Fremont, Calif.--Jan. 21, 1998--Cirrus Logic, Inc. announced thatnet revenues for the third quarter of fiscal 1998 were $240.8 million,net income was $12.9 million, and diluted earnings per share were $0.18.Excluding a one-time net-gain related to the sale of assets and certaincorporate restructuring events that occurred during the quarter, netincome for the third quarter would have been $12.0 million and dilutedearnings per share would have been $0.17.
Compared with the same quarter of last year and excluding one-timenet-gains and their related tax effects, net income increased 167 percentfrom $4.5 million and diluted earnings per share increased 143 percent from$0.07. Since September of 1996, Cirrus Logic has divested over $220million in annualized revenues from noncore business units.
A major event of the quarter was the company's decision toaccelerate its transition to a high-integration roadmap that variouslycombines PC audio, modem, and graphics technologies into morevalue-added system-level solutions. As a result, the company hasdiscontinued development of its Laguna3D 128-bit graphics devicein favor of integrating the 3D graphics function with other featuresets. Cirrus Logic confirmed that it will continue to offer fullsupport for all of its existing graphics products with focus on theLaguna3D 5465 device, which has been designed into recently announceddesktop PCs from Hewlett-Packard and NEC, as well as a third majorsupplier who expects to announce its product during the currentquarter. The 5465 will be employed as a transition vehicle towards anew generation of highly integrated solutions that leverage thecompany's advanced graphics, audio, and telephony intellectualproperty.
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