Thursday, Cirrus Logic, Inc. (CRUS) said that its profit surged in the third quarter of 2009, boosted by a 49% increase in revenue. Looking ahead, the company provided revenue guidance for the fourth quarter.
Cirrus Logic's third quarter net income surged to $11.1 million or $0.17 per share from $2.7 million or $0.04 per share in the comparable quarter last year.
Excluding these items, non-GAAP net income was $12.2 million or $0.19 per share, up from $4.4 million or $0.07 per share in the prior year quarter.
The company's quarterly net revenue increased 49% to $65.2 million from $43.8 million in the same quarter last year.
On an average, six analysts polled by Thomson Reuters expected the company to earn $0.19 per share on revenue of $65 million for the quarter.
Revenue in the audio product segment was $47.0 million, up from $25.8 million and Energy product segment saw an increase of $18.0 million from $14.4 million in the year-ago period.
Gross margin for the quarter was 54%, down from 55 % in the prior year quarter.
In the recent quarter, income from operations was $10.9 million compared to $2.1 million and operating expenses increased to $23.9 million from $21.9 million in the year ago period.
Jason Rhode, president and chief executive officer said,"Continued market share gains in portable audio drove our overall year-over-year growth, and strength across many of our product lines allowed revenue to exceed our initial projections for the quarter. We shipped more than a million units of our newest power meter family for the first time, and a general recovery of our traditional industrial business contributed to our improved margins. We expect this progress to continue through FY11, and we are now focusing on our plans to drive growth in FY12 and beyond."
For the nine months, the company reported net income of $18.0 million or $0.28 per share compared to $11.2 million or $0.17 per share in the prior year period. Year-to-date revenue increased to $158.3 million from $141.1 million last year.
Looking forward, the company expects fourth quarter revenue in the range of $55 million to $59 million and gross margin is expected to be between 54% and 56%.
CRUS closed Thursday's regular trading session at $7.10, down $0.12 or 1.66% on a volume of 2.23 million shares on the Nasdaq. In the after hours the shares further declined 2.18% or $0.15, trading at $6.94.
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