The transaction is structured as an asset sale. Cirrus Logic will retain a minority equity ownership position in Magnum Semiconductor and will account for this under the cost method of accounting.
Cirrus Logic will discuss the financial details related to this asset sale during its first fiscal quarter of 2006 quarterly conference call scheduled for Wednesday, July 20, 2005 at 5 p.m. Eastern Time (ET).
Cirrus Logic Inc.
Cirrus Logic develops high-precision analog and mixed-signal integrated circuits for a broad range of consumer and industrial markets. Building on its diverse analog mixed-signal patent portfolio, Cirrus Logic delivers highly optimized products for consumer and commercial audio, automotive entertainment and industrial applications. The company operates from headquarters in Austin, Texas, with offices in Colorado, Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.
Cirrus Logic Inc., Austin Media: Bill Schnell, 512-851-4084 Email Contact or Investor Relations: John T. Kurtzweil, 512-912-3222 Email Contact