Fiscal Third Quarter Revenue of $95.6 Million Reported by Cirrus Logic Inc. (CRUS)
1/28/2011 4:06:30 PM
Cirrus Logic Inc. develops high-precision analog and digital signal processing components for a broad range of customers. Building on its diverse analog and signal-processing patent portfolio, the company delivers highly optimized products for a variety of audio and energy-related applications.
The company announced yesterday its financial results for the third quarter of fiscal year 2011, which ended on December 25, 2010. Revenue for the quarter was $95.6 million, up 47 percent from the same quarter a year ago and down five percent sequentially from the previous quarter. Revenue from portable audio products exceeded the company’s expectations, helping to drive the growth as compared to a year ago.
Cirrus Logic also issued guidance for the fourth quarter of its fiscal year which ends March 26, 2011. The company expects revenues in the quarter to be in the range between $88 million and $94 million. In addition, it expects gross margins between 54 percent and 56 percent. This figure is right in line with its performance over the past year.
In looking at the fourth quarter and the next fiscal year, Cirrus Logic is optimistic. The company believes it will continue to grow revenue at a faster rate than the semiconductor industry as a whole. The CEO of Cirrus Logic, Jason Rhode, said, “With the production ramps continuing this next year in portable audio, new design wins in other audio markets, and ongoing design activity with our strategic energy initiatives, we are very excited about the opportunities ahead.”
For more information on Cirrus Logic, please visit the company’s website at www.cirrus.com
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