AUSTIN – April 18, 2007 – Cirrus Logic Inc (Nasdaq: CRUS) announced that today it has filed with the Securities and Exchange Commission (SEC) an amended Annual Report on Form 10-K/A for the fiscal year ended March 25, 2006, its amended Quarterly Report on Form 10-Q/A for the quarter ended June 24, 2006, and its Quarterly Reports on Form 10-Q for the quarters ended Sept. 23, 2006 and Dec. 30, 2006.
The Form 10-K/A filed today includes restated financial statements for fiscal years 2002 through 2006, with adjustments for fiscal years 1997 through 2001 reflected in the opening balances in the restated fiscal year 2002 financial statements. The total additional non-cash, stock-based compensation expenses recorded for fiscal years 1997 through the first quarter of fiscal year 2007 were approximately $32 million. The company previously reported on March 2, 2007 that it estimated these charges would range between $22 million and $24 million. Although no additional changes to option measurement dates were identified, after further review of the accounting treatment of certain option grants, the company determined that additional non-cash stock-based compensation expenses should be recorded.
With today's filings, the company is now current in its SEC reporting obligations and believes that it has satisfied all of the conditions of the NASDAQ Listing Qualifications Panel for the continued listing of its common stock on the NASDAQ Global Select Market.
Q4 Financial Results and Conference Call
Cirrus Logic will hold its quarterly conference call to discuss fourth quarter fiscal 2007 financial results on Wednesday, May 9, 2007 at 5 p.m. EDT.
Cirrus Logic will release the company's financial results at approximately 4 p.m. EDT on the same day. To listen to the live conference call, please dial (303) 262-2131 (Passcode: Cirrus Logic) by 4:50 p.m. EDT on May 9. A replay of the call will also be available, starting one hour after the completion of the call, until May 16, 2007. To access the recording, dial (303) 590-3000 (Passcode: 11088085#). Additionally, the conference call will be webcast live on the company's website.
Cirrus Logic Inc.
Cirrus Logic develops high-precision analog and mixed-signal integrated circuits for a broad range of consumer and industrial markets. Building on its diverse analog mixed-signal patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment and industrial applications. The company operates from headquarters in Austin, Texas, with offices in Europe, Japan and Asia.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc. All other product names noted herein may be trademarks of their respective holders.
Summary financial data follows:
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Thurman Case Chief Financial Officer (512) 851-4125 |
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