Cirrus Logic announces third quarter fiscal year 1995 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)--Jan. 25, 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 third quarter of fiscal 1995, ended Dec. 31, 1994, were $228.6 million, up 48% from $154.1 million for the corresponding quarter a year ago, and up from $202.2 million for last quarter. Net income for the quarter was $14.5 million, compared to net income of $20.0 million for the year-ago quarter ($12.9 million before the $7.1 million net gain on the sale of an equity investment). Per share earnings were 46 cents, compared to 71 cents for the year-ago quarter (45 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. before the 26 cents per share one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain). The financial statements for year-ago periods have been restated to reflect the merger with PicoPower Technology Inc. during the second quarter of the current fiscal year. "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/. experienced strong growth with another quarter of record revenues, driven by a broad based advance in units across our markets," stated Michael L. Hackworth, president and chief executive officer. "However, we saw a decline in our gross margins during this quarter due primarily to higher production costs and lower prices for certain of our products. New orders during the quarter were significantly stronger than expected, providing additional challenges to us within a capacity constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. environment," he noted. 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. Hackworth, "Early in the quarter we announced the completion of our agreement with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) to form MiCRUS, a manufacturing joint venture. Since completing this agreement we have accelerated the re-design, transfer and qualification of products for manufacturing at MiCRUS, which began operations on Jan. 3. With 8-inch wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. capacity and advanced 0.6 and sub-0.6 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. process technology, MiCRUS will help support our growth plans during the next fiscal year." "There were several new product activities during the quarter. Noteworthy product introductions came from the new PicoPower subsidiary of our Visual & Systems Interface company, which launched a system controller product which significantly reduces the power consumption in Pentium-based portable computers, and Crystal Semiconductor, which launched a highly integrated mixed-signal multimedia audio controller solution for PCs," Hackworth added. Cirrus Logic Inc. is a leading supplier 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 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, mass storage and data acquisition. -0-
Cirrus Logic Inc.
Consolidated Summary Financial Statements
(Unaudited)
Consolidated Statements of Income
(Amounts in thousands, except per share amounts)
Quarter Ended Three Quarters Ended
Dec. 31, Jan. 1, Dec. 31, Jan. 1,
1994 1994 1994 1994
Net sales $228,599 $154,068 $615,807 $381,930 Cost of sales 135,658 79,264 346,000 208,205 Research and development 40,902 32,776 116,144 90,005 Selling, general and administrative 32,314 23,762 90,450 64,880 Non-recurring costs -- -- 3,856 -- Merger costs -- -- 2,418 --
Total costs and
expenses 208,874 135,802 558,868 363,090
Income from operations 19,725 18,266 56,939 18,840 Gain on sale of equity investment -- 11,226 -- 13,682 Interest and other income, net 1,417 556 5,098 1,163 Income before provision for income taxes and cumulative effect of accounting change 21,142 30,048 62,037 33,685 Provision for income taxes 6,660 10,019 19,542 10,683 Income before cumulative effect of accounting change 14,482 20,029 42,495 23,002 Cumulative effect as of March 31, 1993, of change in method of accounting for income taxes -- -- -- 7,550 Net income $14,482 $20,029 $42,495 $30,552 Earnings per common and common equivalent share before cumulative effect of accounting change 46 cents 71 cents $1.34 84 cents Cumulative effect of accounting change per common and common equivalent share -- -- -- 28 cents Net income per common and common equivalent share 46 cents 71 cents $1.34 $1.12 Weighted average common and common equivalent shares outstanding 31,650 28,370 31,708 $27,358
Consolidated Balance Sheets
(Amounts in thousands)
Dec. 31, April 2,
1994 1994
Current assets:
Cash and short-term investments $184,037 $242,908
Accounts receivable 128,440 84,885
Inventories 92,455 78,805
Other current assets 23,798 21,400
Total current assets 428,730 427,998
Property and equipment, net 93,974 70,424 Joint venture investment and manufacturing agreement 63,800 -- Deposits and other assets 29,247 19,509
Total assets $615,751 $517,931
Current liabilities:
Accounts payable & accrued liabilities $185,300 $143,464
Obligations under equipment loans and
capital leases - current 11,815 11,007
Total current liabilities 197,115 154,471
Obligations under equipment loans and capital leases - non-current 25,419 19,145
Shareholders' equity:
Capital stock 276,849 270,442
Retained earnings 116,368 73,873
Total shareholders' equity 393,217 344,315
Total liabilities and shareholders'
equity $615,751 $517,931
CONTACT: Cirrus Logic, Fremont Mark Singer or 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 |
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