AUSTIN, Tex. -- The near-term outlook at Cirrus Logic Inc. is a little better than other chip companies, which this week have been forecasting lower revenues in the first three months of 2001. Cirrus Logic today said it expects sales to be flat in the current quarter from $208 million in its fiscal third quarter, ended Dec. 30.
"In addition, we believe we are on track to achieve our October guidance for revenues of $775 million to $790 million and pro forma earnings per share of $0.90 to $0.94 in fiscal 2001," said president and CEO David D. French, referring to the year ending in March. Last year, Cirrus posted sales of $564 million and a loss of $0.77 per share.
For the third fiscal quarter, ended Dec. 30, Cirrus' revenues sequentially increase 10% to $208 million from $189.5 million in the prior quarter and increased 38% from $150.8 million in the same period a year ago. Cirrus posted a net income of $22.4 million in the just-ended quarter vs. $3.3 million in the period a year ago.
Cirrus anticipates flat sales in the current quarter with consumer electronics offsetting softness in the PC sector. "I believe our strong balance sheet and strategic vision of Internet entertainment electronics position us well for the future," said French. He added that the company's chip solutions are in Intel Corp.'s Pocket Concert MP3 player and "virtually every major Japanese manufacturer of A/V audio/video receivers and set-top boxes."