Cirrus Logic Inc, the Fremont, California-based chip maker, has reported a first-quarter net loss of $127.7m on revenue down 32.2% at $120.6m, compared to net income of $516,000 in the year- ago period. Results include restructuring charges of $128.2m, without which the company posted net income of $0.01 per share, when analysts surveyed by First Call were expecting a loss of $0.01.
The quarter’s results reflect the company’s recent moves to exiting its joint venture capacity obligations with Micrus and Cirent Semiconductor, which come as part of the company’s new business plan for reduced fixed manufacturing costs and operating expenses. The first-quarter charges bring the total costs associated with the abandonment of the joint ventures to roughly $340.2m, with a final $182m in costs slated to be taken this quarter. รก
