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Directors and Officers Underwriter Meetings Cirrus Logic, Inc. September 9-13, 2004 PowerPoint PPT Presentation


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Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Directors and Officers

Underwriter Meetings

Cirrus Logic, Inc.

September 9-13, 2004

Confidential


Safe harbor statement

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this presentation, including estimates and assumptions regarding our revenue growth rate and opportunities, future R&D and SG&A expenses, gross margins, and operating income opportunities are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially from our current expectations, estimates and assumptions and the forward-looking statements made in this presentation. These risks and uncertainties include, but are not limited to, the risk factors listed in our Form 10-K for the year ended March 27, 2004, and in other filings with the Securities and Exchange Commission. The foregoing information concerning our business outlook represents our outlook as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.


Meeting agenda

Meeting Agenda

  • Introductions

  • Financial performance review

  • Growth drivers

  • Improving risk profile

    • Company prospects

    • Stockholder base

    • Board of directors

    • Mergers & acquisition

    • Financial analysis

    • Litigation issues

    • Sarbanes-Oxley

    • Governance & other policies/procedures

    • Investor communications

  • Questions & answers


Attendee introductions

Attendee Introductions

  • Dave Allen, Treasurer and VP of Investor Relations

    • Joined Cirrus in Sept. 2002

    • Over 20 years corporate finance experience

  • Scott Uhl, Account Executive

    • Joined Lockton in Oct. 2003

    • Prior to joining Lockton Companies, Mr. Uhl was an Assistant Vice-President and West Coast Underwriting Manager for Liberty International Underwriters Specialty Casualty division, underwriting Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, and Professional Liability for publicly traded and privately held middle market, commercial and financial institution firms. Mr. Uhl was a Branch Manager at American International Group (AIG) Middle Market D&O Technology practice and served as a Workers’ Compensation Risk Manager for Contractors Labor Pool (CLP), a $100M+ construction staffing company with over 5,000 employees in over 50 branch offices throughout the Western United States.


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Cirrus Logic Introduction

Expanding proprietary analog/mixed-signal product line

+

Merchant market leadership in emerging DVD recorder market

Solid year-over-year growth expected in FY 05 with increasing profit opportunities


Cirrus logic s customers include the world s most popular brands

Cirrus Logic’s Customers Include the World’s Most Popular Brands


Improving financial metrics june quarter p l comparisons

Improving Financial Metrics:June Quarter P&L Comparisons

June 03June 04

Revenue $40.7 $59.1 million

Gross Margin 48.5 53.6 %

R&D Expenses$20.6 $18.7 million

SG&A Expenses$12.5 $12.5 million

Operating expenses $12.9 $ 5.7 million

not related to ongoing

business*

Net Income (Loss) ($24.3) ($ 3.4) million

*Includes expenses for acquisition- and restructuring-related items.


45 year over year revenue growth in june after seasonally soft march quarter

45%Year-over-Year Revenue Growth in June After Seasonally Soft March Quarter

$70

$60

$50

$40

Sales in millions

Video

$30

Analog*

$20

$10

$0

June 03 Sept. 03 Dec. 03 March 04 June 04

*Previously designated as the “Audio” products.


Q1 strong start for fy 05

Q1: Strong Start for FY 05

  • Increasing sales, up 45% over 1Q FY 04

    • June quarter sales up 18% sequentially over March FY 04 quarter

    • Analog* sales up 12% sequentially

    • Video sales up 65% sequentially

  • Gaining traction with analog and mixed-signal ICs

    • 70%+ of June quarter sales from audio converters & analog ICs

    • New industrial ICs showing strong growth

    • 35 new audio mixed-signal ICs added in past two years

  • Improving financial metrics

    • New products and strong demand fuel sales growth opportunities

    • Focused on achieving sustainable and growing profitability

    • Continued strong balance sheet management

*Previously designated as the “Audio” products, this category includes audio converters, industrial analog ICs,

DSPs and Embedded processors.


June 2004 balance sheet continues to strengthen

June 2004 Balance Sheet Continues to Strengthen

June 03 June 04

Cash, securities & investments $116 $198 million and no debt

Receivables $ 24 $ 28 million

53 43 DSO

Inventory $ 21 $ 41 million

4.0 2.7 turns

Shareholders’ equity $140 $212 million


Growth led by strong analog portfolio

Growth Led by Strong Analog Portfolio

DSP and

Embedded

Processors

Video

  • Expanding proprietary product line

    • Cirrus Logic has strong IP in analog and mixed-signal technologies

    • Refreshed and expanded product line

  • Leader in diverse niche markets

    • Highly fragmented customer base

    • Leader in audio applications

    • Broad set of growth drivers including: industrial data acquisition, power measurement and energy exploration

Analog

(Primarily Industrial)

Audio Converters

(Primarily Consumer)

Analog

Video


Large growing and diversified analog mixed signal ic markets

Large, Growing and Diversified Analog/Mixed-Signal IC Markets

Industrial

Consumer & Automotive

Telecom

Computer

in millions of dollars

$12,000

$10,000

$8,000

In millions of dollars

$6,000

$4,000

$2,000

2002

2003

2004

2005

2006

2007

Source: IMS Research 2003


Targeting the fastest growing analog market segments

Targeting the Fastest GrowingAnalog Market Segments

Source: IMS Research 2003


Audio converters

Consumer

Audio Systems

Digital TV

Digital

Satellite Radios

Automotive

entertainment systems

Audio Converters

  • Highest revenue product category

  • Leading market position

  • Attractive growth opportunities in consumer audio, DTV, digital satellite radio and automotive entertainment markets


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Targeting Analog/Mixed-Signal

Consumer Market Segments

Home Video

Home & Car Audio

Professional

Audio

High Performance Audio ADC, DAC, CODEC, Interface IC,PWM Controller

High Performance Audio ADC, DAC, CODEC and Video ADC

High Performance Audio ADC, DAC, CODEC, Interface IC,

AVR, DVD Receiver, Car Amplifier and Radio, Digital Satellite Radio

DVD Player, DVD Recorder, Digital STB

Keyboard, Mixer, Guitar, Amplifier, Effect Processor


Industrial analog

Industrial Analog

  • Second highest revenue category

  • Growing sales in diverse niche markets

  • Attractive growth opportunities in industrial data acquisition, power measurement and energy exploration markets

Data Acquisition Applications:

Load cells/Weigh scales

3 Phase Power Meters

Oil Field Evaluation


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Seismic Oil Exploration

Industrial Measurement

EnergyMeasurement

Single Phase and Three Phase Power Meter IC

High Precision Measurement ADC and SARs

Offering the complete Analog Signaling Chain

Digital Power Meters targeted for Indian and Chinese markets with new infrastructure

Weigh Scale, Medical, Temperature Measurement

Measurement Nodes for Oceanic & Land-based Exploration Systems

Targeting Analog/Mixed-Signal

Industrial Market Segments


Video solutions

Video Solutions

  • Approximately 15% of June revenue

  • Leadership technology in emerging consumer entertainment category

    • Cirrus Logic surpassed one million video encoder chip sales in Jan. 2004

    • Flexible software with modular structure allows for easy customer product upgrades and feature additions

    • Customer expansion strategy

      • Initially targeted engineering-capable customers in Taiwan

      • Now expanding customer base to branded companies in Korea and Japan

      • Aggressively expand sales to Chinese OEMs as retail prices decline

    • Cost-reduction and integration roadmap

  • Attractive growth opportunities in digital video recording applications

DVD Recorders

Home Theater Systems

USB PC Video Encoders


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Targeting Digital Video Applications

That Provide Growth Opportunities in Emerging Markets

USB /PC

Peripherals

DVD Receiver

DVD Recorder

Audio/Video encoder IC and mixed-signal ICs

Audio/Video decoder ICs and mixed-signal ICs

Audio/Video encoder and decoder and mixed-signal ICs

DVD playback units

DVD Recorders, HDD-

Enabled DVD Recorders,

PC video record functionality

Home Theater Systems


Emerging dvd recording products creates additional ic opportunities

60

Source:

50

IDC

40

InStat

World wide Units sold in M

30

CAGR

120-170%

Gartner

20

10

0

2002

2003

2004

2005

2006

Emerging DVD Recording ProductsCreates Additional IC Opportunities


Improving risk profile

Improving Risk Profile

  • Changed historical market focus

    • Exited commodity PC graphics/storage markets

    • Focused on leadership positions in diversified, high-growth analog markets with expanded and refreshed product portfolio

    • Established early merchant market lead in emerging DVD recording applications

  • Expanding blue-chip customer base

  • Defended successfully broad portfolio of intellectual property

  • Enhanced business model

    • Increasing use of outsourcing to provide more flexibility and lower capital requirements with fabless manufacturing model

    • De-leveraged company, now with debt-free balance sheet


Financial trends model

Financial Trends & Model

Historical Results

Strategic Model

*Excluding favorable patent and legal settlements,

operating margins in FY 04 would have been -25.9%


Stockholder base

Stockholder Base*

  • Institutional: 62%

  • Non-institutional (retail): 38%

  • “Insiders”: 11%*

Options Fully

Market Pct & Indirect Diluted Date Source

Value O/S Shares Shares Reported

Position

Holder Affiliation to Cirrus** Held


Stockholder base majority of institutional investors have low portfolio turnover

Stockholder BaseMajority of Institutional Investors Have Low Portfolio Turnover

Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004


Stockholder base investment style of institutional investors

Stockholder BaseInvestment Style of Institutional Investors

Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004


Stockholder base1

Stockholder Base

Position

Ranking Holder Held

Market Pct of Stock Invest Turnover

Value Outstanding Style Style

Ex-board

member

Founder, board

member and current employee

Source: FactSet Research Systems Inc. as reported on Nasdaq.net on Sept. 1, 2004


Stockholder base alfred teo

Stockholder BaseAlfred Teo

Former CRUS

Board member

1998-2001

Filed Aug. 8, 03

5,205,274 shares

6%; subsequently increased position to 10%


Stockholder base alfred teo1

Stockholder BaseAlfred Teo

Cirrus purchased shares in 2001

Former CRUS

Board member

1998-2001


Stockholder base alfred teo2

Stockholder BaseAlfred Teo

SEC CHARGES ALFRED TEO, SR. AND OTHERS WITH INSIDER TRADING The Commission announced today that it filed securities fraud charges against Alfred S. Teo, Sr., and ten of his relatives, friends and colleagues who collectively received approximately $1.8 million in illicit profits from insider trading in the securities of Musicland Stores Corporation (Musicland) and C-Cube Microsystems, Inc. (C-Cube).

The Commission charged violations of Sections 10(b), 13(d), 14(e) and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-20, 13d-1, 13d-2, 14e-3, and 16a-3 thereunder. The Commission seeks the following relief from the defendants: (a) permanent injunctions; (b) disgorgement of all illicit profits; (c) civil penalties; and (d) and officer and director bars against Teo and Rosen. The Commission filed its complaint in the U.S. District Court for the District of New Jersey.

The Commission also announced that it reached settlements with Fortune, Johnston and Rosen. Without admitting or denying the allegations in the Commission's complaint, Fortune Johnston and Rosen each consented to final judgments that permanently enjoined them, ordered them to disgorge their illicit profits plus prejudgment interest, and imposed a civil penalty equal to the illicit profits they obtained. Rosen also agreed to the entry of an order barring him from serving as an officer or director for five years. The Commission expresses its appreciation to the New York Stock Exchange, Inc. for their substantial assistance in the investigation of this matter. [SEC v. Alfred S. Teo, Sr., et al., Civil Action No. CV 04- 1815 (WGB)] (LR-18673)

Source: SEC NEWS DIGEST Issue 2004-78 April 22, 2004

http://www.sec.gov/news/digest/dig042204.txt

Cirrus Logic note: No other member of Cirrus Logic’s management or board of directors was charged with any violations associated with these matters. Mr. Teo was a member of Cirrus Logic’s board of directors at the time that Cirrus Logic evaluated acquiring C-Cube prior to the acquisition of that company by LSI Logic.


Board of directors

Board of Directors

  • 5 of 7 members are independent*

    • Michael Hackworth

    • David French**

    • D. James Guzy

    • Suhas Patil**

    • Walden Rhines

    • William Sherman

    • Robert Smith

  • Experienced board with continuity of service

    • 5 current or former board chairpersons or CEOs

    • 1 attorney

    • 1 retired CFO

    • Board convened 10 and 7 times in FY 04 and FY 03, respectively

    • 75%-plus attendance for each member for Board meetings

      *As defined by the relevant Nasdaq rules

      **Employee directors per Rule 4200(a)(15) of the NASD


Board of directors1

Board of Directors

  • Board committees

    • Audit

      • 3 independent members, including retired CFO of Novellus

      • Board annually reviews committee membership compliance in accordance with NASD rules

      • Committee reviews independence and performance of external auditors and internal audit scope and procedures

      • Committee reviews earnings press releases and significant accounting, audit, finance or ethics developments

      • Committee serves reviews and assess the code of business conduct and ethics.

      • Internal audit function provides quarterly update to audit committee

      • Charter established for board audit committee*

      • Committee annually reviews charter for compliance with NASD rules

      • Committee convened 9 and 8 times in FY 04 and FY 03, respectively, with management and separately with external auditors

      • Annual committee report to stockholders in proxy statement

*Available on http://www.cirrus.com/en/ethics.html


Board of directors2

Board of Directors

  • Board committees

    • Compensation

      • 4 independent members, including retired CFO of Novellus

      • Charter established for board compensation committee*

      • Committee convened 4 and 5 times in FY 04 and FY 03, respectively

    • Governance and Nominating

      • 5 independent members, including retired CFO of Novellus

      • Charter established for board governance and nominating committee*

      • Committee convened 2 times in both FY 04 and FY 03

  • Annual and periodic independence reviews

  • Independent director executive sessions conducted at the end of each BOD session

*Available on http://www.cirrus.com/en/ethics.html


Recent mergers and acquisitions

Recent Mergers and Acquisitions

  • Peak Audio (commercial audio networking products)

    • Acquired assets in April 2001

    • $9.8 million (cash, options issued, direct acquisition costs)

  • ShareWave (wireless home networking products)

    • Acquired 100% of outstanding stock in October 2001

    • $76.6 million (including 2.8 million shares, options issued, direct acquisition costs, cash for fractional shares)

    • Operation shut down in FY 03 as part of Cirrus Logic’s cost containment efforts

  • LuxSonor Semiconductors (DVD video processors and audio/video semiconductor solutions)

    • Acquired 100% of outstanding stock in October 2001

    • $51.3 million (including 1.8 million shares, options issued, direct acquisition costs, cash for fractional shares)

    • Recovered $8.9 million from escrow account due to breach of reps and warranties by LuxSonor


Recent mergers and acquisitions1

Recent Mergers and Acquisitions

  • Stream Machine (supplier of MPEG-2 video recording technology)

    • Acquired 100% of outstanding stock in December 2001

    • $72.1 million (including 3.6 million shares, options issued, direct acquisition costs, cash for fractional shares)

    • Recovered 740,000 shares of Cirrus Logic from escrow account due to breach of reps, warranties and revenue commitments by Stream Machine

  • eMicro (a fabless joint manufacturing venture between Cirrus, Creative Technology, Ltd and Vertex Technology Fund (II) Ltd.)

    • Announced creation of Singaporean JV in May 2000

    • JV partners voted to dissolve eMicro in June 2002

    • Operations ceased in Q1 FY 03

    • Final cash distributions to shareholders in Q1 FY 04


Financial analysis focused on growing revenues and cutting costs

Financial AnalysisFocused on Growing Revenues and Cutting Costs

  • Strong balance sheet

    • $198 million

    • No debt

    • No off-balance sheet GAAP liabilities (See Form 10-K, pp. 55-56, note 10 for “Commitments and Contingencies”)

    • No special purpose companies

  • Profitable in FY 04 after losses in FY 02 and FY 03

    • Completed repositioning company away from PC focus in FY 02

    • Improved gross margins from 24% in FY 02 to 51% in FY 04

    • Experienced gained in DVD players, now helping in the emerging DVD recorder market

    • Expanding analog product portfolio

    • Successfully defended IP and commercial litigation in FY 04

  • FY 05 sales expected to be up strongly

    • June quarter sales up 45% over the prior year

    • June quarter sales up 18% sequentially over March FY 04 quarter

      • Analog sales up 12% sequentially

      • Video sales up 65% sequentially


Financial analysis focused on growing revenues and cutting costs1

Financial AnalysisFocused on Growing Revenues and Cutting Costs

  • Cost reductions continue

    • 47% reduction in headcount since April 2001 implemented

    • Retired $299 million convertible debt in FY 01

    • Decreasing fixed costs via outsourcing

      • Returned to 100% fabless model in FY 00

      • Transitioning test operations to ChipPAC expected to save $5-$7 million a year, starting in calendar 2004

  • Clean financials

    • No restatements, other than reclassifications

    • No regulatory investigations

    • No auditor changes


Litigation issues

Litigation Issues

  • No D&O litigation in past 5 years

  • Received $18 million before expenses in nVidia and ATI patent lawsuit settlements in FY 04

  • Reached favorable settlement with WDC in FY 04

    • WDC paid Cirrus $45 million to settle outstanding claims

  • Cirrus Logic initiated litigation and ITC action against Wolfson in FY 04 for alleged IP infringement

  • AVT withdrew patent suit it filed against Cirrus Logic on June 23, 2004 within 90 days of the suit’s original filing


Litigation issues1

Litigation Issues

  • Fujitsu lawsuit currently scheduled to go to trial in January 2005

    • Breach of contract complaint and counter complaint

    • Cirrus Logic is seeking damages in excess of $46 million

    • Cirrus filed a complaint against St. Paul Fire and Marine in June 2005 relating to a coverage dispute on a General Liability policy

    • St. Paul answered on July 3rd with affirmative defenses and denied the company’s allegations (still open)

  • Additional information on legal matters is included in Cirrus Logic’s latest Form 10-Q filed with the SEC


Early adopter of sarbanes oxley provisions

Early Adopter of Sarbanes-Oxley Provisions

  • GAAP only

  • Certifications implemented

    • CEO and CFO

    • Executive, and certain Legal and Financial staff

  • SEC filings

    • Reviewed by external counsel

    • Insider filings on cirrus.com

  • Disclosure review committee established

  • Internal audit function established and process to review key functions underway

  • Anonymous whistle blower hotline implemented


Fy 04 internal audit plan

Audit Committee

Control Cycles

Review Meeting

FY 04 Internal Audit Plan

Status

Cash ReceiptsCompletedApr 2003

Accounts Receivable & Allow for Bad DebtCompletedApr 2003

Sales & Deferred RevenueCompletedJul 2003

Accounts Payable & Cash DisbursementsCompletedJul 2003

Income Tax – Provision and ValuationCompletedJul 2003

Inventory ReceivingCompletedSep 2003

Inventory Valuation (Standard Costing)CompletedSep 2003

PayrollCompletedSep 2003

Travel & Expense ReimbursementCompletedSep 2003

Inventory Reserves (E&O and LCM)CompletedFeb 2004

Purchases (Inventory & Non-inventory)CompletedFeb 2004

Information Systems Security & ControlCompletedApr 2004

Calculation of Accrued LiabilitiesCompletedApr 2004

Marketable Securities & InvestmentsCompletedApr 2004

Physical InventCompletedApr 2004

Fixed & Intangible AssetsPostponed to FY 05 due to resource constraints

Financial Statement Closure & DisclosurePostponed to FY 05 due to resource constraints


Fy 05 internal audit plan

Audit Committee

SOX 404 Reviews:

Review Meeting

FY 05 Internal Audit Plan

StatusTarget Date

Cash Receipts, A/R and Allow for Bad DebtCompletedJul 2004

Sales & Deferred Revenue CompletedNov 2004

Accounts Payable & Cash Disbursements CompletedNov 2004

Income Tax – Provision and ValuationOct 2004Nov 2004

Purchases (Inventory & Non-inventory)Oct 2004Feb 2005

Inventory Valuation & ReservesNov 2004Feb 2005

Marketable Securities & InvestmentsDec 2004Feb 2005

Calculation of Accrued LiabilitiesFeb 2005Apr 2005

Physical Inventory Counts & ScrapApril 2005Apr 2005


Fy 05 internal audit plan1

Audit Committee

Internal Audits:

Review Meeting

FY 05 Internal Audit Plan

Status Target Date

Fixed & Intangible AssetsSept 2004Nov 2004

Financial Statement Closure & DisclosureOct 2004 Nov 2004

Payroll/Human ResourcesNov 2004Nov 2004

Information Systems Security & Control Oct 2004Feb 2005

IT Change Management & Access Oct 2004Feb 2005

IT Applications Controls (SAP & Camstar)Dec 2004Feb 2005

Inventory Receiving & Movements Jan 2005Feb 2005


Internal audit process

Internal Audit Process

  • Identify the Key Audit Contact (Manager for that process) and Sponsor (VP)

  • Communicate and clarify audit scope with Key Audit Contact and Sponsor

  • Conduct interviews with process owners to gain an understanding of the system

  • Flowchart the process and identify key control points

  • Develop “what can go wrong” questions and identify any “gaps” not addressed by control points

  • Test control points to determine if they are effective or “functioning as designed”

  • Conduct Closing Meeting with auditees

    • Confirm process documentation and flowcharts

    • Agreement on issue and how management plans to respond to recommendation (specifics on who, what and when)

  • Review audit results and key objectives of testing with E&Y

  • Issue Final Audit Report

  • Conduct formal 3-month follow up on all recommendations


Governance other policies procedures

Governance & Other Policies/Procedures

  • Corporate governance guidelines*

  • Insider trading policy*

    • Directors and Section 16 officers are restricted from trading in the company’s securities for the last calendar month of each fiscal quarter. Trading may commence 2 business days after the company publicly announces its financial results. Prior to the execution of trades, these individuals must notify the Corporate Counsel.

    • Company has implemented processes to comply with SEC Form 4 two- business day reporting requirements, insider activity posted on www.cirrus.com

    • Adopted policy to permit 10b5-1 plans in April 2004

  • CEO 10b5-1 trading plan**

  • Revenue recognition policy**

  • External communication policy**

  • Whistle blower procedures*

    • Independent violation reporting process in affect by calling 1-866-384-4277 or www.ethicspoint.com

*Available on http://www.cirrus.com/en/ethics.html

**Not available on the internet, but provided with broker submission


Governance other policies procedures1

Governance & Other Policies/Procedures

  • Corporate code of conduct* addresses conflicts of interest, insider information, integrity of records and compliance with laws (e.g. antitrust, securities, environmental, harassment, discrimination and other important areas) and corrective action process.

  • Comprehensive ethics and compliance questionnaire distributed annually to Directors and Officers and the results reported to and discussed with the audit committee

  • Human resources policies and procedures reviewed by legal department

  • Company intranet includes all human resource and other significant corporate policies

*Available on http://www.cirrus.com/en/ethics.html


Governance other policies procedures new cirrus com page

Governance & Other Policies/ProceduresNew cirrus.com Page


Governance other policies procedures new intranet tool

Governance & Other Policies/ProceduresNew Intranet Tool


Investor communications

Investor Communications

  • Practices comply with Regulation FD

  • Experienced designated spokespersons

  • Quarterly financial results press releases, SEC 10Q and 10K filings reviewed in advance by the Board’s Audit Committee, external legal and auditors

  • All material financial guidance presented in press releases, 8-K filings and conference calls

  • Investor materials (press releases, presentations, conference call remarks) reviewed by General Counselprior to presentations or conference calls

  • Conference call remarks “scripted” by CEO, CFO, VP Investor Relations

  • Comprehensive web site: quarterly financial results remarks, presentations, press releases, and SEC filings posted at www.cirrus.com

  • Quarterly financial results conference calls and investor conferences are publicized in advance via press releases and are available through web casts


Designated investor spokespersons

Designated Investor Spokespersons

  • President & CEO (David French)

    • 20+ years of semiconductor experience (ADI, TI, Fairchild)

    • Bachelor of science degree in Electrical Engineering from the University of Rochester

    • Member of the Board of Directors of the Fabless Semiconductor Association

    • Joined Cirrus Logic as president and COO in June 1998

    • Named CEO in February 1999

  • SVP & CFO (John Kurtzweil), CPA, CMA

    • 20+ years of financial management experience (OnSemiconductor, ReadRite, Maxtor, Honeywell)

    • Degrees in accounting from Arizona State University and a master’s degree in Business Administration from the University of St. Thomas in St. Paul, Minnesota

    • Joined Cirrus Logic as CFO in March 2004

    • Member of Disclosure Review Committee

  • VP Investor Relations/Treasurer (Dave Allen)

    • 20+ years of financial management experience (Palm, Infoseek, Komag, Atari)

    • Extensive investor relations experience

    • MBA from Duke University’s J.B. Fuqua Graduate School of Business

    • Bachelor's degree in Economics from the State University of New York at Binghamton

    • Joined Cirrus Logic in current capacity in September 2002

    • Member of Disclosure Review Committee

    • Team leader for sales and deferred revenue internal audit control cycle in FY 04


Investor communications comprehensive website

Easy to find/request financial documents

Accessible conference

calls: live and replays

Investor CommunicationsComprehensive Website

Easy to find

quarterly info

Text of quarterly

conference calls

Web cast of stock-holders’ meeting

Web cast of

quarterly con-

ference calls


Investor communications easy to use site

Investor Communications Easy to Use Site

Easy to find/request financial documents

Easy to request

financial documents

D&O filings

easy to find

Link to SEC filings

Online documents


Investor communications web casts accessible

Investor CommunicationsWeb Casts Accessible

Accessible conference

calls: live and replays


Investor communications guidance conference calls conferences well publicized

Investor conference

notices disseminated

via press releases

Guidance broadly

disseminated via

press releases

Investor CommunicationsGuidance, Conference Calls & Conferences Well Publicized

Conference call

notices disseminated

via press releases


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Questions

&

Answers


Directors and officers underwriter meetings cirrus logic inc september 9 13 2004

Thank you for your participation in today’s meeting and interest in

Cirrus Logic’s D&O program.


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