Thank you operator, and good afternoon. Joining me on today s call is Mike Hackworth, Cirrus Logic s chairman and acting chief executive officer.

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1 Q4 FY 07 Conference Call Script OPERATOR: Ladies and Gentlemen, thank you for standing by. Welcome to the Cirrus Logic fourth quarter fiscal year 2007 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 operator, and good afternoon. Joining me on today s call is Mike Hackworth, Cirrus Logic s chairman and acting chief executive officer. Before we begin, I would like to remind you that during the course of this conference call, we will make projections and other forward-looking statements regarding, among other things, our estimates for the first quarter fiscal year 2008 revenues, gross margin levels, combined R&D and SG&A expenses, stock compensation expense, as well as our estimates and assumptions regarding our future revenue growth and profitability. 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 our latest Form 10-K/A for the fiscal year ended March 25, 2006, as

2 well as our other 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. For any financial numbers not prepared in accordance with GAAP, a reconciliation of non-gaap financial information to the most directly comparable GAAP information is included in the financial statements and issued with the financial release published today, as well as provided on our Web site in the Investors section at Non-GAAP financial information is not meant as a substitute for GAAP results, but is included solely for informational and comparative purposes. We believe that certain non-gaap financial information is useful to investors because it may enhance their understanding of the results and trends in our business. We also 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, and these non-gaap measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. Now, I will turn the call over to Mike to discuss key financial highlights from the fourth quarter. Mike. MIKE HACKWORTH Thank you, Thurman, and thanks to all of you who are joining us today. Let me briefly recap the results for the quarter, which ended March 31: Total revenue was $43.6 million; Gross margin came in nicely at 60.2 percent; Combined GAAP R&D and SG&A expenses were $25.8 million; and Net income was $7.3 million, or $0.08 per diluted share.

3 I would also like to provide those investors who track our ongoing business activities with non-gaap fourth-quarter results. This is generally done by the analysts covering Cirrus Logic and contributing to First Call. When calculated on a non-gaap basis, the company would have produced a net income per share of $0.09 based on 89.3 million diluted shares. This non-gaap result compares favorably with the current First Call mean estimate of $0.08 net income per share. This non-gaap number does not include certain one time items and other expenses and benefits that management does not consider as part of its ongoing operational functions of the company, which Thurman will discuss in a few moments. Later during this call, I will provide more detail regarding our business operations. Thurman will now review our financial results in detail for the March quarter. THURMAN CASE Thank you, Mike. (Net Sales) Our net revenue in the March quarter was $43.6 million, compared with $45.3 million in the December quarter and $42.2 million in the March quarter one year ago. Our revenue by product line was as follows: Mixed-Signal Audio Products contributed $20.2 million in the March quarter, equaling revenue from the same quarter one year ago; Industrial Products provided $13.5 million in the March quarter, representing 34 percent year-over-year growth; and Embedded Products were $9.9 million in the March quarter, representing a 17 percent year-over-year decrease.

4 Historical revenue breakdowns for these products lines may be found on our Web site in the Investor section. We had no OEM customers representing more than 10 percent of revenue, and one distributor, Avnet, contributing 31 percent of revenue. (Gross Margin) Gross margin for the March quarter was 60.2 percent, compared with 60.5 percent gross margin in the December quarter and 58.1 percent one year ago. (Combined R&D and SG&A Expenses) Combined R&D and SG&A expense was $25.8 million in the March quarter. This includes stock-based compensation expense of $450,000 in R&D and $510,000 in SG&A. This also includes $1.6 million in expenses related to our recently concluded stock option review, $1.0 million in facility related charges, as well as a $400,000 charge related to an executive termination agreement we negotiated with our former chief executive officer. (Other P&L line items) Interest income for the fourth fiscal quarter was $3.4 million, down slightly from $3.6 million in the previous quarter. Fourth fiscal quarter results also included a $4.3 million impairment charge to our investment in Magnum Semiconductor, the company that acquired the assets of our video product line in June Additionally, we incurred a $500,000 facility restructuring charge, and also recorded a tax benefit of $8.2 million.

5 (Net Income) Net income in the fourth fiscal quarter was $7.3 million, and earnings per share was $0.08 based on 89.3 million diluted shares. I would like to review the reconciliation between the GAAP net income of $7.3 million to our non-gaap net income of $7.9 million. We arrived at our non-gaap net income by making the following adjustments to our GAAP statement of operations: First, we excluded the $4.3 million impairment charge related to our investment in Magnum Semiconductor. We excluded $1.0 million in stock-based compensation expense. We excluded $1.6 million in expenses associated with the company s recently concluded stock-option review. Additionally, we excluded $1.0 million in facility related charges, and $500,000 in restructuring charges. We excluded a $400,000 charge related to an executive termination agreement that we negotiated with our former chief executive officer And finally, we excluded the tax benefit of $8.2 million. When these items are excluded, net income on a non-gaap basis is $7.9 million, with diluted earnings per share of $0.09. (Employee Headcount) Our employee headcount at the end of March was 456, a slight increase compared with 441 at the close of the December quarter. (Balance Sheet Accounts Assets) Let s move now to the Balance Sheet --- total cash and marketable securities at the end of March increased to $272 million from $264 million at the end of the December quarter. Our total cash per diluted share increased to $3.04 at the end of the March quarter.

6 We ended the March quarter with $19.1 million in net receivables, compared with $16.6 million at the end of the December quarter. DSOs, or Days Sales Outstanding, were 40 days, compared with 33 days in the December quarter. Inventory at the close of the March quarter was $16.5 million, down 19 percent or $3.8 million from $20.3 million at the end of the December quarter. Net inventory turns improved to 4.2 in the March quarter, up from 3.5 turns in the December quarter. Net inventory at our distributors decreased 16 percent during the quarter. (Cash Flow Metrics) Our capital expenditures were $400,000 in the March quarter, compared with $3.1 million in the December quarter. Depreciation and amortization expense in the March quarter totaled $1.8 million, compared with $1.7 million in the December quarter. And now Mike will discuss our business operations and guidance for the upcoming quarter. Mike. MIKE HACKWORTH Thank you, Thurman. Well, it s been about 8 years since my last earnings call here at Cirrus Logic, so please bear with me. Before I discuss this past quarter s performance and future guidance, I d first like to mention that Cirrus Logic s revenue for fiscal year 2007 came in at $182 million, which was flat compared to revenue associated with our analog, mixed signal, and embedded processor business in the prior fiscal year. While we are disappointed by lack of top line revenue growth, we are pleased that our gross margin percentage related to these products increased from 56% in fiscal year 2006 to 60% in fiscal year 2007, contributing an additional $6.6 million in gross margin. Non-GAAP R&D and SG&A expenses were relatively flat,

7 increasing $1.7 million over the same time period. This is a strong indication that we are in fact making progress toward our long-term goal of a 20 percent operating profit goal. For the fourth quarter of fiscal 2007, I m pleased that our March quarter revenue came in at the high-end of our expectations and continued profitability highlighted by strong gross margins. The company remains fundamentally solid, built upon a strong foundation from our analog and mixed-signal product lines, and continues to deliver profitable earnings. Even as the company addresses slowing demand for some of our older product lines, I m pleased to say that new product development initiatives that began months ago are now beginning to pay off. I m particularly encouraged by design win momentum for our new products within consumer electronic and industrial segments with key customers. I believe this is a good indicator for future revenue growth. (Industrial Products) I d like to now provide a brief update on our products, beginning with our Industrial Products group. This is the product line includes integrated circuits designed for a variety of data acquisition, power metering, precision measurement and energy exploration applications. Revenue from industrial products this quarter came in at $13.5 million, which is relatively flat compared to the December quarter. However, industrial products revenue grew by 34 percent year over year, and continued to provide strong gross margins. Demand for our industrial products remains strong, although we are expecting some reduced demand this quarter for seismic products due to customer inventories. In addition, we continue to obtain solid results from our power measurement products, which provide an opportunity for revenue growth longer term, due to a good position in an overall attractive market with strong new products in the pipeline.

8 We remain encouraged with our long-term growth prospects for the industrial product line, as we plan to introduce several new industry benchmark products this year for both the power measurement and industrial process control markets. (Embedded Products) Now I ll discuss our Embedded Product line, which represented $9.9 million of our March quarter sales, down from $12.3 million in the December quarter and down 17 percent year-over-year. I think the thing you need to understand about this product line consists of legacy products, complemented by audio DSPs, and general-purpose ARM-based microprocessors, which are the focus of our investment in this product group. Legacy and new products are used in a wide range of consumer and industrial market applications a broad market. Revenue for the embedded products line is being impacted by slowing demand for these legacy products. It s likely that revenue during the June quarter will be flat; however, an opportunity to grow will emerge later this calendar year and into calendar year 2008, based on an anticipated upgrade cycle into new-generations of home theater equipment that support the emerging new high-definition audio standards associated with DVD products. Recognizing the need to move into this market opportunity quickly, we launched a new audio processor for both early generation high-definition DVD players, as well as new generations of home theater receivers. The processor is the industry s first single-chip solution capable of offering audio decode of all of the audio standards associated with high-definition DVD, including Blu-ray Disc and HD-DVD. We believe we are at the forefront of this market transition, and with these new products combined with our historical strong market position for audio processors, we are poised to capture market share as high-definition DVD consumer products begin to drive an upgrade cycle for home theater-related systems.

9 (Mixed-Signal Audio Products) Let me turn now to our Mixed-Signal Audio Products. Semiconductor components in this product line, including data converters, Class D amplification products and several interface circuits, are used in a wide variety of consumer, professional and automotive audio applications. This product line contributed $20.2 million of our March quarter revenue, up slightly from the December quarter and flat from year over year. Though historically March quarter sales are generally weaker compared to the December quarter, it s encouraging that this past quarter we saw slight revenue growth compared to the December quarter, driven by strong demand for our audio converter products. For the June quarter, we are anticipating flat sales, impacted by soft demand from older products. Longer term, we are encouraged with our growth prospects, driven by strong customer acceptance of recently introduced products from our consumer-related product line. This includes design win momentum with multiple tierone accounts in both the portable audio and automotive audio and telematics markets. In the past several years, audio has re-emerged as a priority consumer feature, and with our broad line of mixed-signal audio solutions Cirrus Logic is able to help drive innovative products for our customers as they work to meet this demand. As consumer electronics OEMs begin to product build for the 2007 holiday season, we are expecting good revenue growth for mixed-signal audio products during the second half of this calendar year. (Guidance) Our overall expectations for the first quarter of fiscal year 2008 are as follows: Revenue is expected to range between $40 million and $44 million; Gross margin is expected to continue to be in the 58 percent to 60 percent range;

10 R&D and SG&A GAAP expenses are expected to range between $23 million and $25 million, and these include share-based compensation expense of approximately $1.1 million. To recap, I m pleased that we achieved the high end of our guidance for the March quarter. Our diversified product portfolio has again enabled us to deliver solid and predictable results. The June quarter revenue guidance reflects our expectations of softer demand for legacy products as we transition to anticipated revenue growth for newer consumer products. Backlog coverage is consistent with the shorter lead times we are seeing from our customers. Therefore, visibility is lighter than in previous quarters. In closing, I note that strong analog businesses often enjoy long product lifecycles. At the same time, new product designs can take more than a year from product introduction to revenue ramp, and we are encouraged by strong customer acceptance of many newly introduced products that will drive revenue growth in the future. A 20 percent operating profit margin remains our long term goal, as we continue to tightly manage operating expenses while driving toward revenue growth at strong gross margins. We are now ready to take your questions. Operator (Q&A Session)

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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