Thank you, and good afternoon. Joining me on today s call is Jason Rhode, Cirrus Logic s president and chief executive officer.

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1 Q3 FY 09 Conference Call Script OPERATOR: Ladies and Gentlemen, thank you for standing by. Welcome to the Cirrus Logic third quarter fiscal year 2009 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will open up the call for your questions. Instructions for queuing up will be provided at that time. As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the conference call over to Mr. Thurman Case, chief financial officer. Mr. Case, you may begin. THURMAN CASE Thank you, and good afternoon. Joining me on today s call is Jason Rhode, Cirrus Logic s president and chief executive officer. Before we begin, you are reminded that during the course of this conference call, we will make projections and other forward-looking statements regarding, among other things, our estimates for our fourth quarter fiscal year 2009 revenues, gross margin levels, operating expenses, amortization of acquired intangibles and share-based compensation expense, as well as our estimates and assumptions regarding our future revenue growth, and market share growth. These statements are predictions that are subject to risks and uncertainties that may cause actual results to differ materially from our projections. By providing this information, we undertake no obligation to update or revise any projections or forward-looking statements, whether as a result of new developments or otherwise. Please refer to our press release issued today, which is available on our Web site at cirrus.com, our latest Form 10-K for the fiscal year ending March 29, 2008, as well as our other 1

2 filings made with the Securities and Exchange Commission, for additional discussion of risk factors that could cause actual results to differ materially from our current expectations. I also want to mention before we proceed that all financial numbers are prepared, unless noted, in accordance with generally accepted accounting principles. A reconciliation of the non-gaap financial information provided in today s call to the most directly comparable GAAP information is included in today s press release and on our web site in the Investors section. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because we believe such information is useful to our investors for informational and comparative purposes. In addition, we use certain non-gaap financial information internally to evaluate and manage our operations. As a note, the non-gaap financial information we use may differ from that used by other companies. These non-gaap measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. (Net Sales) Net revenue in the December quarter was $43.8 million, down 10% from $48.9 million in the quarter a year ago, and down 18% from $53.3 million in the September quarter. Individually, sales of Audio Products contributed $25.9 million in revenue, compared to $27.3 million in the quarter a year ago, and down sequentially from $30.6 million in revenue in the September quarter. Energy Product sales generated $17.9 million, down from $21.6 million in the December quarter a year ago, and down sequentially from $22.7 million in the September quarter. The declines in revenue for both Audio and Energy products were spread across multiple product lines as well as end customers and products. We noted a significant decrease in new 2

3 orders throughout November and December. However the percentage of revenue from new products, in particular our portable products, grew sequentially. Historical revenue breakdowns by product category are available on our Web site. (Gross Margin) Gross margin for the December quarter was 55%, compared to 56% in both the quarter a year ago and in the September quarter. (OPEX and Net Income) Total GAAP operating expenses were $22 million, compared to $24.2 million for the previous quarter. Operating expenses included $1.25 million in stock based compensation expense and approximately $350,000 in acquisition related amortization of intangibles. Non- GAAP operating expenses, excluding these items, were $20.4 million for the quarter, compared to $20.9 million in non-gaap operating expenses during the September quarter, and I d like to point out that our direct SG&A and R&D expenses have decreased in each of the last four quarters. Income from operations on a GAAP basis was $2.1 million, representing an operating margin of 5 percent. Excluding the items noted above, income from operations on a non-gaap basis was $3.8 million, representing an operating margin of 9 percent. We reported GAAP net income for the quarter of $2.8 million, or $0.04 per share, based on 65.3 million diluted shares. In the same quarter a year ago, we reported GAAP net income of $4.2 million, or $0.05 earnings per share, based on 89.5 million diluted shares. On a non-gaap basis net income for the quarter was $4.4 million or $0.07 per share. In the December quarter a year ago, we reported non-gaap net income of $6 million or $0.07 per share. 3

4 (Thaler Acquisition) I d like to mention that on December 8, 2008, we closed a transaction to purchase the assets of Thaler Corporation in Tucson, Arizona for $1.1 million. 50% of the purchase price was paid on the day of closing, while the remaining $550 thousand is to be paid later this year. (Employee Headcount) We ended the December quarter with 473 employees, up slightly from 470 employees at the end of September. These numbers are inclusive of employees associated with the Thaler asset purchase. (Balance Sheet Accounts Assets) Moving to our Balance Sheet --- We ended the December quarter with $15.6 million in net receivables, down from $25.6 million at the end of the September quarter. Our days sales outstanding remains consistent, and we intend to continue to actively manage our credit risk. Ending net inventory also decreased $4.7 million in the December quarter to $23.4 million, as we reacted to decreased demand from our customers. As we progress through the current quarter, we intend to continue to closely monitor our inventory levels, both here and at our distributors. (Cash Flow Metrics) Capital expenditures for the December quarter were $1.4 million, which includes the Thaler asset purchase, compared to $1.8 million in the September quarter. Depreciation and amortization expense in the December quarter was $2 million. We ended the quarter with $118 million in total cash and marketable securities, an increase of $8 million from $110 million at the end of September. 4

5 And now, I d like to turn the call over to Jason to discuss our business operations and guidance for the upcoming March quarter. JASON RHODE Thank you, Thurman. Though we entered Q3 with a strong backlog and high expectations for continued year-over-year growth, third quarter revenue reflects the sudden decrease in new order bookings midway through the quarter, a direct result of the global economic recession. As we approach the fourth quarter, we believe the weak global economic conditions will continue and our near term revenue expectations reflect these on-going conditions. Yet despite the weakness in Q3 and our muted expectations for Q4, it s important to note that, relatively speaking, we believe that Cirrus Logic is weathering these challenges better than many of our peers. Our continued strength in revenue from new products gives us confidence moving forward as we continue to invest in key growth initiatives in portable audio and energy control applications. In addition, our balance sheet remains healthy, we have no debt, and we are managing our operating expenses closely. In fact, Q3 operating expenses were approximately $4 million dollars lower than the same quarter a year ago. We believe continued investment today in our key strategic programs will allow the company to expand our market share during these tough times. When the economy recovers we expect that Cirrus Logic will be in a strong position and ready for growth. (Energy Products) Let me give you an update on our products, beginning with the Energy category, which includes integrated circuits designed for a variety of energy exploration, energy measurement and energy control applications. In the December quarter, revenue came in at $17.9 million, which is down by 17 percent compared to the December quarter a year ago. Q3 5

6 performance reflects general weakness across our product lines due to the global economic recession. While we anticipate continued near term weak performance, longer term we are optimistic about our energy control strategic initiative that we expect to serve as a strong component of our overall company growth. Demand for energy exploration products was especially impacted, and we anticipate continued weakness for the foreseeable future, due to the suddenly depressed state of global oil exploration. Last quarter we announced new motor control devices, the SA306 and the SA57, and I m pleased to report we re already experiencing significant design in activity with these devices. Building on this success, in 2009 we are expanding our product portfolio to include new energy control ICs for power factor correction applications, or PFC. PFC s are important building blocks enabling a variety of power control applications that can benefit from disruptive digital technology. This is a market traditionally dominated by analog solutions, and we believe that we can use our unique analog and mixed-signal capabilities to develop new digital innovations in this area. Initial feedback from key customers has been very encouraging, and we re excited with the early lab results from this new product line. We re committed to making this product line successful and in fact, approximately 60% of our patent filings over the past year were associated with energy related products, including PFCs. As Thurman mentioned earlier, in December we acquired certain assets from Thaler Corporation in Tucson. Thaler manufactures high precision voltage references and other hybrid devices, which will further diversify the Apex Precision Power product line. We believe our expanded sales presence will greatly benefit these products. While economic conditions will continue to have an impact on near-term quarterly earnings, we continue to invest in key energy initiatives to help drive long-term growth opportunities. 6

7 (Audio) Turning now to our Audio Products, which include integrated circuits that are used in a wide variety of home, portable, professional and automotive audio applications. Revenue from these products contributed $25.9 million of our revenue for the December quarter, down 5 percent compared to the December quarter a year ago. Portable products were a continued highlight this past quarter, and bookings for portable products remain strong. I m pleased to report that we surpassed our goals for revenue from this product line. With a number of new design wins, we expect to expand our application base from media players and navigation units to include portable gaming devices, digital cameras and multimedia phones. Outside of our portable products, we are experiencing weak demand across other home and automotive audio applications caused by the current economic conditions. While we expect continued weakness in automotive, we still view this market as an attractive long term opportunity for our audio products. One bright spot worth noting in home audio is that we re gaining solid traction for our audio products in the growing market for soundbars. This application represents a high content sales opportunity for us, as we provide various solutions for these devices, such as audio amplifiers, DSPs, audio converters, and interfaces. Soundbars, especially units with Blu-ray Disc players, are becoming increasingly popular with consumers as they augment the sound from flat-panel TVs. The momentum for new soundbar products was one of the bigger stories at this year s Consumer Electronics Show, and we re pleased to have numerous design wins with leading OEMs. We expect continued long-term growth in this market as consumers increasingly begin to favor soundbars. With our strong portfolio of products, we expect to continue to grow market share in the portable audio market. Despite the economic downturn, we are focused on developing innovative new products and I feel we re in a strong position to grow market share in audio. 7

8 (Guidance) Now, let me review our guidance for the fourth quarter of fiscal year Our overall expectations are as follows: Revenue is expected to range between $31 million and $36 million; Gross margin is expected to be between 54 percent and 57 percent; and Combined R&D and SG&A expenses are expected to range between $22 million and $24 million, which include approximately $2.0 million in share-based compensation and amortization of acquisition-related intangibles expenses. Our belief is that great companies are often forged during challenging environments, and during this global recession we remain committed to our strategic plan. Overall, we believe we re weathering this economic downturn better than many of our peers in the industry. The fundamentals of our business remain sound -- we continue to have a strong balance sheet, outstanding engineering talent, a great lineup of new products, and some of the best customers in the world. We continue to meet and surpass our expectations for revenue goals from new products, especially portable audio. Looking forward, we are engaging with key customers as part of our energy control initiative that we believe will drive long-term growth opportunities. While global economic conditions remain weak, we are confident that our continued focus on core growth strategies puts us in a position to emerge from this economic uncertainty even stronger. And now let s take your questions (Q&A Session) JASON RHODE Before I sign off, I d like to also announce that we will be participating in the Thomas Weisel Partners Technology and Telecom Conference in San Francisco on February 9 th at the 8

9 Fairmont San Francisco Hotel. Thank you for all your questions and your interest in Cirrus Logic. Thanks again for joining us on the call today. 9

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