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Cirrus Logic Reports Q4 Revenue of $232 Million and Record Revenue of $1.2 Billion for FY16

AUSTIN, Texas, Apr 26, 2016 (BUSINESS WIRE) -- Cirrus Logic, Inc. CRUS, +0.00% 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 fourth quarter and full fiscal year 2016, which ended Mar. 26, 2016, as well as the company’s current business outlook.

“FY16 was an outstanding year for Cirrus Logic as we delivered record revenue of $1.2 billion, up 28 percent from the prior year. Additionally, the company is positioned to exceed our long-term revenue growth model again in FY17,” said Jason Rhode, president and chief executive officer. “Demand for our products continues to gain momentum as our customers push to further differentiate their devices with compelling and consistent audio and voice capabilities. With a robust portfolio of components and an extensive roadmap the company is well positioned to capitalize on the rapidly growing markets for audio and voice in FY17 and beyond.”

Reported Financial Results – Fourth Quarter FY16

  • Revenue of $232 million;
  • GAAP gross margin of 49.7 percent and non-GAAP gross margin of 49.8 percent;
  • GAAP operating expenses of $93.1 million; non-GAAP operating expenses of $79.7 million; and
  • GAAP diluted earnings per share of $0.21 and non-GAAP diluted earnings per share of $0.38.

Reported Financial Results – Full Year FY16

  • Revenue of $1.2 billion;
  • GAAP gross margin of 47.5 percent and non-GAAP gross margin of 47.6 percent;
  • GAAP operating expenses of $374.6 million; non-GAAP operating expenses of $325.3 million; and
  • GAAP diluted earnings per share of $1.87 and non-GAAP diluted earnings per share of $2.40.

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

Business Outlook – First Quarter FY17

  • Revenue is expected to range between $220 million and $250 million;
  • GAAP gross margin is expected to be between 47 percent and 49 percent; and
  • Combined GAAP R&D and SG&A expenses are expected to range between $103 million and $107 million, which includes approximately $9 million in share-based compensation and $9 million in amortization of acquired intangibles.

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:77072356).

Cirrus Logic, Inc.

Cirrus Logic is a leader in high performance, low-power ICs for audio and voice signal processing applications. Cirrus Logic’s products span the entire audio signal chain, from capture to playback, providing innovative products for the world’s top smartphones, tablets, digital headsets, wearables and emerging smart home applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture. Check us out 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, operating profit and income, tax expenses and diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including future growth opportunities and our estimates of first quarter fiscal year 2017 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense and amortization of acquired intangibles. In some cases...


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