Cirrus Logic (CRUS) FY2014 results: revenue $714 million, down 11.8% on the year
Cirrus Logic, Inc. (CRUS) reported revenue of $714 million for fiscal 2014, the year ended 29 March 2014, down 11.8% on the year before. Net income was $108 million, down 20.9%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 28 May 2014.
Revenue
$714 million
-11.8% on the year
FY2010FY2014
Operating margin
21.7%
24.8% a year earlier
FY2010FY2014
Net income
$108 million
-20.9% on the year
FY2010FY2014
Diluted EPS
$1.65
-17.5% on the year
FY2010FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
714
810
427
-11.8%
Cost of revenue
358
415
196
-13.6%
Gross profit
356
395
230
-9.9%
Gross margin
49.9%
48.8%
54.0%
Research and development
126
114
85.7
+10.6%
Selling, general and administrative
74.9
77.0
65.2
-2.8%
Operating income
155
201
79.5
-22.8%
Operating margin
21.7%
24.8%
18.6%
Pre-tax income
156
201
80.0
-22.6%
Income tax
47.6
64.6
-8.0
-26.3%
Effective tax rate
30.6%
32.1%
-10.0%
Net income
108
137
88.0
-20.9%
Net margin
15.1%
16.9%
20.6%
Diluted EPS
$1.65
$2.00
$1.29
-17.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
228
161
83.2
+41.8%
Capital expenditure
15.1
52.9
35.9
-71.5%
Free cash flow
213
108
47.2
+97.3%
Free cash flow margin
29.8%
13.3%
11.1%
Cash from investing
-220
-84.8
18.4
Cash from financing
n/a
-75.6
-72.7
Depreciation and amortisation
14.9
13.6
10.0
+9.7%
Share-based compensation
23.1
21.5
12.2
+7.3%
Buybacks
52.1
86.1
76.8
-39.4%
Diluted shares, weighted
66m
68m
68m
-4.3%
Shares outstanding at period end
62m
63m
64m
-2.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
637
548
466
+16.3%
Debt
0.0
n/a
0.0
Other liabilities
87.4
103
78.6
-15.3%
Total liabilities and equity
725
651
544
+11.3%
Fixed assets
104
101
67.0
+3.0%
Goodwill
16.4
6.0
6.0
+172.8%
Intangible assets
12.0
n/a
18.2
Investments
353
170
119
+107.3%
Cash and equivalents
31.9
66.4
66.0
-52.0%
Receivables
63.2
69.3
44.2
-8.8%
Inventory
69.7
119
55.9
-41.5%
Other assets
75.3
120
168
-37.1%
Total assets
725
651
544
+11.3%
10-K for the year ended 29 March 2014, filed 28 May 2014: the filing.