Friday, September 24, 2004
Cirrus Logic cut its revenue outlook for the quarter to $51 - $52 million, down from previous forecast of $61-to-$68 million. Sales of analog products are expected to account for 90 percent of sales, while chips used in video recording applications are expected to contribute approximately 10 percent.
Last month, the company said it would reduce its workforce by 7 percent and will incur a $1.5 million restructuring charge in its second fiscal 2005 quarter ending in September.
"The September quarter results have been impacted by lower demand for consumer ICs," said David D. French, president and CEO of Cirrus Logic, in a statement. "We believe this is due in part to an industry-wide inventory correction within the supply chain, particularly for DVD players, which incorporate our audio converters."
By: DocMemory
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