AUSTIN, Texas – Apr. 25, 2012 – Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the fourth quarter and fiscal year 2012, which ended March 31, 2012, as well as the company’s current business outlook.
[Summary financial data appears below.]
“We expect revenue to grow substantially in FY ’13 as new audio and energy products hit full production later this year,” said Jason Rhode, president and chief executive officer. “Our product development team has done an excellent job developing innovative new components and our supply chain team now has the task of supporting what we expect to be a significant ramp of a wide range of products. Combined with our strong balance sheet, the new credit facility gives us additional flexibility as we transition to a significantly higher run rate for our business. We are very excited about our outlook for FY ’13.”
Reported Financial Results for Fourth Quarter FY 2012
Due to recent financial performance, as well as further improvements to its business outlook, the company revalued the deferred tax asset to the full value it expects to use, which resulted in a non-cash, net tax benefit of approximately $30 million in Q4, or $0.45 per share, based on 67.9 million diluted shares.
A reconciliation of the non-GAAP adjustments is included in the tables accompanying this press release.
While the company expects to grow revenue substantially during FY ’13, year-over-year revenue in Q1 is currently forecasted to grow approximately 10 percent. Due to the timing of various product introductions later this year, the company expects to transition to a sharply higher level of revenue beginning in the September quarter. In connection with this transition, the company also announced that it has entered into an unsecured, one-year $100 million revolving credit agreement that provides access to additional working capital the company may need in order to support the production ramps of multiple new products this fall. Wells Fargo Bank, N.A., is serving as the Administrative Agent. Wells Fargo Securities, LLC and Barclays Capital served as Joint Lead Arrangers and Joint Bookrunners for this transaction.
Business Outlook for First Quarter FY 2013:
Cirrus Logic management will host a live Q&A session at 5:00 p.m. EDT on Wednesday, April 25, 2012, to answer questions related to its financial results and business outlook. Shareholders who would like to submit a question to be addressed during the call are requested to email .
A live webcast of the Q&A session can be accessed on the Cirrus Logic website, and a replay will be available approximately one hour following its completion, or by calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code: 4531962).
Cirrus Logic Inc.
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 financial information, including operating expenses, net income, operating margin and diluted earnings per share. A reconciliation of the adjustments to GAAP results 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. 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 2013 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, amortization of acquired intangible expenses, and ending inventory, as well as estimates for fiscal year 2013 annual revenue growth rate, operating expenses, and inventory increases. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. 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: the level of orders and shipments during the first quarter and complete fiscal year 2013, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; our ability to introduce and ramp production of new products in a timely manner; and the risk factors listed in our Form 10-K for the year ended March 26, 2011, 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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