Cirrus Logic (Nasdaq: CRUS), which produces high-precision analog and digital signal processing components, today announced financial results for the first quarter of fiscal year 2011, which ended June 26, 2010.
Revenue for the quarter was $81.9, up 118 percent compared to $37.5 million during the first quarter of fiscal year 2010, and up 31 percent from $62.6 million in the previous quarter.
Gross margin for the quarter was 57 percent, up from 52 percent in the first quarter a year ago, and up from 56 percent for the previous quarter.
Total GAAP operating expenses for the quarter were approximately $29.2 million, up from $27 million in the previous quarter.
Research and Development (R&D) investment for the quarter was $15.1 million, and Selling, General and Administrative (SG&A) expenses totaled $14 million. These expenses include charges of $1.3 million for stock-based compensation, $400,000 in acquisition-related amortization of intangibles, and an $800,000 charge related to the reorganization of the international sales force.
Income from operations on a GAAP basis was approximately $17.5 million, or a 21 percent operating margin.
Non-GAAP operating expenses for the quarter were approximately $26.6 million, resulting in non-GAAP income from operations of $20.2 million, or a 25 percent operating margin.
In the previous quarter, non-GAAP operating expenses were $24.9 million, with non-GAAP income from operations of $10.5 million, or a 17 percent operating margin.
GAAP net income for the quarter was approximately $17.6 million or $0.25 per share based on 70.8 million average diluted shares outstanding. Excluding the items noted previously, non-GAAP net income was $20.3 million, or $0.29 per diluted share.
“We are extremely pleased with our Q1 financial results as revenue growth in portable audio was supported by revenue growth from several other audio and energy-related product lines,” said Jason Rhode, president and chief executive officer of Cirrus Logic. “With a great second quarter ahead of us, and our newly released products being very well received by customers, we believe that the future for Cirrus Logic remains very bright.”
Outlook for Second Quarter FY 2011 (ending September 25, 2010):
& Revenue is expected to range between $98 million and $106 million;
& Gross margin is expected to be between 56 percent and 58 percent; and
& Combined R&D and SG&A expenses are expected to range between $28 million and $30 million, which include approximately $1.7 million in share-based compensation and amortization of acquisition-related intangibles expenses.
Cirrus Logic management will hold a conference call to discuss the company’s results for the first quarter fiscal year 2011, on July 20, 2010 at 10:30 a.m. EDT. Those wishing to join should call (480) 629-9690, or toll-free at (866) 225-8754 (Conference ID: 4328597) by 10:20 a.m. on July 20, 2010.
A replay of the conference call will also be available beginning one hour after the completion of the call, until July 27, 2010. To access the recording, call (303) 590-3030, or toll-free at (800) 406-7325 (Conference ID: 4328597).
A live and an archived webcast of the conference call will also be available via the Investor section of the company’s website at www.cirrus.com.