Cirrus Logic Inc. Reports Operating Results (10-Q)
Cirrus Logic, Inc. has a market cap of $2.57 billion; its shares were traded at around $43.69 with a P/E ratio of 32.3 and P/S ratio of 6. Cirrus Logic, Inc. had an annual average earning growth of 63.9% over the past 5 years.
Highlight of Business Operations:Net sales for the first six months of fiscal year 2013 increased $99.0 million, or 51 percent to $292.8 million from $193.8 million for the first six months of fiscal year 2012. Net sales from our audio products increased $103.9 million, or 67 percent, primarily due to significant increases in portable audio sales for the first six months in fiscal year 2013 versus the same time period in the prior fiscal year. Energy product sales decreased $4.9 million, or 13 percent, during the first six months of fiscal year 2013 versus the comparable period of the prior fiscal year due primarily to the Apex sale discussed in Note 7, which contributed a $3 million decrease and a $2.5 million decrease from power meters, offset by a $1.7 million increase in seismic products.
We had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 79 percent and 59 percent of the Company’s total sales for the second quarter of fiscal years 2013 and 2012, respectively. This same
customer represented approximately 72 percent and 57 percent of the Company’s total sales for the first six months of fiscal years 2013 and 2012, respectively.
We had one distributor, Avnet Inc., who represented approximately 18 percent of our sales for the three month period and 18 percent of our sales for the six month period ending September 24, 2011.
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.
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