Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter fiscal year 2015, which endedJune 28, 2014, as well as the company’s current business outlook.
“We are pleased with our Q1 financial results as we experienced strong demand for our custom and general market portable audio products across our customer base,” said Jason Rhode, president and chief executive officer. “With a robust pipeline of innovative products and the pending acquisition of Wolfson, we are strengthening the company’s position as a market leader in audio with a comprehensive product portfolio, differentiated software capabilities and a top-tier customer base.”
Reported Financial Results – First Quarter FY15
- Revenue of $152.6 million;
- Gross margin of 49 percent;
- GAAP operating expenses of $59.5 million and non-GAAP operating expenses of $51.6 million; and
- GAAP diluted earnings per share of $0.16 and non-GAAP diluted earnings per share of $0.37.
A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.
Business Outlook – Second Quarter FY15
Guidance for the September quarter excludes any potential financial contributions or expenses associated with the Wolfson acquisition.
- Revenue is expected to range between $175 million and $195 million;
- Gross margin is expected to be between 47 percent and 49 percent; and
- Combined R&D and SG&A expenses are expected to range between $58 million and $62 million, which includes approximately $7 million in share-based compensation and amortization of acquired intangibles.