Cirrus' 4Q profit falls on year-ago tax benefit
AUSTIN, Texas—Cirrus Logic Inc. said Wednesday that its profit tumbled 61 percent in its fiscal fourth quarter compared to a year earlier, when the audio and energy products maker booked a hefty tax benefit.
Still, the company's adjusted results beat Wall Street expectations, and shares jumped 8 percent in aftermarket trading.
Cirrus reported net income of $50.8 million, or 75 cents a share, for the three months ended March 31. That compares with net income of $130.4 million, or $1.80 a share, in the comparable quarter last year.
The latest results included a $29.8 million tax benefit. In the prior-year quarter, the company recorded a tax benefit of $116.5 million.
Excluding the impact of the tax benefits, stock-based compensation and other special items, Cirrus' earnings amounted to 36 cents a share, up from 22 cents a share a year earlier.
On that basis, the Cirrus' results trumped analysts' consensus forecast, which called for adjusted earnings of 34 cents a share.
Net revenue for the latest quarter totaled $110.6 million, up from $91.4 million a year earlier.
For fiscal 2012, Cirrus earned $88 million, or $1.29 a share, compared with a profit of $203.5 million, or $2.82 a share, in fiscal 2011. Full-year net revenue grew to $426.8 million from $369.6 million the year before.
President and CEO Jason Rhode said he expects the company's revenue to grow substantially in the current fiscal year as new audio and energy products hit full production.
The company lined up an unsecured, $100 million revolving credit agreement to support the new product rollout this fall.
For its fiscal first quarter, Cirrus anticipates revenue will range between $96 million and $106 million. Analysts are expecting $106.6 million.
Cirrus shares ended regular trading up $2.29, or 11 percent, at $23.09. The stock added another $1.81 to $24.90 in extended trading.