This excerpt taken from the CRUS 8-K filed Jan 28, 2010.
Forecasts Over 60 Percent Year-Over-Year Revenue Growth for Q4
AUSTIN, Texas--(BUSINESS WIRE)--January 28, 2010--Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the third quarter of fiscal year 2010, which ended Dec. 26, 2009.
Revenue for the quarter was $65.2 million, up 49 percent compared to $43.8 million during the third quarter of fiscal year 2009 and $55.7 million in the previous quarter. Gross margin for the quarter was 54 percent, down from 55 percent in the quarter a year ago and up sequentially from 52 percent for the previous quarter.
Total GAAP operating expenses for the quarter were approximately $24.0 million, up from $22.5 million in the previous quarter. GAAP operating expenses in the third quarter included a net benefit of $500,000 in proceeds from the sale of non-marketable securities that had been previously written off, as well as an additional $289,000 in net facility related credits. GAAP operating expenses also include charges of $1,342,000 for stock-based compensation, $404,000 in acquisition-related amortization of intangibles, and $135,000 related to a litigation settlement taken during the quarter. Non-GAAP operating expenses for the quarter were approximately $22.9 million, compared to $22.4 million for the September quarter.
Income from operations on a GAAP basis was approximately $10.9 million or 17 percent operating margin. Excluding the items noted above, non-GAAP income from operations was $12.1 million, or 19 percent operating margin.
Cirrus Logic reported third quarter GAAP net income of approximately $11.1 million, or $0.17 per share based on 65.6 million average diluted shares outstanding. Excluding the items noted above, on a non-GAAP basis the company reported net income of $12.2 million, or $0.19 per diluted share.
“We are extremely pleased with our Q3 results. Continued market share gains in portable audio drove our overall year-over-year growth, and strength across many of our product lines allowed revenue to exceed our initial projections for the quarter. We shipped more than a million units of our newest power meter family for the first time, and a general recovery of our traditional industrial business contributed to our improved margins,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “We expect this progress to continue through FY11, and we are now focusing on our plans to drive growth in FY12 and beyond.”