AUSTIN, Texas – Dec. 12, 2002 – Cirrus Logic, Inc. (Nasdaq: CRUS), today announced that it expects revenues for its third fiscal quarter, ending Dec. 28, 2002, to be between $58 million and $62 million, down from the $73.3 million reported in its second fiscal quarter. The company had originally expected third quarter revenue to be comparable to its revenue in the second quarter.

Despite the anticipated revenue shortfall, the company currently expects Q3 gross margins and operating expenses to be more favorable than its previous guidance, resulting in a GAAP loss per share of $0.15-$0.16 per share, at the low end of the original guidance range of a loss per share of $0.12-$0.16. Pro forma loss per share is expected to be $0.07-$0.08, also at the low end of its previous guidance of a loss of $0.04-$0.08 per share. Consistent with the company’s prior financial presentations, the pro forma results exclude anticipated restructuring costs and approximately $6 million to $7 million of acquisition-related amortization of intangibles and compensation charges.

"We have seen a broad range of customers reduce or cancel orders for various audio and video products late in the third quarter,” said David D. French, president and CEO. “While we are working to improve our revenue performance, we continue to aggressively reduce the operating costs of our business.”

Jan. 22 Conference Call

Cirrus Logic will hold its regularly scheduled conference call to discuss the company's financial results for the third quarter of fiscal 2003 on Wednesday, Jan. 22, 2003, at 4 p.m. Central Time. To listen to the conference call, please dial (617) 801-9702 by 3:50 p.m. Central Time, and reference the passcode “Cirrus Logic.”

Cirrus Logic, Inc.

Cirrus Logic is a premier supplier of high-performance analog and DSP chip solutions for consumer entertainment electronics that allow people to see, hear, connect, and enjoy digital entertainment. Building on its global market share leadership in audio integrated circuits and its rich mixed-signal patent portfolio, the company targets mainstream audio, video and Internet entertainment applications in the consumer entertainment market. Cirrus Logic operates from headquarters in Austin, Texas, with offices in California, Colorado, Europe, Japan and Asia.

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Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release, including our estimates of third fiscal quarter revenues, expected gross margin levels, expected operating expenses, and GAAP and pro forma loss per share are forward-looking statements that are dependent on certain risks and uncertainties including such factors, among others, as customer acceptance of deliveries for the remainder of the fiscal quarter, as well as customer acceptance of new products and cancellations of orders, or the failure to place orders consistent with forecasts; overall conditions in the semiconductor market; the expansion of the consumer digital entertainment electronics market; the ability of the Company to introduce new products on a timely basis and to deliver products that perform as anticipated; and the additional risk factors listed in the company's Form 10-K for the year ended March 30, 2002, and in other filings with the Securities and Exchange Commission. The foregoing information concerning Cirrus Logic’s business outlook represents our outlook as of the date of this news release, and Cirrus Logic undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, except as required by law.

Cirrus Logic is a trademark of Cirrus Logic, Inc.