7/7/2003 - Cirrus Logic, Inc. (Nasdaq: CRUS), announced the resignation of Steven D. Overly, its Senior Vice President of Administration, Chief Financial Officer, General Counsel and Secretary, for personal reasons. On July 2, 2003, W. Kirk Patterson, Vice President and Controller, was appointed acting CFO.
Mr. Patterson has over 23 years of broad financial experience and has been with Cirrus Logic for three years. Prior to joining Cirrus Logic, Mr. Patterson was employed by PricewaterhouseCooper and BP Corporation.
The company said that it expects revenue for its first fiscal quarter of 2004, ended June 28, 2003, to be in the low end of the company’s revenue guidance. In addition, the company expects double-digit percentage revenue growth in the September quarter. “We are pleased to see that business conditions are improving and that our backlog is substantially higher than it was 90 days ago,” stated David D. French, President and Chief Executive Officer of Cirrus Logic.
Sale of Assets
On June 30, 2003, the company closed the sale of its semiconductor test operations in Austin, Texas, to ChipPAC, Inc., which the company announced on June 26, 2003.
Cirrus Logic will announce its first fiscal quarter results in a conference call on July 23, 2003.
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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