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Cirrus Logic Reports Q2 Revenue Of $306.8 Million

The following excerpt is from the company's SEC filing.

Company Expects Significant Year Over Year Growth in Q3 and Announces Additional $200 Million Share Repurchase Authorization

a leader in high-precision analog and digital signal processing products, today posted on its investor relations website at

http://investor.cirrus.com

the quarterly Shareholder Letter that contains the complete financial results for the second quarter fiscal year 2016, which ended Sept. 26, 2015, as well as the company’s curr ent business outlook.

“We are pleased with our results for the September quarter as strong demand for our smart codecs and amplifiers fueled sequential and year-over-year growth,” said Jason Rhode, president and chief executive officer. “FY16 has been a great year for Cirrus Logic as share gains and content increases have driven strong growth. We are excited by the progress we made this past quarter toward the strategic initiatives that are expected to drive continued growth in FY17.”

Reported Financial Results – Second Quarter FY16

Revenue of $306.8 million;

GAAP gross margin of 46.4 percent and non-GAAP gross margin of 46.5 percent;

GAAP operating expenses of $98.1 million; non-GAAP operating expenses of $80.9 million; and

GAAP diluted earnings per share of $0.53 and non-GAAP diluted earnings per share of $0.65.

A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.

Business Outlook – Third Quarter FY16

Revenue is expected to range between $370 million and $400 million;

GAAP gross margin is expected to be between 46 percent and 48 percent; and

Combined GAAP R&D and SG&A expenses are expected to range between $100 million and $104 million, which includes approximately $8 million in share-based compensation and $8 million in amortization of acquired intangibles.

The company also announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of the company's common stock, in addition to the $32.5 million remaining from the Board’s previous share repurchase authorization in November 2012. The repurchases will be funded from working capital and anticipated cash from operations and may occur from time to time depending on a variety of factors, including the market price of the company's shares, general market and economic conditions and other corporate considerations. The share repurchase program is designed to comply with all applicable securities laws, and may be suspended or discontinued at any time without notice.

Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email

investor.relations@cirrus.com

. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion, or by calling (404) 537-3406, or toll-free at (855) 859-2056 (Access Code: 75505782).

Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio, industrial and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in the United States, United Kingdom, Australia, Japan and Asia. More information about Cirrus Logic is available at

www.cirrus.com

Use of non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including gross margins, operating expenses, net income...


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