Businessweek

Cirrus Logic Inc. Presents at Barclays Global Technology, Media and Telecommunications Conference, May-23-2013 09:45 AM. Venue: Crowne Plaza Times Square, 1605 Broadway (at 49th Street), New York, New York, United States. Speakers: Jason P. Rhode, Chief Executive Officer, President and Director.

Cirrus Logic Inc. reported unaudited consolidated earnings results for the forth quarter and full year ended March 30, 2013. For the fourth quarter, the company reported revenue of $206,873,000 compared to $110,631,000 in the same quarter a year ago. Operating income was $33,805,000 compared to $20,888,000 a year ago. Income before income taxes was $33,925,000 compared to $21,072,000 a year ago. Net income was $26,360,000 or $0.39 per diluted share compared to $50,827,000 or $0.75 per basic and diluted share a year ago. Non-GAAP net income was $39,908,000 or $0.59 per diluted share compared to $24,584,000 or $0.36 per diluted share a year ago. Non-GAAP operating income was $39,981,000 compared to $24,955,000 a year ago. For the full year, the company reported revenue of $809,786,000 compared to $426,843,000 in the same period a year ago. Operating income was $200,830,000 compared to $79,536,000 a year ago. Income before income taxes was $201,190,000 compared to $79,983,000 a year ago. Net income was $136,598,000 or $2.00 per diluted share compared to $87,983,000 or $1.29 per basic and diluted share a year ago. Non-GAAP net income was $222,359,000 or $3.25 per diluted share compared to $92,288,000 or $1.36 per diluted share a year ago. Non-GAAP operating income was $226,617,000 compared to $94,012,000 a year ago. For the first quarter fiscal year 2014, the company’s revenue is expected to range between $150 million and $170 million. Gross margin is expected to be between 50% and 52%. Combined R&D and SG&A expenses are expected to range between $51 million and $55 million, which includes approximately $6 million in share-based compensation.

Cirrus Logic Inc. has introduced its first family of single-stage LED drivers, the CS1615/16, targeting the incandescent lamp replacement market. Through patented technology, the CS1615/16 consistently outperforms competing single-stage LED drivers in dimmer compatibility while offering a total bill-of-material cost equal to competing solutions. Across a broad range of dimmers, the CS1615/16 consistently dims to nearly zero light output, which closely matches the dimming performance of incandescent light bulbs. Competing LED drivers are not capable of this level of deep dimming and in many cases cannot dim to below 50% of light output. Limited dimming range, flicker effects and the inability to turn the bulb on or off are the most common factors that lead to high rates of return of LED bulbs.

Cirrus Logic Inc., Q4 2013 Earnings Call, Apr 25, 2013

Cirrus Logic Inc. reported unaudited preliminary revenue results for the fourth quarter ended March 30, 2013. For the quarter, the company announced preliminary net revenue of approximately $206.9 million. The company also announced that it will record a total net inventory reserve of $23.3 million of which approximately $20.7 million is due to a decreased forecast for a high volume product as the customer migrates to one of Cirrus Logic's newer components. The company expects margins to return to the 50% to 52% range on revenue of $150 to $170 million in the first fiscal quarter. R&D and SG&A expense for the June quarter is anticipated to be $51 million to $55 million, which includes approximately $6 million of stock based compensation.