0001157523-13-001812.txt : 20130417 0001157523-13-001812.hdr.sgml : 20130417 20130416185401 ACCESSION NUMBER: 0001157523-13-001812 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130416 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIRRUS LOGIC INC CENTRAL INDEX KEY: 0000772406 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770024818 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17795 FILM NUMBER: 13765197 BUSINESS ADDRESS: STREET 1: 800 WEST 6TH STREET CITY: AUSTIN STATE: TX ZIP: 78701 BUSINESS PHONE: 512-851-4000 MAIL ADDRESS: STREET 1: 800 WEST 6TH STREET CITY: AUSTIN STATE: TX ZIP: 78701 8-K 1 a50611652.htm CIRRUS LOGIC, INC. 8-K


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


______________


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported):        April 16, 2013


 

CIRRUS LOGIC, INC.

(Exact name of Registrant as specified in its charter)



Delaware

 

0-17795

 

77-0024818

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(IRS Employer

Identification No.)


 

800 W. 6th Street, Austin, TX

   

78701

(Address of Principal Executive Offices) (Zip Code)


Registrant’s telephone number, including area code:   (512) 851-4000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02     Results of Operations and Financial Condition.

On April 16, 2013, the Company issued a press release announcing its preliminary fourth quarter and fiscal year 2013 results. The full text of the press release is attached as Exhibit No. 99.1 to this Current Report on Form 8-K.  The press release contains forward-looking statements regarding the Company and cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

The information contained in this Current Report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01     Financial Statements and Exhibits.

 

(d)       Exhibits

 

Exhibit

Description

 
Exhibit 99.1 Cirrus Logic, Inc. press release dated April 16, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CIRRUS LOGIC, INC.

 

 

Date:

April 16, 2013

By:

/s/ Thurman K. Case

 

Name: Thurman K. Case

 

Title:  Chief Financial Officer


EXHIBIT INDEX

Exhibit No.

Description

 

99.1

Registrant’s press release dated April 16, 2013.

EX-99.1 2 a50611652ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Cirrus Logic Announces Preliminary Q4 Revenue Increases 87 Percent Year Over Year to Approximately $206.9M

Company to Record a Net Inventory Reserve of $23.3 Million in Q4

AUSTIN, Texas--(BUSINESS WIRE)--April 16, 2013--Cirrus Logic Inc. (Nasdaq: CRUS) today announced preliminary net revenue of approximately $206.9 million, based on unaudited financial results for the fourth quarter, which ended March 30, 2013. The company also announced that it will record a total net inventory reserve of $23.3 million of which approximately $20.7 million is due to a decreased forecast for a high volume product as the customer migrates to one of Cirrus Logic’s newer components. The $20.7 million inventory reserve is expected to result in a decrease in gross margin for the quarter of slightly more than 10 percent to approximately 40.4 percent, below the company’s previous guidance range of 50 to 52 percent. Additionally, combined R&D and SG&A expenses are expected to be approximately $50 million, which includes roughly $6 million of stock based compensation and other charges.

The company expects margins to return to the 50 to 52 percent range on revenue of $150 to $170 million in the first fiscal quarter. R&D and SG&A expense for the June quarter is anticipated to be $51 million to $55 million, which includes approximately $6 million of stock based compensation.

“FY13 was an outstanding year for Cirrus Logic. While it is unfortunate to close the year with a significant inventory reserve, this should not overshadow the significant progress the company has made throughout this past fiscal year,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “We continue to be aligned with the very best customers in the markets we serve and our team is hard at work on development activities that will position us to capitalize on exciting opportunities in the future.”

The company will post its fourth quarter and full fiscal 2013 year financial results and business outlook on the investor relations area of its website at http://investor.cirrus.com on Thursday, April 25, at approximately 4 p.m. EDT.

Cirrus Logic will host a live Q&A webcast session on the investor relations website at 5 p.m. EDT that same day to answer questions related to its financial results and business outlook. Shareholders who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com.

A replay of the Q&A session will be available on the website listed above beginning approximately two hours following the completion of the webcast, or by dialing (404) 537-3406, or toll free at (855) 859-2056 (Access Code: 32769785).

Cirrus Logic, Inc.

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 Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release reflect the company’s preliminary estimates for the fourth quarter of fiscal year 2013, and are subject to our fourth quarter review process. This release also contains other forward-looking statements, including our expected revenues, gross margin, and total R&D and SG&A operating expenses for the first quarter of fiscal year 2014. 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 level of orders and shipments during the first quarter of fiscal year 2014, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; our ability to introduce and ramp production of new products in a timely manner; and the risk factors listed in our Form 10-K for the year ended March 31, 2012, 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.

CRUS-F

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