Cirrus Logic (CRUS) 8-K Cirrus Logic Reports March Quarter Revenue Up 87 Percent Year-Over-Year to $207 Million

Exhibit 99.1

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

AUSTIN, Texas--(BUSINESS WIRE)--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 million that 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 products		10,775		10,123			20,109			55,017			76,100
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 development		30,085		29,608			24,105			114,071			85,697
Selling, general and administrative		19,724		19,021			17,254			76,998			65,108
Restructuring and other costs		-		3,539			-			3,539			-
Gain on sale of asset		-		(247	)		-			(247	)		-
Provision for litigation expenses		-		-			100			-			100
Total operating expenses		49,809		51,921			41,459			194,361			150,905
Operating income		33,805		106,129			20,888			200,830			79,536
Interest income, net		106		76			139			440			517
Other income (expense), net		14		(31	)		45			(80	)		(70	)
Income before income taxes		33,925		106,174			21,072			201,190			79,983
Provision (benefit) for income taxes		7,565		38,312			(29,755	)		64,592			(8,000	)
Net income	$	26,360	$	67,862		$	50,827		$	136,598		$	87,983
Basic earnings per share:	$	0.41	$	1.04		$	0.79		$	2.12		$	1.35
Diluted earnings per share:	$	0.39	$	0.99		$	0.75		$	2.00		$	1.29
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 Reconciliation	Q4'13			Q3'13			Q4'12			Q4'13			Q4'12
GAAP Net Income	$	26,360		$	67,862		$	50,827		$	136,598		$	87,983
Amortization of acquisition intangibles		-			-			353			604			1,412
Stock based compensation expense		5,734			6,026			3,451			21,496			12,179
Facility Related adjustments		-			-			218			-			218
International sales reorganization charges		442			(47	)		(55	)		395			567
Provision for litigation expenses and settlements		-			-			100			-			100
Restructuring and other costs, net		-			3,539			-			3,539			-
Gain on asset sale		-			(247	)		-			(247	)		-
Provision (benefit) for income taxes		7,372			35,667			(30,310	)		59,974			(10,171	)
Non-GAAP Net Income	$	39,908		$	112,800		$	24,584		$	222,359		$	92,288
Earnings Per Share Reconciliation
GAAP Diluted earnings per share	$	0.39		$	0.99		$	0.75		$	2.00		$	1.29
Effect of Amortization of acquisition intangibles		-			-			0.01			0.01			0.02
Effect of Stock based compensation expense		0.09			0.09			0.05			0.31			0.18
Effect of Facility Related adjustments		-			-			-			-			-
Effect of International sales reorganization charges		0.01			-			-			-			0.01
Effect of Restructuring and other costs, net		-			0.05			-			0.05			-
Effect of Provision (benefit) for income taxes		0.10			0.51			(0.45	)		0.88			(0.14	)
Non-GAAP Diluted earnings per share	$	0.59		$	1.64		$	0.36		$	3.25		$	1.36
Operating Income Reconciliation
GAAP Operating Income	$	33,805		$	106,129		$	20,888		$	200,830		$	79,536
GAAP Operating Profit		16	%		34	%		19	%		25	%		19	%
Amortization of acquisition intangibles		-			-			353			604			1,412
Stock compensation expense - COGS		296			218			113			751			398
Stock compensation expense - R&D		2,976			3,234			1,753			10,550			5,590
Stock compensation expense - SG&A		2,462			2,574			1,585			10,195			6,191
Facility Related adjustments		-			-			218			-			218
International sales reorganization charges		442			(47	)		(55	)		395			567
Provision for litigation expenses and settlements		-			-			100			-			100
Restructuring and other costs, net		-			3,539			-			3,539			-
Gain on asset sale		-			(247	)		-			(247	)		-
Non-GAAP Operating Income	$	39,981		$	115,400		$	24,955		$	226,617		$	94,012
Non-GAAP Operating Profit		19	%		37	%		23	%		28	%		22	%
Operating Expense Reconciliation
GAAP Operating Expenses	$	49,809		$	51,921		$	41,459		$	194,361		$	150,905
Amortization of acquisition intangibles		-			-			(353	)		(604	)		(1,412	)
Stock compensation expense - R&D		(2,976	)		(3,234	)		(1,753	)		(10,550	)		(5,590	)
Stock compensation expense - SG&A		(2,462	)		(2,574	)		(1,585	)		(10,195	)		(6,191	)
Facility Related adjustments		-			-			(218	)		-			(218	)
International sales reorganization charges		(442	)		47			55			(395	)		(567	)
Provision for litigation expenses and settlements		-			-			(100	)		-			(100	)
Restructuring and other costs, net		-			(3,539	)		-			(3,539	)		-
Gain on asset sale		-			247			-			247			-
Non-GAAP Operating Expenses	$	43,929		$	42,868		$	37,505		$	169,325		$	136,827

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 equivalents	$	66,402		$	87,452		$	65,997
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 securities		64,910			-			2,914
Property and equipment, net		100,623			100,534			66,978
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 benefits		16,592			13,752			13,634
Other accrued liabilities		10,704			13,992			14,015
Deferred income on shipments to distributors		4,956			5,579			7,228
Total Current Liabilities		93,079			128,816			72,985
Other long-term obligations		10,094			10,131			5,620
Stockholders' equity:
Capital stock		1,041,834			1,033,549			1,008,228
Accumulated deficit		(492,741	)		(479,225	)		(541,609	)
Accumulated other comprehensive loss		(919	)		(773	)		(762	)
Total Stockholders' Equity		548,174			553,551			465,857
Total Liabilities and Stockholders' Equity	$	651,347		$	692,498		$	544,462
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