AUSTIN, Texas-- April 26, 2000 -- Cirrus Logic Inc. (NASDAQ:CRUS) today announced financial results for the fourth quarter of fiscal 2000, which ended March 25, 2000. Net revenues for the fourth quarter grew sequentially to $160.2 million, compared to $150.8 million in the prior quarter. Net income for the fourth quarter was $62.1 million and earnings per share was $0.99 on basic shares outstanding, and $0.82 on a diluted basis. For the year, net revenues were $564.4 million compared to $628.1 million for the previous year. The company's fiscal 2000 net loss per share was $0.77 compared to a net loss per share of $6.77 reported in fiscal 1999.

Included in fourth quarter net income are gains of $42.5 million on the sale of a portion of the marketable securities of Phone.com Inc. (Nasdaq: PHCM), and $15.7 million from the sale of its interest in Ambient Technologies to Intel. On a pro forma basis, income from operations, before net interest expense, would be approximately $6.3 million. Pro forma income from operations excludes certain non-recurring items such as net restructuring credits, the amortization of acquired intangible assets, and asset abandonment charges. On a pro forma basis, after net interest expense, basic earnings per share for the fourth quarter would be approximately $0.06, and diluted earnings per share for the fourth quarter would be approximately $0.05 .

"We have now logged three consecutive quarters of increasing revenue and profit improvement," said David D. French, president and chief executive officer. He noted that fiscal Q4 revenue growth was driven by robust demand for chip solutions addressing consumer and Internet audio, magnetic and optical storage, and embedded Ethernet communications applications, partially offset by a slowdown in the computer audio business. "Over the course of fiscal 2000, we established a unified strategy to become the leader in entertainment electronics for the Internet Age. We also expanded upon the strengths in each of our core businesses and fully transitioned to a fabless manufacturing model."

French confirmed that a number of Cirrus Logic's strategic initiatives have begun to bear fruit during the fourth quarter. "We successfully ramped production of our Maverick™ technology for portable Internet audio players. We also ramped our 3Ci™ integration platform for hard disk drive electronics and secured our second major 3Ci customer. Further, we captured our first design win for voice-over-IP phones with our embedded Ethernet solution, which has won broad acceptance by manufacturers of high-speed Internet access units for residential gateways."

Cirrus Logic

Cirrus Logic is a premier supplier of high-performance analog and DSP chip solutions for Internet entertainment electronics. Building on its global market share leadership in audio integrated circuits and its rich mixed-signal patent portfolio, the company targets high-volume audio, storage and communications applications. Cirrus Logic sells its products under the Crystal ®, Maverick™, and 3Ci™ brands as well as its own name. Founded in 1984 in Silicon Valley, Cirrus Logic operates from headquarters in Austin, Texas and major sites located in Fremont, California and Broomfield, Colorado as well as offices in Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are dependent on certain risks and uncertainties including such factors, among others, as overall conditions in the semiconductor market, customer cancellations of orders, or the failure to place orders consistent with forecasts, unforeseen manufacturing difficulties, or hardware or software deficiencies, or delays in customer qualification of key new products, achieving high utilization of the company's manufacturing resources, final determination of appropriate inventory write-downs based on the outlook at the end of each quarter, actual operational spending, obtaining financing sufficient to meet the company's needs and the risk factors listed in the company's Form 10-K for the year ended March 25, 2000, and in other filings with the Securities and Exchange Commission.

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Summary financial data follows: