Knobias Clip Report (10-23-2008) CRUS
Submitted By Knobias ClipReport
CRUS: CEO Comments on Q2 Results; Sees Revenue Growth in Q3
By Fain Hughes, fhughes@knobias.com
Shares of Cirrus Logic, Inc. (CRUS) were higher in Thursday’s session after the Company reported its financial results for the second quarter of fiscal year 2009, which ended Sept. 27, 2008.
Revenue for the quarter was $53.3 million and represents a 13 percent increase compared to $47.0 million during the second quarter of fiscal year 2008 and a 21 percent increase compared to $44.0 million in the previous quarter. Cirrus Logic reported second quarter net income of of $0.10 per share versus $0.03 per share in the second quarter of 2007.
The Company expects Q3 revenue to range between $51 million and $55 million. Gross margin is expected to be between 54 percent and 56 percent.
Jason Rhode, President and CEO of Cirrus Logic, commented in a conference call, “We are making progress toward our long term financial goal of 15% year-over-year revenue growth and 20% operating profit. We are excited about the long term opportunities from our aggressive line of new products that are being introduced this month. These products target multiple audio and industrial applications.”
He added, “We view these current economic conditions as an opportunity to develop a stronger company and grow market share by continuing to invest in our strategic plan. The fundamentals of our business remain sound. We have a strong balance sheet, outstanding experience, great line-up of new products and some of the best customers in the world. We expect revenue and earnings growth on a year-over-year basis. By continuing to focus on building a stronger company during this economic downturn, we should be in an excellent position to emerge from this economic uncertainty even stronger.”
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