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Cirrus Logic, Inc. (CRUS) Reports Annual Revenue Growth of 27 Percent

Cirrus Logic Inc. is a leader in high-precision analog and digital signal processing components for a broad range of customers. The company yesterday announced financial results for the fourth quarter and fiscal year of 2010, which ended March 27, 2010.

Revenue for the quarter was $62.6 million, up 87 percent compared to the same period last year. Revenue for fiscal year 2010 totaled $221 million, a 27 percent increase compared to $174.6 million in fiscal year 2009. Gross margin for fiscal year 2010 was 54 percent compared to 56 percent in fiscal year 2009 and for the recent fourth quarter.

The company’s total GAAP operating expenses for the quarter were approximately $27 million, up from $24 million in the previous quarter. Research and Development (R&D) investment for the quarter was $13.7 million and Selling, General and Administrative (SG&A) expenses totaled $12.7 million.

The president and CEO of Cirrus Logic, Jason Rhode, commented on his company’s results. He said, “Fiscal 2010 was an outstanding year for Cirrus Logic as we grew annual revenue by 27 per cent and made significant progress toward our operating profit goal. Our lineup of new products allows us to expand our business with our current customers and also opens up opportunities with new customers.”

Mr. Rhode went on to give guidance for the first quarter of fiscal year 2011. The highlights include:

• Revenue is expected to range between $78 million and $84 million
• Gross margin is expected to be between 54 percent and 56 percent
• Combined R&D and SG&A expenses are expected to range between $27 million and $29 million, including about $1.7 million in share-based compensation and amortization of acquisition-related intangibles expenses.

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