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Total GAAP operating expenses for the quarter were approximately $22.5 million, up from $19.8 million in the previous quarter. GAAP operating expenses in the second quarter included a net benefit of approximately $1.4 million related to the sale of certain patents as well as an additional $165,000 in facilities restructuring credits. GAAP operating expenses also include charges of $1.3 million for stock-based compensation and $400,000 in acquisition-related amortization of intangibles. Non-GAAP operating expenses for the quarter were approximately $22.4 million, compared to $20.9 million for the June quarter.

Income from operations on a GAAP basis was approximately $6.4 million. Excluding the items noted above, non-GAAP income from operations was $6.7 million.

Cirrus Logic reported second quarter GAAP net income of approximately $6.8 million, or $0.10 per share based on 65.5 million average diluted shares outstanding. Excluding the items noted above, on a non-GAAP basis the company reported net income of $7.0 million, or $0.11 per share.

"We are extremely pleased with our Q2 results, as revenue and gross margin exceeded our expectations, driven by both new audio product ramps as well as a modest recovery across our other product lines," said Jason Rhode, president and chief executive officer, Cirrus Logic. "We expect further revenue growth in Q3, coupled with gross margin improvements due to a higher mix of Energy revenue as well as continued improvements to our product cost structures."

Outlook for Third Quarter FY 2010 (ending December 26, 2009):

-- Revenue is expected to range between $58 million and $62 million;

-- Gross margin is expected to be between 52 percent and 54 percent; and

-- Combined R&D and SG&A expenses are expected to range between $23 million and $25 million, which include approximately $2 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company's results for the second quarter of fiscal year 2010, on Oct. 20, 2009 at 10:30 a.m. EDT. Those wishing to join should call 480-629-9820, or 877-941-8631 (Conference ID: 4165423) at approximately 10:20 a.m. EDT. A replay of the conference call will also be available beginning one hour after the completion of the call, until Oct. 27, 2009. To access the recording, dial 303-590-3030, or toll-free at 800-406-7325 (Conference ID: 4165423). A live and an archived webcast of the conference call will also be available via the investor section of the company's website at www.cirrus.com.

Cirrus Logic, Inc.

Celebrating its 25th year as a leading fabless semiconductor company in 2009, 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 Tucson, Ariz., 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 non-GAAP operating expenses, non-GAAP net income, non-GAAP net income from operations, and non-GAAP 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. 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.

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 third quarter fiscal year 2010 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. 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 following: overall economic pressures and general market and economic conditions; overall conditions in the semiconductor market; the level of orders and shipments during the third quarter of fiscal year 2010, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; pricing pressures; and the risk factors listed in our Form 10-K for the year ended March 28, 2009, 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.

Summary financial data follows:

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
                                      Three Months Ended                        Six Months Ended
                                      Sep. 26,      Jun. 27,      Sep. 27,      Sep. 26,      Sep. 27,
                                      2009          2009          2008          2009          2008
                                      Q2'10         Q1'10         Q2'09         Q2'10         Q2'09
Audio products                        $  41,271     $  24,787     $  30,604     $  66,058     $    52,634
Energy products                          14,403        12,727        22,674        27,130          44,655
Net revenue                              55,674        37,514        53,278        93,188          97,289
Cost of sales                            26,700        17,927        23,292        44,627          42,652
Gross Profit                             28,974        19,587        29,986        48,561          54,637
Operating expenses:
Research and development                 12,355        12,508        10,864        24,863          22,469
Selling, general and administrative      11,746        10,071        11,597        21,817          23,600
Restructuring and other costs            (165   )      -             -             (165   )        -
Provision for litigation expenses        -             (2,745 )      1,771         (2,745 )        1,771
Patent agreement, net                    (1,400 )      -             -             (1,400 )        -
Total operating expenses                 22,536        19,834        24,232        42,370          47,840
Operating income (loss)                  6,438         (247   )      5,754         6,191           6,797
Interest income, net                     376           463           637           839             1,573
Other income (expense), net              (21    )      (18    )      (52    )      (39    )        143
Income (loss) before income taxes        6,793         198           6,339         6,991           8,513
Provision (benefit) for income taxes     29            (23    )      (16    )      6               20
Net income (loss)                     $  6,764      $  221        $  6,355      $  6,985      $    8,493
Basic income (loss) per share:
Basic income (loss) per share:        $  0.10       $  -          $  0.10       $  0.11       $    0.13
Diluted income (loss) per share:      $  0.10       $  -          $  0.10       $  0.11       $    0.13
Weighted average number of shares:
Basic                                    65,281        65,254        64,971        65,268          65,797
Diluted                                  65,473        65,341        65,317        65,392          66,264
Prepared in accordance with Generally Accepted Accounting
Principles

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands)
                                                          Sep. 26,          Mar. 28,          Sep. 27,
                                                          2009              2009              2008
                                                          (unaudited)                         (unaudited)
    ASSETS
    Current assets
            Cash and cash equivalents                     $   20,692        $   31,504        $   55,566
            Restricted investments                            5,755             5,755             5,755
            Marketable securities                             62,191            79,346            48,565
            Accounts receivable, net                          26,160            10,814            25,556
            Inventories                                       22,497            19,878            28,106
            Other current assets                              4,618             5,359             7,794
            Total Current Assets                              141,913           152,656           171,342
    Long-term marketable securities                           35,391            3,627             -
    Property and equipment, net                               18,788            19,367            20,779
    Intangibles, net                                          22,856            23,309            24,559
    Goodwill                                                  6,027             6,027             6,194
    Other assets                                              1,925             2,018             2,301
            Total Assets                                  $   226,900       $   207,004       $   225,175
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities
            Accounts payable                              $   20,758        $   9,886         $   17,620
            Accrued salaries and benefits                     6,873             6,432             7,552
            Other accrued liabilities                         4,894             6,004             8,657
            Deferred income on shipments to distributors      3,728             3,426             7,751
            Total Current Liabilities                         36,253            25,748            41,580
    Long-term restructuring accrual                           548               931               1,285
    Other long-term obligations                               7,265             7,397             7,093
    Stockholders' equity:
            Capital stock                                     948,371           945,455           942,853
            Accumulated deficit                               (764,966 )        (771,951 )        (766,933 )
            Accumulated other comprehensive loss              (571     )        (576     )        (703     )
            Total Stockholders' Equity                        182,834           172,928           175,217
            Total Liabilities and Stockholders' Equity    $   226,900       $   207,004       $   225,175
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)
We use these Non-GAAP financial numbers to assist us in the
management of the Company because we believe that this information
provides a more consistent and complete understanding of the
underlying results and trends of the ongoing business due to the
uniqueness of these charges.
                                                  Three Months Ended                              Six Months Ended
                                                  Sep. 26,        Jun. 27,        Sep. 27,        Sep. 26,        Sep. 27,
                                                  2009            2009            2008            2009            2008
Net Income Reconciliation                         Q2'10           Q1'10           Q2'09           Q2'10           Q2'09
GAAP Net Income                                   $   6,764       $   221         $   6,355       $   6,985       $   8,493
Acquisition related items                             404             404             364             808             36
Stock based compensation expense                      1,383           1,353           1,230           2,736           2,900
Facility and other related adjustments                -               (22    )        (34    )        (22    )        216
Provision for Litigation expenses                     -               (2,745 )        1,771           (2,745 )        1,771
Restructing and other costs, net                      (165   )        -               -               (165   )        -
Impairment of Intangibles                             -               -               -               -               11
Patent agreement, net                                 (1,400 )        -               -               (1,400 )        -
Non-GAAP Net Income (Loss)                        $   6,986       $   (789   )    $   9,686       $   6,197       $   13,427
Earnings Per Share reconciliation
GAAP Diluted income per share                     $   0.10        $   -           $   0.10        $   0.11        $   0.13
Effect of Acquisition related items                   0.01            0.01            -               0.01            -
Effect of Stock based compensation expense            0.02            0.02            0.02            0.04            0.04
Effect of Facility and other related adjustments      -               -               -               -               -
Effect of Provision for Litigation expenses           -               (0.04  )        0.03            (0.04  )        0.03
Effect of Restructing and other costs, net            -               -               -               -               -
Effect of Impairment of Intangibles                   -               -               -               -               -
Effect of Patent agreement, net                       (0.02  )        -               -               (0.02  )        -
Non-GAAP Net income (loss) per share              $   0.11        $   (0.01  )    $   0.15        $   0.10        $   0.20
Operating Income Reconciliation
GAAP Operating Income (Loss)                      $   6,438       $   (247   )    $   5,754       $   6,191       $   6,797
Stock compensation expense - COGS                     43              52              48              95              245
Stock compensation expense - R&D                      428             514             446             942             1,023
Stock compensation expense - SG&A                     912             787             736             1,699           1,632
Amortization of acquisition intangibles               404             404             364             808             36
Facility and other related adjustments                -               (22    )        (34    )        (22    )        216
Provision for litigation expenses                     -               (2,745 )        1,771           (2,745 )        1,771
Restructing and other costs, net                      (165   )        -               -               (165   )        -
Impairment of Intangibles                             -               -               -               -               11
Patent agreement, net                                 (1,400 )        -               -               (1,400 )        -
Non-GAAP Operating Income (Loss)                  $   6,660       $   (1,257 )    $   9,085       $   5,403       $   11,731
Operating Expense Reconciliation
GAAP Operating Expenses                           $   22,536      $   19,834      $   24,232      $   42,370      $   47,840
Stock compensation expense - R&D                      (428   )        (514   )        (446   )        (942   )        (1,023 )
Stock compensation expense - SG&A                     (912   )        (787   )        (736   )        (1,699 )        (1,632 )
Amortization of acquisition intangibles               (404   )        (404   )        (364   )        (808   )        (36    )
Facility and other related adjustments                -               22              34              22              (216   )
Provision for litigation expenses                     -               2,745           (1,771 )        2,745           (1,771 )
Restructing and other costs, net                      165             -               -               165             -
Impairment of Intangibles                             -               -               -               -               (11    )
Patent agreement, net                                 1,400           -               -               1,400           -
Non-GAAP Operating Expenses                       $   22,357      $   20,896      $   20,949      $   43,253      $   43,151

SOURCE: Cirrus Logic, Inc.

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

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