Austin, TX (May 3, 2005)–Cirrus Logic has reached a settlement and a release of all claims between Cirrus Logic, Fujitsu, Amkor Technology and Sumitomo Bakelite over the alleged failure of certain semiconductor integrated circuits (ICs) sold by Cirrus Logic to Fujitsu. As part of a broader settlement involving all parties to the matter, Cirrus Logic will receive a payment of $25 million from Fujitsu.
This settlement will result in a one-time benefit to the company’s net income. The company anticipates that the payment will be received prior to the end of June 2005.
“From the beginning of this litigation we have maintained our confidence that we would reach a favorable resolution,” said David D. French, president and chief executive officer, Cirrus Logic. “We are pleased that this litigation is now behind us, and the $25 million settlement further strengthens Cirrus Logic’s total cash and debt-free balance sheet.”
Cirrus Logic management will be presenting at two upcoming conferences in New York–the CIBC Communications & Technology Conference on May 11, and at the Piper Jaffray Technology Conference on May 13. Those wishing to listen to these presentations can hear a live and an archived webcast of these events via the company’s website.