Cirrus Logic Reports March Quarter Revenue Up 87 Percent Year-Over-Year to $207 Million

  Cirrus Logic Reports March Quarter Revenue Up 87 Percent Year-Over-Year to
  $207 Million

 June Quarter Guidance Reflects an Increase of More Than 50 Percent Year Over
                                     Year

Business Wire

AUSTIN, Texas -- April 25, 2013

Cirrus Logic, Inc. (Nasdaq: CRUS),  a leader in high-precision analog and
digital signal processing components, today posted on its investor relations
website at http://investor.cirrus.com the quarterly Shareholder Letter that
contains the complete financial results for the fourth quarter and full fiscal
year 2013, which ended March 30, as well as the company’s current business
outlook.

“FY13 was a tremendous year for Cirrus Logic. We experienced substantial
growth in our revenue and operating profit, we significantly expanded our
footprint in portable audio and we launched our new LED lighting products,”
said Jason Rhode, president and chief executive officer. “We are aligned with
the best customers around, and our team is actively engaged in new
developments that are expected to drive our growth over time.”

Reported Financial Results – Fourth Quarter FY13

  *Revenue of $207 million;
  *Gross margin of 40.4 percent, which, as disclosed in our press release on
    April 16, included an inventory reserve of approximately$20.7
    millionthat resulted in a gross margin decline of slightly more than 10
    percent;
  *GAAP operating expenses of $50 million and non-GAAP operating expenses of
    $44 million; and
  *GAAP diluted earnings per share of $0.39 and non-GAAP diluted earnings per
    share of $0.59.

Reported Financial Results – Complete FY13

  *Revenue of $810 million;
  *Gross margin of 49 percent;
  *GAAP operating expenses of $194 million and non-GAAP operating expenses of
    $169 million; and
  *GAAP diluted earnings per share of $2.00 and non-GAAP diluted earnings per
    share of $3.24.

A reconciliation of the non-GAAP charges is included in the tables
accompanying this press release.

Business Outlook – First Quarter FY14

  *Revenue is expected to range between $150 million and $170 million;
  *Gross margin is expected to be between 50 percent and 52 percent; and
  *Combined R&D and SG&A expenses are expected to range between $51 million
    and $55 million, which includes approximately $6 million in share-based
    compensation.

Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer
questions related to its financial results and business outlook. Participants
may listen to the conference call on the Cirrus Logic website. Participants
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 webcast can
be accessed on the Cirrus Logic website approximately two hours following its
completion, or by calling (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.

Use of non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP basis,
Cirrus has provided non-GAAP financial information, including operating
expenses, net income, operating profit and diluted earnings per share. A
reconciliation of the adjustments to GAAP results is included in the tables
below. Non-GAAP financial information is not meant as a substitute for GAAP
results, but is included because management believes such information is
useful to our investors for informational and comparative purposes. In
addition, certain non-GAAP financial information is used internally by
management to evaluate and manage the company. The non-GAAP financial
information used by Cirrus Logic may differ from that used by other companies.
These non-GAAP measures should be considered in addition to, and not as a
substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in
this news release contain forward-looking statements, including our estimates
of first quarter fiscal year 2014 revenue, gross margin, combined research and
development and selling, general and administrative expense levels, and
share-based compensation expense. In some cases, forward-looking statements
are identified by words such as “expect,” “anticipate,” “target,” “project,”
“believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of
these types of words and similar expressions. 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 following: 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; 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


CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
                                                                      
                 Three Months Ended                              Twelve Months Ended
                 Mar. 30,      Dec. 29,        Mar. 31,          Mar. 30,        Mar. 31,
                 2013          2012            2012              2013            2012
                 Q4'13         Q3'13           Q4'12             Q4'13           Q4'12
Audio products   $ 196,098     $ 300,010       $ 90,522          $ 754,769       $ 350,743
Energy            10,775       10,123        20,109          55,017        76,100  
products
Net revenue       206,873      310,133       110,631         809,786       426,843 
Cost of sales     123,259      152,083       48,284          414,595       196,402 
Gross Profit       83,614        158,050         62,347            395,191         230,441
                                                                                 
Research and       30,085        29,608          24,105            114,071         85,697
development
Selling,
general and        19,724        19,021          17,254            76,998          65,108
administrative
Restructuring
and other          -             3,539           -                 3,539           -
costs
Gain on sale       -             (247    )       -                 (247    )       -
of asset
Provision for
litigation        -            -             100             -             100     
expenses
Total
operating         49,809       51,921        41,459          194,361       150,905 
expenses
                                                                                 
Operating          33,805        106,129         20,888            200,830         79,536
income
                                                                                 
Interest           106           76              139               440             517
income, net
Other income      14           (31     )      45              (80     )      (70     )
(expense), net
Income before      33,925        106,174         21,072            201,190         79,983
income taxes
Provision
(benefit) for     7,565        38,312        (29,755 )        64,592        (8,000  )
income taxes
Net income       $ 26,360      $ 67,862       $ 50,827         $ 136,598      $ 87,983  
                                                                                 
Basic earnings   $ 0.41        $ 1.04          $ 0.79            $ 2.12          $ 1.35
per share:
Diluted
earnings per     $ 0.39        $ 0.99          $ 0.75            $ 2.00          $ 1.29
share:
                                                                                 
Weighted
average number
of shares:
Basic              63,877        65,055          64,213            64,580          64,934
Diluted            67,138        68,866          67,913            68,454          68,064
                                                                                 
Prepared in accordance with Generally Accepted Accounting Principles



CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)
                                                                        
Non-GAAP financial information is not meant as a substitute for GAAP results, but is included
because management believes such information is useful to our investors for informational and
comparative purposes. In addition, certain non-GAAP financial information is used internally by
management to evaluate and manage the company. As a note, the non-GAAP financial information
used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures
should be considered in addition to, and not as a substitute for, the results prepared in
accordance with GAAP.
                                                                                    
                   Three Months Ended                               Twelve Months Ended
                   Mar. 30,       Dec. 29,        Mar. 31,          Mar. 30,        Mar. 31,
                   2013           2012            2012              2013            2012
Net Income         Q4'13          Q3'13           Q4'12             Q4'13           Q4'12
Reconciliation
GAAP Net           $ 26,360       $ 67,862        $ 50,827          $ 136,598       $ 87,983
Income
Amortization
of acquisition       -              -               353               604             1,412
intangibles
Stock based
compensation         5,734          6,026           3,451             21,496          12,179
expense
Facility
Related              -              -               218               -               218
adjustments
International
sales                442            (47     )       (55     )         395             567
reorganization
charges
Provision for
litigation           -              -               100               -               100
expenses and
settlements
Restructuring
and other            -              3,539           -                 3,539           -
costs, net
Gain on asset        -              (247    )       -                 (247    )       -
sale
Provision
(benefit) for       7,372        35,667        (30,310 )        59,974        (10,171 )
income taxes
Non-GAAP Net       $ 39,908      $ 112,800      $ 24,584         $ 222,359      $ 92,288  
Income
                                                                                    
Earnings Per
Share
Reconciliation
GAAP Diluted
earnings per       $ 0.39         $ 0.99          $ 0.75            $ 2.00          $ 1.29
share
Effect of
Amortization         -              -               0.01              0.01            0.02
of acquisition
intangibles
Effect of
Stock based          0.09           0.09            0.05              0.31            0.18
compensation
expense
Effect of
Facility             -              -               -                 -               -
Related
adjustments
Effect of
International
sales                0.01           -               -                 -               0.01
reorganization
charges
Effect of
Restructuring        -              0.05            -                 0.05            -
and other
costs, net
Effect of
Provision           0.10         0.51          (0.45   )        0.88          (0.14   )
(benefit) for
income taxes
Non-GAAP
Diluted            $ 0.59        $ 1.64         $ 0.36           $ 3.25         $ 1.36    
earnings per
share
                                                                                    
Operating
Income
Reconciliation
GAAP Operating     $ 33,805       $ 106,129       $ 20,888          $ 200,830       $ 79,536
Income
GAAP Operating       16     %       34      %       19      %         25      %       19      %
Profit
Amortization
of acquisition       -              -               353               604             1,412
intangibles
Stock
compensation         296            218             113               751             398
expense - COGS
Stock
compensation         2,976          3,234           1,753             10,550          5,590
expense - R&D
Stock
compensation         2,462          2,574           1,585             10,195          6,191
expense - SG&A
Facility
Related              -              -               218               -               218
adjustments
International
sales                442            (47     )       (55     )         395             567
reorganization
charges
Provision for
litigation           -              -               100               -               100
expenses and
settlements
Restructuring
and other            -              3,539           -                 3,539           -
costs, net
Gain on asset       -            (247    )      -               (247    )      -       
sale
Non-GAAP
Operating          $ 39,981      $ 115,400      $ 24,955         $ 226,617      $ 94,012  
Income
Non-GAAP
Operating            19     %       37      %       23      %         28      %       22      %
Profit
                                                                                    
Operating
Expense
Reconciliation
GAAP Operating     $ 49,809       $ 51,921        $ 41,459          $ 194,361       $ 150,905
Expenses
Amortization
of acquisition       -              -               (353    )         (604    )       (1,412  )
intangibles
Stock
compensation         (2,976 )       (3,234  )       (1,753  )         (10,550 )       (5,590  )
expense - R&D
Stock
compensation         (2,462 )       (2,574  )       (1,585  )         (10,195 )       (6,191  )
expense - SG&A
Facility
Related              -              -               (218    )         -               (218    )
adjustments
International
sales                (442   )       47              55                (395    )       (567    )
reorganization
charges
Provision for
litigation           -              -               (100    )         -               (100    )
expenses and
settlements
Restructuring
and other            -              (3,539  )       -                 (3,539  )       -
costs, net
Gain on asset       -            247           -               247           -       
sale
Non-GAAP
Operating          $ 43,929      $ 42,868       $ 37,505         $ 169,325      $ 136,827 
Expenses
                                                                                              

                         
CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands)
                         
                           Mar. 30,        Dec. 29,        Mar. 31,
                             2013              2012              2012
                                               (unaudited)
ASSETS
Current assets
Cash and cash                $ 66,402          $ 87,452          $ 65,997
equivalents
Restricted investments         -                 -                 -
Marketable securities          105,235           60,717            115,877
Accounts receivable, net       69,289            170,683           44,153
Inventories                    119,300           135,023           55,915
Deferred tax asset             64,937            53,140            53,137
Other current assets          19,371          21,775          16,508    
Total Current Assets           444,534           528,790           351,587
                                                                 
Long-term marketable           64,910            -                 2,914
securities
Property and equipment,        100,623           100,534           66,978
net
Intangibles, net               4,650             4,920             18,241
Goodwill                       6,027             6,027             6,027
Deferred tax asset             16,671            36,466            89,071
Other assets                  13,932          15,761          9,644     
Total Assets                 $ 651,347        $ 692,498        $ 544,462   
                                                                 
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable             $ 60,827          $ 95,493          $ 38,108
Accrued salaries and           16,592            13,752            13,634
benefits
Other accrued                  10,704            13,992            14,015
liabilities
Deferred income on
shipments to                  4,956           5,579           7,228     
distributors
Total Current                  93,079            128,816           72,985
Liabilities
                                                                 
Other long-term                10,094            10,131            5,620
obligations
                                                                 
Stockholders' equity:
Capital stock                  1,041,834         1,033,549         1,008,228
Accumulated deficit            (492,741  )       (479,225  )       (541,609  )
Accumulated other             (919      )      (773      )      (762      )
comprehensive loss
Total Stockholders'           548,174         553,551         465,857   
Equity
Total Liabilities and        $ 651,347        $ 692,498        $ 544,462   
Stockholders' Equity
                                                                 
Prepared in accordance with Generally Accepted Accounting Principles

Contact:

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