10/2/2003 - Cirrus Logic Inc. (Nasdaq: CRUS) updated its financial guidance for its second quarter of fiscal 2004, ended September 27, 2003. The company now expects revenue for the second quarter to be approximately $50 million, compared with a range of $45 million to $50 million the company originally expected. Cirrus Logic reported first quarter revenue of $41 million.
Cirrus Logic also said that its total cash at the end of the second quarter is expected to be approximately $127 million, higher than the company's revised guidance of $113 million to $118 million. The company reported $115.5 million at the end of its first quarter. The increase in cash during the second quarter was largely due to two previously announced events. Cirrus Logic reached a settlement with nVidia Corporation net of expenses of approximately $7 million in August 2003. In September 2003, Cirrus Logic received approximately $5.6 million net of expenses from the sale of stock in SigmaTel, Inc.'s recent initial public offering and an additional $4.5 million in cash from SigmaTel for a contingent guarantee made in November 2000 that became payable upon SigmaTel's IPO. The company also said that in October 2003 it expects to receive $7 million net of expenses from ATI for the settlement announced today and, as previously announced, a cash settlement of $45 million from Western Digital Corporation.
Cirrus Logic will release the company's financial results for its second fiscal quarter of 2004 at approximately 4 p.m. ET on October 22. The company will hold a conference call to discuss second quarter results at 5 p.m. ET that same day. Those wishing to join the call should dial 617-847-8707 (pass code: Cirrus Logic) by 4:50 p.m. ET on October 22. A replay of the call will also be available, starting one hour after the completion of the call, until October 29. To access the recording, dial 617-801-6888 (pass code: 83104155).
About Cirrus Logic
Cirrus Logic is a premier supplier of high-performance analog, mixed-signal and digital processing solutions for consumer entertainment electronics, automotive entertainment and industrial product applications. Building on its global market leadership in audio ICs and its rich mixed-signal patent portfolio, Cirrus Logic targets audio, video and precision mixed-signal applications in these growing markets. The company operates from headquarters in Austin, Texas, with offices in California, Colorado, Europe, Japan and Asia.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.
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