Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Full Disclosure Trading -- Ignore unavailable to you. Want to Upgrade?

To: kdavy who wrote (219)	4/15/2002 3:12:32 PM
From: Return to Sender	Read Replies (1) \| Respond to of 13403

Bot 1900 CRUS @14.81 ST to MT trade CRUS is one of the semiconductors that raised guidance over the last quarter. From Briefing.com on Feb 28, 2002 at 3:09 PM Cirrus Logic raises Q4 revenue outlook (CRUS) 15.89 -0.10: Co expects Q4 revenue to be slightly above the high end of its $81-$83 mln guidance range and pro forma loss per share to be in the favorable end of the ($0.11-$0.15) range. The Multex consensus estimates for the qtr are $82.10 mln and -$0.14. biz.yahoo.com Cirrus Logic Expects FQ4 Revenue at/or Slightly Above High End of Guidance Range Plans to Reserve $73 Million in Magnetic Storage Receivables from Western Digital and Fujitsu AUSTIN, Texas--(BUSINESS WIRE)--Feb. 28, 2002-- Cirrus Logic Inc. (Nasdaq:CRUS - news), the premier supplier of high-performance analog and DSP semiconductor solutions for digital entertainment electronics, said today that revenue for its fiscal fourth quarter of 2002, ending March 2002, will be at or slightly above the high end of the company's $81 million to $83 million revenue guidance range and that its pro forma loss per share is expected to be in the favorable end of the loss per share range of $0.11 to $0.15. The company also expects gross margins to be at the high end of its 44 to 46 percent guidance range. This guidance was previously given in the company's fiscal Q3 earnings conference call on Jan. 23, 2002. ``Design activity is strengthening and backlog continues to build,'' said David D. French, president and CEO of Cirrus Logic. ``These and other indicators give us confidence in our ability to continue growing revenue, earnings and gross margin in the March and June quarters, which are historically softer due to seasonality. We are leading the revolution in digital entertainment electronics, which we believe is driving the next semiconductor up-cycle.'' Reserve of Western Digital and Fujitsu Outstanding Receivables The company also announced that it plans to reserve $73 million in the fourth fiscal quarter for disputed magnetic storage receivables from Western Digital and Fujitsu Ltd. This is in line with the company's policy regarding aging receivables. The reserve action is a non-cash charge that will be neutral to pro forma earnings and will result in a GAAP earnings charge of $73 million. Cirrus expects its cash balance at the end of the March quarter to be approximately equal to the cash balance at the end of December. If Cirrus is successful in collecting these receivables through the ongoing litigation, the company will record an equivalent GAAP gain. ``We remain confident that Cirrus Logic will prevail and collect the $73 million in disputed receivables from Western Digital and Fujitsu,'' said Mr. French. Cirrus Logic filed claims against Western Digital and Fujitsu on Aug. 20, 2001 and Oct. 19, 2001 respectively. The company exited the magnetic storage business in the second fiscal quarter ended September 2001. Robertson Stephens Technology Conference Webcast Cirrus Logic management will be presenting at the Robertson Stephens Technology Conference today at noon Pacific Time. A live Webcast of the presentation will be available via the company's Web site at www.cirrus.com. An archive of the Webcast will also be available. About Cirrus Logic Cirrus Logic is the premier supplier of high-performance analog and DSP chip solutions for consumer entertainment electronics that allow people to see, hear, connect, and enjoy digital entertainment. Building on its global market share leadership in audio integrated circuits and its rich mixed-signal patent portfolio, the company targets mainstream audio, video and Internet entertainment applications in the consumer entertainment market. Cirrus Logic operates from headquarters in Austin, Texas and major sites located in Fremont and El Dorado Hills, Calif., Broomfield and Boulder, Colo., as well as offices in 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 are forward-looking statements that are dependent on certain risks and uncertainties including such factors, among others, as the successful resolution of the Company's litigation with Western Digital and Fujitsu and the risk factors listed in the company's Form 10-K for the year ended March 31, 2001, as well as 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, except as required by law. Cirrus Logic is a trademark of Cirrus Logic Inc. -------------------------------------------------------------------------------- Contact: Cirrus Logic Inc., Austin Craig Ensley, 512/912-3204 invest@corp.cirrus.com or Stapleton Communications Inc. Mary McGowan, 650/470-0200 mary@stapleton.com stockcharts.com[h,a]daclyyay[pb50,200!d20,2][vc60][iUb14!Uk14!La12,26,9]&pref=G Excellent trading kdavy. Keep it up! RtS