FLASH: CRUS RAISES ESTIMATES

Cirrus Logic raises Q3 rev guidance above consensus; sees Q4 revs above consensus (16.97 +0.47)
Co announced estimated net revenue based on preliminary unaudited financial results for the third fiscal quarter, which ended on Dec. 31, 2011, of approximately $122 million (vs $105.08 mln Capital IQ Consensus Estimate). Previously, the company anticipated revenue to be between $102 million and $108 million. Revenue from audio products is estimated at $105 million and revenue from energy products is expected to be approximately $17 million. The company expects gross margin to be approximately 54 percent and combined R&D and SG&A expenses are estimated to be approximately $600,000 above the upper end of guidance, due primarily to additional product development expenses. At this early stage in the March quarter, the company is currently expecting revenue of approximately $105 million (vs $98.49 mln Capital IQ Consensus Estimate), which represents year over year revenue growth of approximately 15 percent. “Q3 was a great quarter for Cirrus Logic, and we are particularly pleased that the last few weeks of the quarter were much stronger than we had anticipated, indicating that demand remains robust following the holiday season.”