Cir­rus Logic dou­bles rev­enue, driven by sales of au­dio chips

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE - By Kirk Laden­dorf kladen­dorf@states­; 445-3622

Cir­rus Logic Inc. said Tues­day that its firstquar­ter rev­enue more than dou­bled from last year, thanks to a surge in sales of the Austin­based com­pany’s au­dio chips.

Rev­enue for the three-month pe­riod that ended June 26 was $81.9 mil­lion, up 118 per­cent from the same quar­ter a year ear­lier. Profit was $17.6 mil­lion, or 25 cents a share, com­pared with $221,000 a year ago. The com­pany ex­pects rev­enue of be­tween $98 mil­lion and $106 mil­lion dur­ing its cur­rent quar­ter.

“We are ex­tremely pleased with our Q1 fi­nan­cial re­sults as rev­enue growth in por­ta­ble au­dio was sup­ported by growth from sev­eral other au­dio-and en­ergy-re­lated prod­uct lines,” CEO Ja­son Rhode said. “With a great sec­ond quar­ter ahead of us and our newly re­leased prod­ucts be­ing very well-re­ceived by cus­tomers, we be­lieve that the fu­ture of Cir­rus Logic re­mains very bright.”

Cir­rus shares rose 3.8 per­cent, or 66 cents, to close at $18.15 a share Tues­day. The com­pany’s stock price has nearly tripled in the past year.

Much of the fuel for the com­pany’s rapid growth ap­pears to be com­ing from its largest cus­tomer, Ap­ple Inc. Cir­rus sup­plies au­dio chips for both the iPhone and the iPad tablet com­puter, ac­cord­ing to in­dus­try an­a­lysts who have ex­am­ined those prod­ucts. In the 12-month pe­riod that ended in March, Ap­ple ac­counted for 36 per­cent of Cir­rus’ rev­enue, ac­cord­ing to a se­cu­ri­ties fil­ing.

Cir­rus Logic re­cently an­nounced plans to build a new head­quar­ters down­town on West Sixth Street. It has about 500 em­ploy­ees.

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