-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R7fopusR84kJTt8E5hOFFj9289tj7GBNkqUy8JyWUcDaxESNXKDafsW1iPkL0r8n shEbMNPdH57lIEFJnvCXow== 0001157523-10-000110.txt : 20100112 0001157523-10-000110.hdr.sgml : 20100112 20100111181832 ACCESSION NUMBER: 0001157523-10-000110 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100112 DATE AS OF CHANGE: 20100111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIRRUS LOGIC INC CENTRAL INDEX KEY: 0000772406 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770024818 STATE OF INCORPORATION: DE FISCAL YEAR END: 0330 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17795 FILM NUMBER: 10521180 BUSINESS ADDRESS: STREET 1: 2901 VIA FORTUNA CITY: AUSTIN STATE: TX ZIP: 78746 BUSINESS PHONE: 512-851-4000 MAIL ADDRESS: STREET 1: 2901 VIA FORTUNA CITY: AUSTIN STATE: TX ZIP: 78746 8-K 1 a6138661.htm CIRRUS LOGIC, INC. 8-K


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


______________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported):        January 11, 2010


 

CIRRUS LOGIC, INC.

(Exact name of Registrant as specified in its charter)



Delaware

 

0-17795

 

77-0024818

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(IRS Employer

Identification No.)


2901 Via Fortuna, Austin, TX

 

78746

(Address of Principal Executive Offices) (Zip Code)


Registrant’s telephone number, including area code:   (512) 851-4000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02     Results of Operations and Financial Condition.

On January 11, 2010, the Company issued a press release announcing an update to its third quarter fiscal year 2010 results. The full text of the press release is attached as Exhibit No. 99.1 to this Current Report on Form 8-K.  The press release contains forward-looking statements regarding the Company and cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

The information contained in Items 2.02 and 9.01 in this Current Report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01     Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit

Description

 

Exhibit 99.1

Cirrus Logic, Inc. press release dated January 11, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CIRRUS LOGIC, INC.

 

 

Date:

January 11, 2010

By:

/s/ Thurman K. Case

 

Name: Thurman K. Case

 

Title:  Chief Financial Officer


EXHIBIT INDEX

Exhibit No.

Description

 

99.1

Registrant’s press release dated January 11, 2010.


EX-99.1 2 a6138661ex991.htm EXHIBIT 99.1

Exhibit 99.1

Cirrus Logic Announces Preliminary Q3 Revenue Increases 49 Percent Year Over Year to $65 Million

Earnings Conference Call Set for Jan. 28

AUSTIN, Texas--(BUSINESS WIRE)--January 11, 2010--Cirrus Logic Inc. (Nasdaq: CRUS) today announced that the company expects net revenue for the third fiscal quarter, which ended on Dec. 26, 2009, to be up 49 percent year over year, and up 17 percent sequentially to approximately $65 million, an increase from the previous guidance of $58 million to $62 million. The increase over forecasted revenue was driven by stronger than anticipated demand for a broad range of audio products, as well as modest improvement in demand for energy products.

The company expects gross margin to be approximately 54 percent. Combined R&D and SG&A expenses are expected to be approximately $24.3 million and include an estimated $1.8 million in share-based compensation and amortization of acquisition-related intangible expenses, as well as $400,000 in favorable facilities related credits.

“We continued to experience strong growth in the December quarter as revenue from new products maintained its momentum and we had increased demand from our customers for a broad mix of both our audio and energy products,” said Jason Rhode, president and chief executive officer of Cirrus Logic. “Building on this momentum, we believe that revenue for the March quarter will exceed $53 million, which would represent greater than 58 percent year over year growth. We will release full guidance for the March quarter on Jan. 28.”

Cirrus Logic will hold its quarterly conference call to discuss third quarter, fiscal year 2010 financial results on Thursday, Jan. 28, 2010, at 10:30 a.m. EST. Cirrus Logic will release the company's financial results at approximately 8:00 a.m. EST on the same day.


To listen to the live conference call, dial 480-629-9866, or toll-free at 888-549-7750 (Conference ID: 4198207) by 10:20 a.m. EST on Jan. 28. A replay of the conference call will be available beginning one hour following the completion of the call, until Feb. 4, 2010. To access the recording, dial 303-590-3030, or toll-free at 800-406-7325 (Conference ID: 4198207). Additionally, the conference call will be webcast live through the Investor Relations page of the company’s website at www.cirrus.com.

Cirrus Logic also announced it will present at the 12th Annual Needham Growth Stock Conference on Thursday, Jan. 14, 2010, at 4:30 p.m. EST at The New York Palace Hotel in New York City. A live webcast of the presentation will be available on the Investor Relations page of the company’s website.

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 quarter fiscal year 2010 revenue, gross margin, combined research and development and selling, and general and administrative expense levels as well as our estimates of fourth quarter fiscal year 2010 revenue. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” and “intend,” variations of these types of words and similar expressions are intended to identify these forward-looking statements. 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: overall economic pressures and general market and economic conditions; overall conditions in the semiconductor market; the level of orders and shipments during the fourth quarter of fiscal year 2010, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; pricing pressures; and the risk factors listed in our Form 10-K for the year ended March 28, 2009, 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.

CONTACT:
Cirrus Logic, Inc.
Thurman K. Case, 512-851-4125
Chief Financial Officer
InvestorRelations@cirrus.com

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