Cirrus Logic, Inc. (NASD: CRUS), a supplier of analog and DSP chip products for consumer entertainment electronics, recently released its financial results for the second quarter of fiscal year 2009 ended September 27, 2008. Revenue for the second quarter reached $53.3 million, a 13 percent year-over-year increase compared with $47.0 million during the second quarter of fiscal year 2008 and a 21 percent gain over the previous quarter.
The company’s shares traded higher after the earnings announcement. Net income for the second quarter totaled $0.10 per share versus $0.03 per share in the second quarter of 2007. Cirrus Logic’s senior management team expects third quarter revenue to range between $51 million and $55 million with gross margins for the quarter expected to be between 54 percent and 56 percent.
Jason Rhode, the president and chief executive officer of Cirrus Logic, commented on the earnings announcement stating, “We are making progress toward our long term financial goal of 15 percent year-over-year revenue growth and 20 percent operating profit.” He added, “We view these current economic conditions as an opportunity to develop a stronger company and grow market share by continuing to invest in our strategic plan. The fundamentals of our business remain sound. We expect revenue and earnings growth on a year-over-year basis.”
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