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CSR Updates Q2 Revenue Outlook; Announces Addl Share Buyback - Quick Facts

CSR plc. (CSRE, CSRXF.PK,CSR.L), a provider of multifunction connectivity, audio, and location platforms, said that it currently expects revenue for the second 2014 to be between $190 million and $200 million. The company said in April that it expected revenue to be in the range of $190 million to $210 million for the second-quarter.

Core revenue for the second-half of 2014 remains broadly in line with management expectations, while 2014 Legacy revenue is now expected to decline by around 70% compared to the 2013 financial year.

CSR currently expects underlying operating expenses to be between $340 million and $350 million for 2014.

CSR expects its total serviceable addressable market to grow from approximately $4.0 billion in 2014 to $6.6 billion in 2019, excluding revenues from the yet to be commercially introduced market of indoor location, representing a compound annual growth rate of 11 per cent.

The company noted that it will today host a Capital Markets Day at its offices in Cambridge. It will present its platform strategy, which targets attractive end markets with its integrated technology platforms to drive higher margins and returns. There will be presentations on its Core business in addition to a strategy review by Joep van Beurden, CEO and a financial overview from Will Gardiner, CFO.

CSR has completed the sale of certain Imaging intellectual property (IP) assets associated with its camera business, together with the team devoted to their development, for a total consideration of $44 million, subject to post-closing conditions.

In February 2014, the Board announced its intention to return up to $50 million to shareholders during the course of 2014 via a share repurchase. As of 23 June 2014, CSR has completed $45.9 million of repurchases.

As a result of the sale of Imaging IP assets, the Board has authorised a further share buyback of up to $20 million.

In addition, the Board has also decided to allocate $20 million upon receipt of the proceeds arising from the sale of Imaging IP assets to the Employee Benefit Trust.

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