Cirrus Logic Inc (CRUS) has reported an 150.20 percent jump in profit for the quarter ended Mar. 25, 2017. The company has earned $35.06 million, or $0.52 a share in the quarter, compared with $14.01 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $56.75 million, or $0.85 a share compared with $24.91 million or $0.38 a share, a year ago. Revenue during the quarter surged 41.32 percent to $327.86 million from $232 million in the previous year period. Gross margin for the quarter expanded 43 basis points over the previous year period to 50.11 percent. Total expenses were 86.36 percent of quarterly revenues, down from 90.43 percent for the same period last year. This has led to an improvement of 407 basis points in operating margin to 13.64 percent.
Operating income for the quarter was $44.71 million, compared with $22.19 million in the previous year period.
However, the adjusted operating income for the quarter stood at $73.70 million compared to $35.75 million in the prior year period. At the same time, adjusted operating margin improved 707 basis points in the quarter to 22.48 percent from 15.41 percent in the last year period.
“We are extremely pleased with Cirrus Logic’s FY17 financial performance as we delivered outstanding revenue, operating profit and earnings per share growth,” said Jason Rhode, president and chief executive officer. “With a growing product line spanning the complete audio signal chain, Cirrus Logic expects to leverage our solid customer relationships and engineering execution to capitalize on our rapidly expanding growth opportunities.”
For the first-quarter, Cirrus Logic forecasts revenue to be in the range of $300 million to $340 million.
Working capital increases sharply
Cirrus Logic Inc has recorded an increase in the working capital over the last year. It stood at $631.85 million as at Mar. 25, 2017, up 67.15 percent or $253.85 million from $378 million on Mar. 26, 2016. Current ratio was at 5.39 as on Mar. 25, 2017, up from 3.95 on Mar. 26, 2016.
Debt comes down significantly
Cirrus Logic Inc has recorded a decline in total debt over the last one year. It stood at $60 million as on Mar. 25, 2017, down 62.60 percent or $100.44 million from $160.44 million on Mar. 26, 2016. Cirrus Logic has recorded a decline in long-term debt over the last one year. It stood at $60 million as on Mar. 25, 2017, down 62.60 percent or $100.44 million from $160.44 million on Mar. 26, 2016. Total debt was 4.24 percent of total assets as on Mar. 25, 2017, compared with 13.57 percent on Mar. 26, 2016. Debt to equity ratio was at 0.05 as on Mar. 25, 2017, down from 0.19 as on Mar. 26, 2016.
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