Cirrus Logic Inc. (CRUS), a developer of analog and mixed-signal integrated circuits, reported Wednesday that its first-quarter net income decreased from last year, mainly hurt by reduction in net interest income. The company also provided revenue outlook for the second quarter of fiscal 2009.
In the first quarter, the company's net income declined to $2.14 million or $0.03 per share from $3.99 million or $0.04 per share in the previous year.
The company's first-quarter net income included stock-based compensation, acquisition-related amortization of intangibles, and vacated facility-related charges of around $2.1 million. Excluding one-time items, Cirrus Logic's 2009-first quarter net income was $3.74 million or $0.06 per share.
On average, 6 analysts polled by First Call/Thomson Financial estimated the company to earn $0.04 per share in the latest quarter.
The company reported quarterly revenues of $44.01 million, compared to revenues of $41.12 million in the prior year. Analysts anticipated revenues of $43.63 million in the first quarter.
Cirrus Logic's income from operations in the first quarter increased to $1.04 million from $471 thousand in the year-ago quarter.
The company's net interest income plunged to $936 thousand from $3.51 million in the prior year.
Looking forward, Cirrus Logic expects second-quarter revenue to range between $50 million and $54 million. Analysts estimate revenues of $50.20 million in the quarter. Gross margin for the quarter is expected to be in the range of 53% - 55%.
CRUS closed Wednesday's regular trade at $4.83, up $0.31, on a volume of 1.23 million shares.
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