Cirrus Logic Reports Fiscal Q4 2009 Financial Results

AUSTIN, Texas--(Business Wire)--
Cirrus Logic Inc. (Nasdaq: CRUS),a leader in high-precision analog and digital
signal processing components, today announced financial results for the fourth
quarter of fiscal year 2009, which ended March 28, 2009.

Revenue for the quarter was $33.5 million compared to $44.8 million during the
fourth quarter of fiscal year 2008, and $43.8 million in the previous quarter.
Gross margin for the quarter was 55 percent, which is unchanged from the 55
percent gross margin reported by the company for both the quarter a year ago and
the December quarter.

Total GAAP operating expenses for the quarter were approximately $24.2 million,
up from $22 million in third quarter. GAAP operating expenses in the fourth
quarter included a $2.1 million charge associated with the impairment of certain
intangible assets, as well as stock-based compensation and acquisition-related
amortization of intangibles charges of approximately $1.5 million, certain one
time legal charges of $400,000, and an additional $100,000 expense related to
facilities accruals.

The loss from operations on a GAAP basis was $5.7 million. Excluding the charges
noted above, the non-GAAP loss from operations was $1.5 million.

Cirrus Logic reported a fourth quarter GAAP net loss of $7.8 million, or a loss
of $0.12 per share based on 65.2 million average diluted shares outstanding.
Excluding the items noted above, as well as an additional charge of $2.7 million
related to the reduction of our deferred tax asset, on a non-GAAP basis the
company reported a net loss of $900,000, or a loss of $0.01 per share.

Cirrus Logic also reported that total cash and marketable securities increased
$2.7 million from the previous quarter to $120.2 million.

"The March quarter was tough for the semiconductor industry as a whole, and we
are pleased to have generated cash and managed our expenses in this
environment," said Jason Rhode, president and chief executive officer, Cirrus
Logic. "Our strong financial position has allowed us to maintain focus on our
vision, and I`m excited to see several significant new design wins reflected in
our backlog for the first quarter. Revenue from new products continues to grow
on a year over year basis, which is a good indication of our growing market
share."

Outlook forFirst Quarter FY 2010 (ending June 27, 2009):

* Revenue is expected to range between $36 million and $40 million;
* Gross margin is expected to be between 52 percent and 54 percent; and
* Combined R&D and SG&A expenses are expected to range between $22 million and
$24 million, which include approximately $2.0 million in share-based
compensation and amortization of acquisition-related intangibles expenses.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company`s
results for the fourth quarter of fiscal year 2009, on April 29, 2009, at 5:00
p.m. EDT. Those wishing to join should call (303) 205-0044 (passcode: Cirrus
Logic) at approximately 4:50 p.m. EDT. A replay of the conference call will also
be available beginning one hour after the completion of the call, until May 6,
2009. To access the recording, call (303) 590-3000 (passcode: 11130371#). A live
and an archived webcast of the conference call will also be available via the
investor section of company`s Web site at www.cirrus.com.

Cirrus Logic, Inc.

Celebrating its 25th year as a leading fabless semiconductor company in 2009,
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 and energy-related applications. The
company operates from headquarters in Austin, Texas, with offices in Tucson,
Ariz., Europe, 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 net loss, non-GAAP loss from operations, and
non-GAAP diluted loss per share. A reconciliation of the adjustments to GAAP
results for this quarter 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.
As a note, 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 our estimates of
first quarter fiscal year 2010 revenue, gross margin, combined research and
development and selling, general and administrative expense levels, share-based
compensation expense, and amortization of acquired intangible expenses. In some
cases, forward-looking statements are identified by words such as "expect,"
"anticipate," "target," "project," "believe," "goals," "opportunity,"
"estimates," and "intend," variations of these types of words and similar
expressions are intended to identify these forward-looking statements.In
addition, any statements that refer to our plans, expectations, strategies or
other characterizations of future events or circumstances are forward-looking
statements.These forward-looking statements are based on our current
expectations, estimates and assumptions and are subject to certain risks and
uncertainties that could cause actual results to differ materially. These risks
and uncertainties include, but are not limited to, the following: overall
economic pressures and general market and economic conditions; overall
conditions in the semiconductor market; the level of orders and shipments during
the first quarter of fiscal year 2010, as well as customer cancellations of
orders, or the failure to place orders consistent with forecasts; the loss of a
key customer; pricing pressures; and the risk factors listed in our Form 10-K
for the year ended March 29, 2008, and in our other filings with the Securities
and Exchange Commission, which are available at www.sec.gov.The foregoing
information concerning our business outlook represents our outlook as of the
date of this news release, and we undertake no obligation to update or revise
any forward-looking statements, whether as a result of new developments or
otherwise.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

Summary financial data follows:

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)

Quarter Ended

Mar. 28, Dec. 27, Mar. 29,
2009 2008 2008

Net revenue $ 33,520 $ 43,833 $ 44,822
Cost of sales 15,051 19,755 20,115
Gross Margin 18,469 24,078 24,707
Gross Margin Percentage 55.1 % 54.9 % 55.1 %

Operating expenses:
Research and development 10,950 10,896 12,326
Selling, general and administrative 10,649 11,055 13,304
Restructuring and other costs - - 12,095
Impairment of goodwill and other intangibles 2,144 - -
Provision for litigation expenses 434 - -
Total operating expenses 24,177 21,951 37,725

Income (loss) from operations (5,708 ) 2,127 (13,018 )

Interest income, net 525 679 2,411
Other income (expense), net 11 10 (73 )
Income (loss) before income taxes (5,172 ) 2,816 (10,680 )
Provision (benefit) for income taxes 2,596 66 3,005
Net income (loss) $ (7,768 ) $ 2,750 $ (13,685 )

Basic income (loss) per share: $ (0.12 ) $ 0.04 $ (0.16 )
Diluted income (loss) per share: $ (0.12 ) $ 0.04 $ (0.16 )

Basic weighted average common shares outstanding 65,241 65,172 85,310
Diluted weighted average common shares outstanding 65,241 65,274 85,310

Prepared in accordance with Generally Accepted Accounting Principles

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands)

Mar. 28, Dec. 27, Mar. 29,
2009 2008 2008
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 31,504 $ 28,134 $ 56,614
Restricted investments 5,755 5,755 5,755
Marketable securities 79,346 83,647 125,129
Accounts receivable, net 13,306 15,638 22,652
Inventories 19,878 23,409 22,464
Other current assets 5,359 8,395 10,041
Total Current Assets 155,148 164,978 242,655

Long-term marketable securities 3,627 - -
Property and equipment, net 19,367 20,063 20,961
Intangibles, net 23,309 24,573 26,044
Goodwill 6,027 6,027 6,194
Other assets 2,018 2,114 2,452
Total Assets $ 209,496 $ 217,755 $ 298,306

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 9,886 $ 8,295 $ 16,164
Accrued salaries and benefits 6,432 6,183 7,085
Other accrued liabilities 6,004 7,391 18,157
Deferred income on shipments to distributors 5,918 8,038 6,584
Total Current Liabilities 28,240 29,907 47,990

Long-term restructuring accrual 931 1,011 1,818
Other long-term obligations 7,397 6,912 7,563

Stockholders' equity:
Capital stock 945,455 944,369 937,716
Accumulated deficit (771,951 ) (764,183 ) (696,557 )
Accumulated other comprehensive loss (576 ) (261 ) (224 )
Total Stockholders' Equity 172,928 179,925 240,935
Total Liabilities and Stockholders' Equity $ 209,496 $ 217,755 $ 298,306

Prepared in accordance with Generally Accepted Accounting Principles

CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)

We use these Non-GAAP financial numbers to assist us in the management of the
Company because we believe that this information provides a more consistent and
complete understanding of the underlying results and trends of the ongoing
business due to the uniqueness of these charges.

Quarter Ended

Mar. 28,
2009
Net Loss Reconciliation
GAAP net loss $ (7,768 )
Non-GAAP adjustments:
Stock compensation expense 1,089
Amortization of acquisition intangibles 404
Facility and other related adjustments 115
Impairment of Intangible Assets 2,144
Provision for litigation expenses 434
Deferred Tax Asset Provision 2,683

Non-GAAP net loss $ (899 )

EPS Reconciliation
GAAP diluted loss per share $ (0.12 )
Non-GAAP adjustments:
Effect of stock compensation expense 0.02
Effect of amortization of acquisition intangibles 0.01
Effect of facility and other related adjustments -
Effect of impairment of intangible assets 0.03
Effect of provision for litigation expenses 0.01
Effect of deferred tax asset provision 0.04

Non-GAAP diluted loss per share $ (0.01 )

Operating Loss Reconciliation
GAAP Operating Loss $ (5,708 )
Non-GAAP adjustments:
Stock compensation expense 1,089
Amortization of acquisition intangibles 404
Facility and other related adjustments 115
Impairment of Intangible Assets 2,144
Provision for litigation expenses 434
Non-GAAP Operating Loss $ (1,522 )

Operating Expense Reconciliation
GAAP Operating Expenses $ 24,177
Non-GAAP adjustments:
Stock compensation expense 1,045
Amortization of acquisition intangibles 404
Facility and other related adjustments 115
Impairment of Intangible Assets 2,144
Provision for litigation expenses 434
Non-GAAP Operating Expenses $ 20,035

Cirrus Logic Inc.
Investor Contact:
Thurman K. Case, 512-851-4125
Chief Financial Officer
InvestorRelations@cirrus.com

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