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Cirrus Logic Inc. Message Board

  • mk54321 mk54321 Nov 12, 2013 10:29 AM Flag

    Nov 11th -Ask the CEO..Do you have any comments on the note Barclays released today regarding the loss of an amplifier socket?

    Answer:
    As I mentioned at the Barclays conference in May, amps are more competitive than most of the audio markets we participate in and there are many suppliers with decent products. As with many of the markets we target, we tend to differentiate our products with more signal processing, which in the case of our amps includes boosted voltage to improve speaker performance and voltage/current monitoring for speaker protection. The amount of value our signal processing technology adds to this market depends on the specific form factor and a host of other design considerations for the particular end product. Therefore, although we do not expect to win every socket in that space, we continue to believe this market represents a good business opportunity for us.

    We cannot comment on specific design wins or losses at our largest customer, although it appears Mr. Curtis has done an accurate job of relaying the facts that were outlined in teardowns that were released shortly after certain products were introduced. However, from our perspective the sky is not falling and we certainly hope that the same due diligence and reporting occurs for forthcoming teardowns

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    • All Jason said is that certain CRUS products, such as these simple amplifiers, are more commoditized than others. Thus, they are more vulnerable to increased price, output and PHYSICAL design sensitivities from competitors because they are less sophisticated. AND in many cases CRUS continues to supply these less sophisticated products (wait for the iPad mini tear down later today). Moreover, CRUS' more sophisticated products that require proprietary signal processing are not in danger of replacement. Clearly the lion's share of CRUS business/margins are in these more sophisticated products or the guidance would have plummeted.

      Sentiment: Strong Buy

    • yep the sky isnt falling mk, but he sold 100K of shares that SUCKS!!

      • 1 Reply to kbononi
      • When they buy shares it means one clear thing, they think it is going up, when they sell it could be for a 100 reasons, just one of them being they think the stock is going down,. so it means almost nothing when they sell.. Plus these sales are usually arranged 1 year in advance or sometime frame like that.. So the price could have been anything, they do that to prevent people from saying 'they sold off on something they knew about' .. It's a tough hold but that slot was accounted for and doesn't mean they are on a slippery slope, none more than before we heard of the teardown.. Same guidance and outlook so no real surprises..

        Sentiment: Buy

    • I read that after seeing Grade's post earlier today MK. It made me feel better about not being pantsed by Jason. Obviously based upon what he said his contract with apple doesn't allow him to publicly address a socket loss. I think it is ridiculous but if that is true nothing can be done about it short of losing the contract I suppose. I was mad as hell yesterday that he didn't disclose the news earlier. I have no problem with the excercise and sale of his options-all part of his compensation package. Still haven't sold but am seriously considering it now.

      • 2 Replies to wallysboy1
      • lookingtohighergrowth lookingtohighergrowth Nov 12, 2013 11:09 AM Flag

        I'm sorry. That Jason can't talk about the socket loss is suspect. I remember last July or maybe October when Cirrus received the huge jump in revenues from the chips to iPhone 5, an analyst asked about the growth and content of the supplied chips. And he answered the question without a problem. Of course Jason never said iPhone or Apple but it was clear he was addressing the huge jump in chips sold for iPhone 5. But then to say he can't talk about when they lose a socket is inconsistent at best. Bottom line is if had mentioned it in the CC he would have sold he 100,000 shares at a lower price.

      • wally...... that's well said...... I'm in the same boat as you and I'm still upset...... I don't feel this management has set a priority goal for a higher share price. The compensation committee appears to hand out shares like Skittles, recipients routinely dump whatever shares they get, then the company buys back the extra shares back to re-issue again. This is a poor model if the goal is a higher share price. Mr. Rhode needs to ask the Board a question as to what the shareholders get from all this. JMO

 
CRUS
20.85-0.70(-3.25%)Sep 30 4:00 PMEDT

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