Austin, TX (July 28, 2006)–Cirrus Logic Inc. has announced financial results for the first quarter of fiscal year 2007, which ended June 24, 2006. The company reported first quarter fiscal year 2007 revenue of $45.2 million, compared with $42.2 million of total revenue during the fourth quarter of fiscal year 2006.
This represents seven-percent growth from the prior quarter. First-quarter gross margin was 60.1 percent compared to 58.1 percent for the fourth quarter of fiscal year 2006. Combined research and development (R&D) and selling, general and administrative (SG&A) expenses for the first fiscal quarter of 2007 were $22.9 million, which included $1.4 million in stock-based compensation expense due to our adoption of SFAS 123(R) at the beginning of this fiscal year.
“I am pleased with our first-quarter results. We achieved higher than expected cash flow and gross margin of 60 percent, reflecting the strengths of our diversified analog and mixed-signal product portfolio,” said David D. French, president and chief executive officer, Cirrus Logic.
Net income for the first fiscal quarter was $7.7 million, or $0.09 per diluted share. Non-GAAP net income, excluding the stock-based compensation expense was $9.0M or $0.10 per diluted share. Total cash and marketable securities at the end of the first fiscal quarter was $251.9 million, compared with $243.5 million at the end of the prior fiscal year.
French continued, on Cirrus Logic’s outlook for Second Quarter FY 2007 (ending September 23, 2006), “We are forecasting modest sequential revenue growth, which should bring further improvement in profitability and operational cash flow.”
Revenue is expected to range between $47 million and $51 million; Gross margin is expected to be between 58 percent and 60 percent; Combined R&D and SG&A expenses are expected to range between $22 million and $24 million, including share-based compensation expense of approximately $1.4 million.
Cirrus Logic, Inc.