Cirrus Logic Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended Dec. 28, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014
January 29, 2014 at 02:30 am IST
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Cirrus Logic Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended Dec. 28, 2013. For the quarter, the company's net revenue was $218,883,000 compared to $310,133,000 for the same period of last year. Operating income was $52,786,000 compared to $106,129,000 for the same period of last year. Income before income taxes was $52,963,000 compared to $106,174,000 for the same period of last year. Net income was $41,500,000 compared to $67,862,000 for the same period of last year. Diluted earnings per share were $0.63 compared to $0.99 for the same period of last year. Non-GAAP net income was $58,103,000 or $0.89 per diluted share compared to $112,800,000 or $1.64 per diluted share for the same period of last year. Non-GAAP operating income was $59,089,000 compared to $115,400,000 for the same period of last year.
For the nine months, net revenue was $564,679,000 compared to $602,913,000 for the same period of last year. Operating income was $134,956,000 compared to $167,025,000 for the same period of last year. Income before income taxes was $135,437,000 compared to $167,265,000 for the same period of last year. Net income was $95,509,000 compared to $110,238,000 for the same period of last year. Diluted earnings per share were $1.45 compared to $1.6 for the same period of last year. Non-GAAP net income was $150,275,000 or $2.28 per diluted share compared to $182,451,000 or $2.65 per diluted share for the same period of last year. Non-GAAP operating income was $152,883,000 compared to $186,636,000 for the same period of last year.
For the fourth quarter of fiscal 2014, revenue is expected to range between $130 million and $150 million; gross margin is expected to be between 47% and 49% and combined R&D and SG&A expenses are expected to range between $51 million and $55 million, which includes approximately $6 million in share-based compensation and amortization of acquired intangibles.
While its business is typically driven by product cycles that weight its revenue more heavily towards the September and December quarters, the company expects to exceed its operating profit goal of 20% in fiscal 2014.
Cirrus Logic, Inc. is engaged in low-power, high-precision mixed-signal processing solutions. The Company's product line categories are Audio and High-Performance Mixed-Signal (HPMS). It is a supplier of low-power, low-latency, high-precision audio components that are used in a variety of applications, including smartphones, laptops, tablets, virtual reality/augmented reality headsets, wearables, home theater systems, automotive entertainment systems and professional audio systems. Its Audio Products include amplifiers, codecs, smart codecs, analog-to-digital converters, digital-to-analog converters and standalone digital signal processors. HPMS Products include camera controllers, haptics and sensing solutions, and battery and power integrated circuits (ICs). Additionally, the Companyâs SoundClear technology consists of a broad portfolio of tools, software and algorithms that help to differentiate its customersâ products by improving the user experience.
Cirrus Logic Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended Dec. 28, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014