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Nasdaq:CRUS
Cirrus
Logic, Inc. is a supplier of high-performance analog and digital signal
processing (DSP) chip solutions for consumer entertainment electronics.
The Company has three product groups: audio products (consumer audio analog
converters, consumer audio DSP, embedded audio processors, personal computer
audio and data acquisition); video products (DVD optical servo controllers,
DVD video decoders and MPEG-2 video recording); and connectivity products
(embedded Ethernet, wireless networking and communications)
Cirrus
Logic Reports Fiscal Q4 2008 Financial Results
AUSTIN, Texas – May 1,
2008 – Cirrus Logic Inc. (Nasdaq: CRUS), a leader in high-precision analog
and digital signal processing components, today announced financial results
for the fourth quarter fiscal year 2008, which ended March 29, 2008.
[Summary financial data
appears below.]
The company reported fourth
quarter fiscal year 2008 revenue of $44.8 million, compared with $43.6
million during the fourth quarter of fiscal year 2007 and $48.9 million
in the previous quarter. In the fourth quarter, Cirrus Logic reported a
GAAP net loss of $13.7 million, or $0.16 per share. Excluding several one-time
charges primarily associated with the closing of Caretta Integrated Circuits
(Caretta), a subsidiary based in Shanghai, as well as other items including
stock option expenses, non-GAAP net income was $5.2 million, or $0.06 per
share, based on 85.6 million average diluted shares.
Gross margin for the quarter
was 55 percent compared with 56 percent in the previous quarter, and 60
percent for the fourth quarter of fiscal year 2007. Excluding the net effect
of certain charges associated with the closure of Caretta, non-GAAP gross
margin for the quarter was 57 percent.
Total GAAP operating expenses
for the quarter were $37.7 million, while non-GAAP operating expenses were
$22.7 million. Non-GAAP operating expenses exclude $15 million of adjustments,
related to the following charges:
$12.1 million in restructuring
charges associated primarily with the closure of Caretta;
$400,000 in operational
charges related to Caretta;
$1 million in stock-based
compensation expense;
$1 million in facility-related
charges;
$400,000 charge for the
amortization of intangibles related to acquisitions; and
$100,000 in legal costs
related to the recently closed Securities and Exchange Commission’s investigation
into our historical stock option practices.
Additionally, the company
recorded $3 million in net charges related to various deferred tax assets.
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