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Cirrus Logic Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 24, 2013 04:06PM
Cirrus Logic Inc. (CRUS) filed Quarterly Report for the period ended 2012-12-29. Cirrus Logic, Inc. has a market cap of $1.74 billion; its shares were traded at around $26.56 with a P/E ratio of 16.5 and P/S ratio of 3.5.
Highlight of Business Operations:The following table summarizes the results of our operations for the third quarter and first nine months of fiscal years 2013 and 2012 as a percentage of net sales. All percentage amounts were calculated using the underlying data in thousands, unaudited:
Net sales for the first nine months of fiscal year 2013 increased $286.7 million, or 91 percent to $602.9 million from $316.2 million for the first nine months of fiscal year 2012. Net sales from our audio products increased $298.5 million, or 115 percent, primarily due to significant increases in portable audio sales for the first nine months in fiscal year 2013 versus the same time period in the prior fiscal year. Energy product sales decreased $11.8 million, or 21 percent, during the first nine months of fiscal year 2013 versus the comparable period of the prior fiscal year due primarily to the asset sale discussed in Note 7, which contributed an $8.9 million decrease. Also contributing to the decrease was $4.8 million in power meters, partially offset by a $2.1 million increase in seismic.
Since the components we produce are largely proprietary and generally not available from second sources, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may then purchase our products directly from us, from an external sales representative or distributor, or through a third party manufacturer contracted to produce their designs. For the third quarter of fiscal years 2013 and 2012, our ten largest end customers represented approximately 94 percent and 80 percent of our sales, respectively. For the first nine months of fiscal years 2013 and 2012, our ten largest end customers represented approximately 88 percent and 74 percent of our sales, respectively.
We had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 91 percent and 70 percent of the Company’s total sales for the third quarter of fiscal years 2013 and 2012, respectively. This same customer represented approximately 82 percent and 62 percent of the Company’s total sales for the first nine months of fiscal years 2013 and 2012, respectively.
We have not paid cash dividends on our common stock and currently intend to continue our policy of retaining any earnings for reinvestment in our business. Although we cannot give assurance that we will be able to generate cash in the future, we anticipate that our existing capital resources and cash flow generated from future operations will enable us to maintain our current level of operations for at least the next 12 months.
Stocks Discussed: CRUS,