CIRRUS LOGIC, INC. (NASDAQ:CRUS) Files An 8-K Results of Operations and Financial Condition
Item 2.02Results of Operations and Financial Condition.
On January 30, 2019, the Company issued a press release announcing its financial results for its third quarter and first nine months fiscal year 2019. The full text of the press release is furnished as Exhibit No. 99.1 to this Current Report on Form 8-K.
Item 7.01Regulation FD Disclosure.
On January 30, 2019, in addition to issuing a press release, the Company posted on its website a shareholder letter to investors summarizing the financial results for its third quarter and first nine months of fiscal year 2019. The full text of the shareholder letter is furnished as Exhibit No. 99.2 to this Current Report on Form 8-K.
Item 8.01Other Events.
The Company announced that the Cirrus Logic Board of Directors authorized a share repurchase program of up to $200 million of the company’s common stock. The repurchases will be funded from working capital and anticipated cash from operations and may occur from time to time depending on a variety of factors including the market price of the company’s shares, general market and economic conditions and other corporate considerations.The share repurchase program is designed to comply with all applicable securities laws, and may be suspended or discontinued at any time without notice.
A copy of the press release announcing the share repurchase program is attached to this Form 8-K as Exhibit 99.1.
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 net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense and tax expense impact on earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables to the press release furnished as Exhibit 99.1 to the Current Report on Form 8-K. 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.
The information contained in Items 2.02, 7.01, and 9.01 in this Current Report on Form 8-K and the exhibits furnished hereto contain forward-looking statements regarding the Company and cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. In addition, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
| Exhibit | Description |
|
Exhibit 99.1 |
Cirrus Logic, Inc. press release dated January 30, 2019 |
|
Exhibit 99.2 |
Cirrus Logic, Inc. shareholder letter dated January 30, 2019 |
CIRRUS LOGIC INC Exhibit
EX-99.1 2 a51932489ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Cirrus Logic Reports Q3 FY19 Revenue of $324.3 Million Company Announces $200 Million Share Repurchase Program AUSTIN,…
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About CIRRUS LOGIC, INC. (NASDAQ:CRUS)
Cirrus Logic, Inc. is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas. The Company offers products through both direct and indirect sales channels across the world. The Company’s portable audio products include analog and mixed-signal components designed for mobile devices including smartphones, tablets, digital headsets, wearables, smart accessories and portable media players. Its non-portable audio and other products include analog and mixed-signal components targeting the consumer market, including smart home applications, and the automotive, energy and industrial markets.
