and portable computing computing - computer , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and consumer electronics markets. The Company applies its system-level expertise in analog and digital design to innovate in·no·vate v. in·no·vat·ed, in·no·vat·ing, in·no·vates v.tr. To begin or introduce (something new) for or as if for the first time. v.intr. To begin or introduce something new. highly integrated, software-rich solutions. Cirrus Logic has developed a broad portfolio of products and technologies for applications spanning multimedia, graphics, communications, system logic, mass storage, and data acquisition. -0- NOTE TO EDITORS: All trademarks noted herein are the property of their respective owners. -0-
CIRRUS LOGIC, INC.
CONSOLIDATED SUMMARY FINANCIAL STATEMENTS
(Unaudited)
Amounts in thousands, except per share amounts
CONSOLIDATED STATEMENTS OF INCOME
Quarter Ended
July 1, July 2,
1995 1994
Net sales $300,269 $184,997 Cost of sales 177,689 96,627 Research and development 53,950 38,030 Selling, general and administrative 38,064 28,914
Total costs and expenses 269,703 163,571
Income from operations 30,566 21,426 Interest and other income, net 2,626 1,424 Income before provision for income taxes 33,192 22,850 Provision for income taxes 10,455 7,275
Net income $22,737 $15,575
Net income per common and common
equivalent share $0.34 $0.24
Weighted average common and common
equivalent shares outstanding 67,775 63,740
Number of shares and per share amounts adjusted to reflect stock split
CIRRUS LOGIC, INC.
CONSOLIDATED SUMMARY FINANCIAL STATEMENTS
(Unaudited)
Amounts in thousands
CONSOLIDATED BALANCE SHEETS
July 1, April 1,
1995 1995
Current assets:
Cash and short-term investments $194,958 $187,026
Accounts receivable 194,035 161,333
Inventories 124,054 103,642
Other current assets 82,089 27,931
Total current assets 595,136 479,932
Property and equipment, net 120,476 100,244 Joint venture manufacturing agreement, net 49,449 49,935 Investment in joint venture 13,800 13,800 Deposits and other assets 31,793 29,623
Total assets $810,654 $673,534
Current liabilities:
Short-term borrowings $ 41,000 $ --
Accounts payable & accrued liabilities 268,261 216,832
Obligations under equipment loans and
capital leases - current 11,543 11,481
Total current liabilities 320,804 228,313
Obligations under equipment loans and
capital leases - non-current 29,572 26,205
Shareholders' equity:
Capital stock 302,266 283,741
Retained earnings 158,012 135,275
Total shareholders' equity 460,278 419,016
Total liabilities and shareholders' equity $810,654 $673,534 CONTACT: Cirrus Logic, Inc., Fremont Mark Singer, 510/226-2112 Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Srinivasan, 510/623-8300 Senior Vice President, Finance and Administration, Chief Financial Officer |
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