8-K

 

UNITED STATES
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): October 2, 2006

Cirrus Logic, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	0-17795	77-0024818
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
2901 Via Fortuna, Austin, Texas		78746
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

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

Not Applicable
______________________________________________
Former name or former address, if changed since last report

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 2.05 Costs Associated with Exit or Disposal Activities.

On October 2, 2006, Cirrus Logic, Inc. (the "Company") announced that it had committed to a plan to close its Boulder, Colorado design center and move those operations to the Company’s headquarters in Austin, Texas. These actions are expected to eliminate or transfer approximately 24 positions during the Company’s third fiscal quarter. The Company anticipates the closure to be materially completed by November 2006 and the transfer of the relocating employees to be completed during its fourth fiscal quarter.

The Company estimates that it will incur a one-time charge to operating expenses of approximately $1.5 million to $2.0 million, which consists primarily of $0.5 million in anticipated costs associated with the Company’s exit from excess leased facilities and an estimated $1.0 million to $1.5 million of future cash expenditures for employee severance and relocation benefits.

A copy of the Company’s press release announcing the action is attached hereto as Exhi bit 99.1, which is being furnished to, but not filed with, the Securities and Exchange Commission.

Statements included within this Current Report on Form 8-K that are not historical in nature, including without limitation the Company’s anticipated cost and timing of the closure of the Boulder, Colorado design center constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance, or events to be materially different from any future results, performance, or events expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the Company's ability to achieve cost savings and efficiencies through consolidation. Additional information regarding other risks, uncertainties, and other matters are set forth in the risk factors listed in our Form 10-K for the year ended March 25, 2006, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov.

Item 7.01 Regulation FD Disclosure.

On October 2, 2006, the Company issued a press release announcing its intent to close the Boulder, Colorado design center. A copy of such press release is attached hereto as Exhibit 99.1. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in the attached Exhibit 99.1 are deemed to be furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1 Text of Cirrus Logic, Inc. press release dated October 2, 2006.

SIGNATURES

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

	Cirrus Logic, Inc.
October 2, 2006	By:	Thurman K. Case
		Name: Thurman K. Case
		Title: Acting Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Text of Cirrus Logic, Inc. press release dated October 2, 2006.

EX-99.1

CORPORATE NEWS

Contact:
Bill Schnell
Cirrus Logic, Inc.
(512) 694-4236
bill.schnell@cirrus.com

Cirrus Logic Transitions Colorado Design Operations
to Austin Headquarters

AUSTIN, Texas – Oct. 2, 2006 – Cirrus Logic Inc. (Nasdaq: CRUS) today announced that it intends to close its Boulder, Colo., design center and transition those design activities to its Austin headquarters.

Cirrus Logic expects to offer to relocate approximately 16 out of 24 employee positions from Boulder to Austin. The Boulder design team provides analog and mixed-signal IC layout design services for audio and industrial applications. The transition is expected to be substantially complete in early November 2006.

“By focusing our domestic product development activity in Austin, we believe that we can improve development execution timeliness and improve operational efficiency,” said David D. French, president and chief executive officer, Cirrus Logic. “We expect to continue to invest aggressively in the industrial and audio product developments currently under way in Boulder in order to continue expansion of our growth opportunities.”

Cirrus Logic Inc.

Cirrus Logic develops high-precision analog and mixed-signal integrated circuits for a broad range of consumer and industrial markets. Building on its diverse analog mixed-signal patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment and industrial applications. The company operates from headquarters in Austin, Texas, with offices in Colorado, Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

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Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release, including our anticipated timing of the closure of the Boulder, Colorado design center and our intent to continue to invest in the industrial and audio product developments currently underway in Boulder, 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 from our current expectations, estimates and assumptions and the forward-looking statements made in this press release. These risks and uncertainties include, but are not limited to, the ability to achieve cost savings and efficiencies through consolidation; the timing and cost of the Company’s design center closure, including without limitation the timing of cash expenditures; and our ability to transition the design activities currently in Boulder to our headquarters in Austin, Texas. Additional information regarding other risks, uncertainties, and other matters are set forth in the risk factors listed in our Form 10-K for the year ended March 25, 2006, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov.

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