Continues to Expect Strong Year-Over-Year Growth in FY16 and FY17
Cirrus Logic, Inc. (Nasdaq: CRUS) today announced preliminary net
revenue of approximately $347 million, based on unaudited financial
results for the third quarter, which ended Dec. 26, 2015.
“Our preliminary revenue results reflect weaker than anticipated demand
for certain portable audio products. This weakness escalated over the
last few weeks of December and is expected to continue to significantly
impact our revenue in the March quarter,” said Jason Rhode, president
and chief executive officer. “Despite this lower outlook for the short
term, we expect our full FY16 results to reflect meaningful
year-over-year revenue growth and further foresee strong growth for FY17
based on several anticipated new product introductions. The company is
well positioned to benefit from the rapidly growing demand for
innovative audio and voice products in the mobile phone, smart accessory
and digital headset markets. We are aligned with the very best customers
and have a comprehensive and robust product portfolio that spans the
complete audio signal chain. With numerous growth vectors, we believe
the company is poised for continued success in the coming years.”
The company will post its third quarter fiscal year 2016 financial
results and business outlook on the investor relations area of its
website at http://investor.cirrus.com
on Wednesday, Jan. 27, at approximately 4 p.m. EST. Cirrus Logic will
host a live Q&A webcast session at 5 p.m. EST 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
call or by dialing (404) 537-3406 or toll free at (855) 859-2056 (Access
Code: 8524794).
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 the United States, United Kingdom,
Australia, Japan and Asia. More information about Cirrus Logic is
available at www.cirrus.com.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic, Inc.
Safe Harbor Statement
Except for historical information contained herein, the matters set
forth in this news release contain our preliminary results for the third
quarter, and other forward-looking statements, including expectations
for growth in fiscal year 2016, fiscal year 2017 and beyond. 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
completion of the review process for our final third quarter financial
results, along with the timing and success of future product ramps, and
the risk factors listed in our Form 10-K for the year ended March 28,
2015, 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.
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