Cirrus Logic Announces Preliminary Q3 Revenue Grows 28 Percent Year Over Year to $122 Million
Company Expects Q4 Revenues of Approximately $105 Million, an
Increase of 15 Percent Year Over Year
AUSTIN, Texas--(BUSINESS WIRE)--
Cirrus Logic Inc. (Nasdaq: CRUS) today announced estimated net
revenue based on preliminary unaudited financial results for the third
fiscal quarter, which ended on Dec. 31, 2011, of approximately $122
million. Previously, the company anticipated revenue to be between $102
million and $108 million. Revenue from audio products is estimated at
$105 million and revenue from energy products is expected to be
approximately $17 million.
The company expects gross margin to be approximately 54 percent and
combined R&D and SG&A expenses are estimated to be approximately
$600,000 above the upper end of guidance, due primarily to additional
product development expenses.
"Q3 was a great quarter for Cirrus Logic, and we are particularly
pleased that the last few weeks of the quarter were much stronger than
we had anticipated, indicating that demand remains robust following the
holiday season," said Jason Rhode, president and chief executive
officer. "More importantly, we also achieved all of our key product
release milestones thanks to outstanding efforts by our product
development teams. We are very excited about our outlook for 2012, and
efficiently getting our newest audio and energy products into full
production is one more critical step towards capitalizing on some
At this early stage in the March quarter, the company is currently
expecting revenue of approximately $105 million, which represents year
over year revenue growth of approximately 15 percent. The company will
post its full third quarter, fiscal year 2012 financial results and Q4
business outlook on its investor relations area of its website at http://investor.cirrus.com
on Thursday, Jan. 26, 2012, at approximately 4:00 p.m. ET. Cirrus Logic
will also host a live Q&A session in the investor relations website at
6:00 p.m. ET that same day 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 email@example.com.
A replay of the Q&A session will be available on the website listed
above beginning approximately one hour following its completion, or by
calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code:
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.
More information about Cirrus Logic is available at www.cirrus.com.
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 third and fourth quarter fiscal year 2012 revenue, and
third quarter fiscal year 2012 gross margin, combined research and
development and selling, general and administrative expense levels. In
some cases, forward-looking statements are identified by words such as
"expect," "anticipate," "target," "project," "believe," "goals,"
"opportunity," "outlook," "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
fourth quarter of fiscal year 2012, as well as customer cancellations of
orders, or the failure to place orders consistent with forecasts; our
ability to develop and introduce new products successfully and produce
the 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.
Cirrus Logic, Inc.
Thurman K. Case, 512-851-4125
Source: Cirrus Logic Inc.
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