AUSTIN, Texas – April 29, 2009 – Cirrus Logic Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the fourth quarter of fiscal year 2009, which ended March 28, 2009.
[Summary financial data appears below.]
Revenue for the quarter was $33.5 million compared to $44.8 million during the fourth quarter of fiscal year 2008, and $43.8 million in the previous quarter. Gross margin for the quarter was 55 percent, which is unchanged from the 55 percent gross margin reported by the company for both the quarter a year ago and the December quarter.
Total GAAP operating expenses for the quarter were approximately $24.2 million, up from $22 million in third quarter. GAAP operating expenses in the fourth quarter included a $2.1 million charge associated with the impairment of certain intangible assets, as well as stock-based compensation and acquisition-related amortization of intangibles charges of approximately $1.5 million, certain one time legal charges of $400,000, and an additional $100,000 expense related to facilities accruals.
The loss from operations on a GAAP basis was $5.7 million. Excluding the charges noted above, the non-GAAP loss from operations was $1.5 million.
Cirrus Logic reported a fourth quarter GAAP net loss of $7.8 million, or a loss of $0.12 per share based on 65.2 million average diluted shares outstanding. Excluding the items noted above, as well as an additional charge of $2.7 million related to the reduction of our deferred tax asset, on a non-GAAP basis the company reported a net loss of $900,000, or a loss of $0.01 per share.
Cirrus Logic also reported that total cash and marketable securities increased $2.7 million from the previous quarter to $120.2 million.
“The March quarter was tough for the semiconductor industry as a whole, and we are pleased to have generated cash and managed our expenses in this environment,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Our strong financial position has allowed us to maintain focus on our vision, and I’m excited to see several significant new design wins reflected in our backlog for the first quarter. Revenue from new products continues to grow on a year over year basis, which is a good indication of our growing market share.”
Outlook for First Quarter FY 2010 (ending June 27, 2009):
Conference Call
Cirrus Logic management will hold a conference call to discuss the company’s results for the fourth quarter of fiscal year 2009, on April 29, 2009, at 5:00 p.m. EDT. Those wishing to join should call (303) 205-0044 (passcode: Cirrus Logic) at approximately 4:50 p.m. EDT. A replay of the conference call will also be available beginning one hour after the completion of the call, until May 6, 2009. To access the recording, call (303) 590-3000 (passcode: 11130371#). A live and an archived webcast of the conference call will also be available.
Cirrus Logic Inc.
Celebrating its 25th year as a leading fabless semiconductor company in 2009, Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Tucson, Ariz., Europe, Japan and Asia.
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Use of Non-GAAP Financial Information
To supplement Cirrus Logic’s financial statements presented on a GAAP basis, Cirrus has provided, non-GAAP net loss, non-GAAP loss from operations, and non-GAAP diluted loss per share. A reconciliation of the adjustments to GAAP results for this quarter is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of first quarter fiscal year 2010 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” and “intend,” variations of these types of words and similar expressions are intended to identify these forward-looking statements. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: overall economic pressures and general market and economic conditions; overall conditions in the semiconductor market; the level of orders and shipments during the first quarter of fiscal year 2010, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; pricing pressures; and the risk factors listed in our Form 10-K for the year ended March 29, 2008, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.
Summary financial data follows:
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Thurman Case Chief Financial Officer (512) 851-4125 |
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