On Tuesday, Shares of Cirrus Logic Inc. (NASDAQ:CRUS), gained 4.71% to $35.13, hitting its highest level.
Cirrus Logic, posted on its investor relations website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the fourth quarter and full fiscal year 2015, which ended March 28, 2015, in addition to the company’s current business outlook.
Stated Financial Results – Fourth Quarter FY15
- Revenue of $255.2 million;
- GAAP and non-GAAP gross margin of 46.6 percent;
- GAAP operating expenses of $88.6 million and non-GAAP operating expenses of $73.7 million; and
- GAAP diluted earnings per share of $0.32 and non-GAAP diluted earnings per share of $0.66.
Stated Financial Results – Full Year FY15
- Revenue of $916.6 million;
- GAAP gross margin of 46.5 percent and non-GAAP gross margin of 47.4 percent;
- GAAP operating expenses of $317 million and non-GAAP operating expenses of $253.2 million; and
- GAAP diluted earnings per share of $0.85 and non-GAAP diluted earnings per share of $2.67.
Cirrus Logic, Inc., a fabless semiconductor company, develops analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers audio products, counting analog-to-digital converters (ADCs), digital-to-analog converters (DACs), codecs, digital interface ICs, volume controls, adaptive noise cancelling circuits, and amplifiers, in addition to audio digital signal processors.
At the end of Tuesday’s trade, Shares of Cadence Design Systems Inc. (NASDAQ:CDNS), jumped 3.52% to $19.42, hitting its highest level.
Cadence Design Systems, declared results for the first quarter of fiscal year 2015.
Cadence stated first quarter 2015 revenue of $411 million, contrast to revenue of $379 million stated for the same period in 2014. On a GAAP basis, Cadence recognized net income of $36 million, or $0.12 per share on a diluted basis, in the first quarter of 2015, contrast to net income of $33 million, or $0.11 per share on a diluted basis, for the same period in 2014.
Using the non-GAAP measure defined below, net income in the first quarter of 2015 was $72 million, or $0.23 per share on a diluted basis, as contrast to net income of $59 million, or $0.20 per share on a diluted basis, for the same period in 2014.
Cadence anticipates to repurchase about $56.25 million of its common stock per quarter, starting with the second quarter of 2015. The actual timing and amount of repurchases will be based on corporate and regulatory requirements and other factors. The stock repurchase program may be suspended, modified or suspended at any time.
Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (design IP) for semiconductor and electronics systems industries worldwide.
HEALTHSOUTH Corp. (NYSE:HLS), ended its last trade with 3.32% gain, and closed at $47.93, hitting its highest level.
HealthSouth, declared it is providing notice to the registered holders of the Company’s 6.5% Series A Convertible Perpetual Preferred Stock. Following Section 5 of the Certificate of Designations for the preferred stock, the Company is exercising its right to cause all of the outstanding shares of the preferred stock to be converted into a number of whole shares of the Company’s common stock. The forced conversion date is April 23, 2015.
On the forced conversion date, all 96,245 shares of preferred stock outstanding will be converted. Each share of preferred stock will automatically be converted into 33.9905 shares of common stock. The conversion will enhance the number of basic shares outstanding by 3,271,415. The conversion will not change the diluted share count, which already comprised of the 6.5% Series A Convertible Perpetual Preferred Stock on an as converted basis.
Dividends will cease to accrue on shares of preferred stock on the forced conversion date. All declared dividends have been paid. Consequently, no accrued dividends will be payable upon the forced conversion.
HealthSouth Corporation owns and operates inpatient rehabilitation hospitals in the United States. The company provides specialized rehabilitative treatment on an inpatient and outpatient basis.
Finally, First Niagara Financial Group Inc. (NASDAQ:FNFG), closed at $9.03, with 2.96% gain.
First Niagara, declared that investors will have an opportunity to listen to the company’s annual meeting of shareholders on Wednesday April 29, 2015 at 10:00 a.m. Eastern Time. Those wishing to listen to the meeting may dial toll-free 1-800-619-2736. A replay of the meeting will be accessible until May 29, 2015 by dialing 1-800-633-8284, passcode: 21766178.
First Niagara Financial Group, Inc. operates as the bank holding company for First Niagara Bank, N.A. that provides retail and commercial banking, and other financial services to individuals, families, and businesses.
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