Cirrus Logic announces second quarter fiscal year 1996 results.FREMONT, Calif.--(BUSINESS WIRE)--Oct. 23, 1995--Cirrus Logic, Inc. (Nasdaq: CRUS crus (krus) pl. cru´ra [L.] 1. leg (1). 2. a leglike part. crus ce´rebri ) announced that net revenues for the second quarter of fiscal 1996, ended September 30, 1995, were $317.8 million, up 57% from $202.2 million for the corresponding quarter a year ago, and up from $300.3 million for last quarter. Net income for the quarter was $33.0 million, an increase of 166% from net income of $12.4 million for the year-ago quarter, and up from $22.7 million for the prior quarter. Per share earnings were $0.47, an increase of 135% from $0.20 for the year-ago quarter and up from $0.34 for the prior quarter. 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, "This marks our ninth consecutive quarter of record revenues. Our 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. were at record levels, driven by a significant improvement in our gross margins from last quarter. Our per-share earnings were also at record levels." 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, important industry events highlighted several of the company's new products during the quarter. "Cirrus Logic demonstrated one of the industry's broadest portfolios of products supporting the launch of Microsoft(R) Windows(R) 95 in August. Our integrated video/graphics accelerators and audio products provided a multimedia interface for Windows 95 desktop and notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. , supported by new power-managed system control and communications capabilities for the 'Plug-and-Play' environment. Our position of leadership was underscored as Microsoft selected our newest 64-bit graphics accelerator A display adapter that performs a specialized set of graphics functions to render an image on screen. Today, all display adapters provide basic rendering functions in hardware, but many have graphics processing units (GPUs) that are sophisticated computers. , audio system controller and codec (1) (enCOder/DECoder) A hardware circuit that performs analog-to-digital conversion (ADC) and digital-to-analog (DAC) conversion. When analog signals are entered into a computer, cellphone or other device via a microphone or video source such as VHS tape or analog TV, chips, which support the 'Direct Draw' and 'Direct Sound' features of Windows 95, as reference hardware for entertainment software developers in the Windows 95 Game Software Developer's Kit See SDK. (SDK (Software Developer's Kit) See developer's toolkit and Windows SDK. SDK - Software Developers Kit (or "Software Development Kit"). )." He added, "Our digital cordless telephone A cordless telephone or portable telephone is a telephone with a wireless handset which communicates via radio waves with a base station connected to a fixed telephone line (POTS) and can only be operated near (typically within 100 meters or 328 ft from) its base station chip sets and wireless base-station technology made important contributions to the Personal Handyphone Service (PHS (Personal Handyphone System) A TDMA-based cellular phone system introduced in Japan in mid-1995. Operating in the 1880-1930 MHz band, PHS uses microcells that cover an area only 100 to 500 meters in diameter, resulting in lower equipment costs but requiring more base ) in Japan's July inauguration INAUGURATION. This word was applied by the Romans to the ceremony of dedicating some temple, or raising some man to the priesthood, after the augurs had been consulted. It was afterwards applied to the installation (q.v. of one of the most comprehensive public-access personal communications services See PCS. yet." Addressing capacity issues, Mr. Hackworth observed, "This was the second quarter in which our MiCRUS joint venture contributed significant volume to our production mix. We are very pleased with the progress of this manufacturing facility, which is still running ahead of schedule and accounted for approximately 20 percent of our revenue-generating capacity during the quarter. However, demand for our key new products was still greater than our capacity to supply." Continuing, Mr. Hackworth noted, "Today we have announced a $2 billion manufacturing expansion program, which encompasses expanding both our foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. and owned-capacity sources of supply over the next five years. We believe combining sufficient production capacity with state-of-the-art process technologies will be increasingly important to our competitiveness in high-growth markets." 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, communications, system logic, mass storage, and data acquisition. -0- NOTE TO EDITORS: All trademarks noted herein are the property of their respective owners. Notes: Additional details on the Cirrus Logic manufacturing plan appear in separate news releases dated today. Cirrus Logic press releases may be obtained by fax, by dialing 1-800-359-6414, or via Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on the world wide web at http://www.cirrus.com/ Summary financial data follows -0-
Cirrus Logic Inc.
Consolidated Summary Financial Statements
(Unaudited)
Consolidated Statements of Income Amounts in thousands, except per share amounts
Quarter Ended 2 Quarters Ended
Sept. 30 Oct. 1 Sept. 30 Oct. 1
1995 1994 1995 1994
Net sales $317,820 $202,211 $618,089 $387,208 Cost of sales 176,494 113,715 354,183 210,342 Research and development 54,540 37,212 108,490 75,242 Selling, general and administrative 38,365 29,222 76,429 58,136 Non-recurring costs -- 3,856 -- 3,856 Merger costs -- 2,418 -- 2,418 Total costs and expenses 269,399 186,423 539,102 349,994 Income from operations 48,421 15,788 78,987 37,214 Interest and other income, net (193) 2,257 2,433 3,681 Income before provision for income taxes 48,228 18,045 81,420 40,895 Provision for income taxes 15,191 5,607 25,646 12,882 Net income $33,037 $12,438 $55,774 $28,013 Net income per common and common equivalent share $0.47 $0.20 $0.80 $0.44 Weighted average common and common equivalent shares outstanding 70,997 63,206 69,386 63,473
Cirrus Logic, Inc.
Consolidated Summary Financial Statements
Amounts in thousands
Consolidated Balance Sheets
Sept. 30, April 1,
1995 1995
(Unaudited)
Current assets:
Cash and cash equivalents $ 118,092 $ 106,882
Short-tern investments 44,654 80,144
Accounts receivable, net 207,091 161,333
Inventories 151,142 103,642
Other current assets 83,671 27,931
------- -------
Total current assets 604,650 479,932
Property and equipment, net 145,871 100,244
Joint venture manufacturing
agreement, net 48,569 49,935
Investment in joint venture 13,800 13,800
Deposits and other assets 35,603 29,623
------- -------
Total assets $ 848,493 $ 673,534 Current liabilities: Accounts payable and accrued liabilities $ 235,375 $ 162,002 Accrued salaries and benefits 28,714 32,508 Obligations under equipment loans and capital leases - current 14,967 11,481 Income taxes payable 17,507 22,322 Total current liabilities 296,563 228,313 Obligations under equipment loans and capital leases - non-current 40,671 26,205 Shareholders' equity: Capital stock 320,210 283,741 Retained earnings 191,049 135,275 Total shareholders' equity 511,259 419,016 Total liabilities and shareholders' equity $ 848,493 $ 673,534 CONTACT: Cirrus Logic, Inc. Mark Singer, 510/226-2399, mark@corp.cirrus.com Sam Srinivasan, 510/623-8300 |
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