FORM 8-K
CURRENT REPORT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report March 23, 2000
CIRRUS LOGIC, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 77-0024818 0-17795
(State or other jurisdiction of (I.R.S. Employer (Commission
incorporation or organization) Identification No.) File Number)
3100 West Warren Avenue, Fremont, CA 94538
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (510) 623-8300
__________________________________________________________
(Former name or former address, if changed since last report)
CIRRUS LOGIC, INC.
INDEX
Page
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Item 2. Acquisition or Disposition of Assets 3
Item 7. Financial Statements and Exhibits 4
Signature 4
Item 2. Acquisition or Disposition of Assets
Partial Disposition of the Company's Interest in the Common Stock of
Phone.com, Inc.
During February of 2000, we sold four call option contracts to Lehman
Brothers Finance, S.A. that resulted in a partial liquidation of our
investment in the common stock of Phone.com, Inc. (Nasdaq: PHCM). The
terms of the call option contracts were as follows:
Effective
Shares Premium Selling
Subject to Exercise Earned Price Per
Option Price Per Share Share Expiration
- ----------- --------- --------- ----------- -------------------
112,500 $110 $23.5354 $133.5354 March 23, 2000
62,500 130 15.34 145.34 March 23, 2000
62,500 135 12.88 147.88 March 23, 2000
62,500 $140 $10.70 $150.70 March 23, 2000
We received premiums totaling $5.1 million for entering into these
option contracts. Each of these option contracts was automatically
exercised under the terms of the agreements at the expiration date.
Accordingly, we received proceeds of $37.7 million on March 24, 2000
representing the exercise prices for the sale of the 300,000 underlying
shares of Phone.com. The total proceeds received by us from these
transactions was $42.8 million.
Item 7. Financial Statements and Exhibits
c) Letter Agreements between Lehman Brothers Finance S.A. and Cirrus
Logic, Inc. dated as of February 11, 2000 and February 18, 2000*.
* Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Cirrus Logic, Inc.
April 7, 2000
Date /s/ GLENN C. JONES
Glenn C. Jones
Vice President, Chief
Financial Officer,
Treasurer and Secretary
EXHIBIT INDEX
Exhibit Page
- --------- ------
10.1 Letter Agreements between Lehman Brothers Finance S. 6
and Cirrus Logic, Inc. dated as of February 11, 2000
and February 18, 2000*.