Earnings Call Excerpt
Cirrus Logic Inc. (CRUS)
Q3 2006 Earnings Conference Call
January 25th 2006, 5:00 PM.
Executives:
John T. Kurtzweil, Senior Vice President and Chief Financial Officer
David D. French, President and Chief Executive Officer
Analysts:
Jay Srivatsa, Roth Capital Partners
Deepak Sitaraman, SG Cowen
Nimal Vallipuram, Benchmark Company
Alex Kim, Thomas Weisel Partners
Tore Svanberg, Piper Jaffray
Vanessa Jacobs, Needham & Company
Don Rode, S Squared Technology
Operator
Ladies and gentleman thank you for standing by. Welcome to the Cirrus Logic Third Quarter Fiscal Year 2006 Financial Results Conference Call. At this time all participants are in the listen only mode. Later we will open the call for your questions. Instructions for doing also be provided at that time. As a reminder this conference call is being recorded for replay at this stage. I will now turn the conference call over to Mr. John Kurtzweil, Senior Vice President and Chief Financial Officer. Mr. Kurtzweil, you may begin.
John T. Kurtzweil, Senior Vice President and Chief Financial Officer
Thank you and good afternoon. Joining me at today’s call is David French, Cirrus Logics President and Chief Executive Officer. Before we began I would like remind you that during the course of this conference call we will make projections and other forward-looking statements regarding among other things, our estimates for the fourth quarter fiscal year 2006 revenues, gross margin level, combined R&D and SG&A expenses, inventory level and operating cash as well as the expectations, estimates and assumptions regarding our future revenue growth and profitability. We keep in mind that these statements are projections that re subject to risks and uncertainties that may cause actual results to differ materially. For providing this information wee undertake no obligations to update or revise any projections or forward-looking statements, for there is a result of new development or otherwise. Please refer to our press release issued today which is available on our website at www.cirrus.com. Our latest Form 10-K for the year ended March 26, 2005 as well as our other filings made with Securities and Exchange Commission for additional discussion of risk factors that could cause actual results to differ materially from our current expectations.
I want to mention before we proceed that all financial numbers are, unless noted, in accordance with Generally Accepted Accounting Principles. In addition, during our call, we will be providing certain non-GAAP financial numbers, including our core analog, mixed signal, and embedded products revenue and gross margin numbers and certain R&D and SG&A expenses. A reconciliation of GAAP to non-GAAP is included in the financial statements and issued with the financial release published today, as well as on our website in the investors section at www.cirrus.com. Non-GAAP results are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. We believe the non-GAAP financial information is useful to investors because it enhances the understanding of the results and trends of our business. We also use non-GAAP reporting internally to evaluate and manage our operations. As the result, our criteria for determining non-GAAP results may differ from other company’s methods. These non-GAAP measures should be considered in addition to and not as a substitute for the results prepared in accordance with GAAP. Now I will turn the call over to David French.
Thank you. Ladies and gentleman at this time we will begin the question and answer session. If you have a question please press the ?*
- To read the full transcript on Seeking Alpha, click here »
