News:
(BSNS WIRE) Cirrus Logic Updates Fiscal Q2 2004 Guidance
Cirrus Logic Updates Fiscal Q2 2004 Guidance
High-Tech Writers / Business Editors
AUSTIN, Texas--(BUSINESS WIRE)--CRUS--
Cirrus Logic Inc. (Nasdaq:CRUS) today updated its
financial guidance for its second quarter of fiscal 2004, ended Sept.
27, 2003. The company now expects revenue for the second quarter to be
approximately $50 million, compared with a range of $45 million to $50
million the company originally expected. Cirrus Logic reported first
quarter revenue of $41 million.
Cirrus Logic also said that its total cash at the end of the
second quarter is expected to be approximately $127 million, higher
than the company's revised guidance of $113 million to $118 million.
The company reported $115.5 million at the end of its first quarter.
The increase in cash during the second quarter was largely due to two
previously announced events. Cirrus Logic reached a settlement with
nVidia Corporation net of expenses of approximately $7 million in
August 2003. In September 2003, Cirrus Logic received approximately
$5.6 million net of expenses from the sale of stock in SigmaTel Inc.'s
recent initial public offering and an additional $4.5 million in cash
from SigmaTel for a contingent guarantee made in November 2000 that
became payable upon SigmaTel's IPO. The company also said that in
October 2003 it expects to receive $7 million net of expenses from ATI
for the settlement announced today and, as previously announced, a
cash settlement of $45 million from Western Digital Corporation.
Conference Call
Cirrus Logic will release the company's financial results for its
second fiscal quarter of 2004 at approximately 4 p.m. ET on Oct. 22.
The company will hold a conference call to discuss second quarter
results at 5 p.m. ET that same day. Those wishing to join the call
should dial 617-847-8707 (pass code: Cirrus Logic) by 4:50 p.m. ET on
Oct. 22. A replay of the call will also be available, starting one
hour after the completion of the call, until Oct. 29. To access the
recording, dial 617-801-6888 (pass code: 83104155). A live webcast of
the conference call will also be available www.cirrus.com.
Upcoming Investor Conference
Cirrus Logic management will be presenting at the Silicon Hills
Summit Conference today, Oct. 1, at 9:30 a.m. ET. Those wishing to
listen to management's presentation can hear a live and/or an archived
webcast via the company's Web site.
About Cirrus Logic
Cirrus Logic is a premier supplier of high-performance analog,
mixed-signal and digital processing solutions for consumer
entertainment electronics, automotive entertainment and industrial
product applications. Building on its global market leadership in
audio ICs and its rich mixed-signal patent portfolio, Cirrus Logic
targets audio, video and precision mixed-signal applications in these
growing markets. The company operates from headquarters in Austin,
Texas, with offices in California, Colorado, Europe, Japan and Asia.
More information about Cirrus Logic is available at www.cirrus.com.
Except for historical information contained herein, the matters
set forth in this news release, including our estimates of second
fiscal quarter revenues and cash are forward-looking statements. These
forward-looking statements are based on management's current
expectations and are subject to certain risks and uncertainties that
could cause actual results to differ materially from management's
current expectations and the forward-looking statements made in this
press release. These risks and uncertainties include, but are not
limited to, the following: the timing of shipments, customer
acceptance of deliveries, customer cancellations of orders or returns,
and other factors that might affect the recognition of revenue for the
second fiscal quarter; inventory levels and adjustments; the timing of
customer payments; the timing of payments of the cash settlements
referred to in the press release; foreign currency fluctuations;
fluctuations in the fair market value of the company's investments and
in interest rates; the impact of restructuring and other charges;
asset impairment charges; changes in accounting assumptions; and the
additional risk factors listed in the company's Form 10-K for the year
ended March 29, 2003, and in other filings with the Securities and
Exchange Commission. The foregoing information concerning Cirrus
Logic's business outlook represents our outlook as of the date of this
news release, and Cirrus Logic undertakes 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.
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ARNINGS
SOURCE: Cirrus Logic Inc.
CONTACT INFORMATION:
Cirrus Logic Inc., Austin
David H. Allen, 512-851-4122
InvestorRelations@cirrus.com
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