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

  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

Business Wire

AUSTIN, Texas -- 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
itwillrecord a total netinventory reserve of$23.3millionof which
approximately$20.7 million isdue toa decreasedforecastforahigh
volumeproductas the customermigratesto one ofCirrus
Logic’snewercomponents. 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
 
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