Cirrus Logic Reports Fiscal Q2 2006 Financial Results; Revenue from Core Products Grows 11 Percent Sequentially

AUSTIN, Texas—(BUSINESS WIRE)—Oct. 19, 2005— Cirrus Logic Inc. (Nasdaq: CRUS), a leader in high-precision analog, mixed-signal and embedded products for audio and industrial markets, today announced financial results for the second quarter of Fiscal Year 2006, which ended Sept. 24, 2005.

The company reported second quarter Fiscal Year 2006 revenue of $50.5 million compared with $52.8 million in the prior fiscal quarter ended June 25, 2005. Core product revenue for the second fiscal quarter was $48.3 million related to our analog, mixed-signal and embedded products, an increase of 11 percent compared with $43.7 million in revenue during the prior quarter and a three percent increase year-over-year. Second-quarter gross margin was 53.2 percent compared with 51.7 percent in the prior quarter. The gross margin for its core products was 55.4 percent in the second quarter of fiscal year 2006, down slightly from 56.3 percent in the prior quarter. Combined research and development (R&D) and selling, general and administrative (SG&A) expenses for the second fiscal quarter were $26.4 million, compared with $28.0 million in the prior quarter. R&D and SG&A expense included digital video related spending of approximately $1.7 million, and there was also a $3.3 million contingency related to excess leased office space. Without these items, R&D and SG&A for the quarter was $21.4 million.

Second fiscal quarter results also included a $2.3 million net restructuring charge primarily related to the sale of the digital video product line and a $207,000 foreign tax benefit. The net loss in the second fiscal quarter was $99,000, or $0.00 per share. In the prior quarter, the company reported net income of $26.0 million, or $0.30 per diluted share, which included a $24.8 million net gain related to a legal settlement. The non-GAAP net income for the quarter was $6.8 million or $0.08 per diluted share as compared to a non-GAAP net income of $4.3 million and $0.05 per diluted share in the previous quarter.

Total cash and marketable securities at the end of the second fiscal quarter were $225.1 million, compared with $214.5 million at the end of the prior fiscal quarter. Inventories were $17.0 million, down 13 percent, or $2.5 million, from the end of the June quarter.

On June 30, 2005, Cirrus Logic announced the completion of the sale of its digital video product line assets to Magnum Semiconductor in exchange for a non-controlling interest valued at $7.9 million.

"I am pleased with the company's financial performance in Q2, as we have completed the restructuring of the company around our core analog mixed-signal and embedded products with our core products showing sequential revenue growth of 11 percent," said David D. French, president and chief executive officer, Cirrus Logic. "Our focus on these product lines is leading us to sustained profitability, strong gross margins and a solid cash position."

Outlook and Guidance

"We achieved better than expected core revenue growth of 11 percent due to strong seasonal purchasing patterns," French continued. "However, we remain cautious as the traditional peak season nears completion during our third fiscal quarter."

Third Quarter FY 06 (ending December 24, 2005):

-- Revenue is expected to range between $45 million and $49 million;

-- Gross margin is expected to be between 55 percent and 57 percent;

-- Combined R&D and SG&A expenses are expected to range between $20 million and $22 million;

-- Cash generated from operations is estimated to be $5 million to $8 million.

Use of Non-GAAP Financial Information

Cirrus Logic reports its financials in accordance with GAAP, which includes non-recurring items. A reconciliation of GAAP to non-GAAP is included in the financial statements portion of this release as well as on our Web site in the Investors section at www.cirrus.com. The core product revenue, core product gross margin, core product R&D and SG&A expense provided in this press release are non-GAAP numbers. Non-GAAP results are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. Cirrus Logic management believes the non-GAAP financial information is useful to investors because it can enhance the understanding of the results and trends in our business, and therefore uses non-GAAP reporting internally to evaluate and manage the company's operations. The criteria for determining non-GAAP results may differ from other companies' methods. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Conference Call

Cirrus Logic management will hold a conference call to discuss these results today, Oct. 19, 2005 at 5:00 p.m. EDT. Those wishing to join should dial 303-205-0066 (passcode: Cirrus Logic) at approximately 4:50 p.m. EDT. A replay of the call will be available starting one hour after the completion of the call through Nov. 2, 2005. To access the replay, dial 303-590-3000 (passcode: 11040464#). A live and an archived webcast of the conference call will also be available via the company's Web site at www.cirrus.com.

Upcoming Conferences

Cirrus Logic management will be presenting at the following conferences:

-- Prudential Technology Conference, Oct. 27 in New York;

-- Silicon Hills Summit 2005, Nov. 1 in Austin;

-- AeA Classic Financial Conference, Nov. 7-8 in San Diego;

-- Lehman Brothers Global Technology Conference, Dec. 7-9 in San Francisco;

-- Needham & Co. Growth Stock Conference, Jan. 10-13 in New York.

Those wishing to listen to these presentations can hear live and archived webcasts of the events via the company's Web site at www.cirrus.com.

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.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release, including our estimates of third quarter fiscal year 2006 sales, gross margin, combined research and development and selling, general and administrative expense levels, and expectations regarding our revenue growth and increased cash position 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 press release. These risks and uncertainties include, but are not limited to, the following: overall conditions in the semiconductor market; our ability to introduce new products on a timely basis and to deliver products that perform as anticipated; risks associated with international sales and international operations; the results of any potential and pending litigation matters; the level of orders and shipments during the third quarter of fiscal year 2006, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; overall economic pressures; pricing pressures; hardware or software deficiencies; our dependence on subcontractors for assembly, manufacturing, packaging and testing functions; our ability to make continued substantial investments in research and development; foreign currency fluctuations; the retention of key employees; and the risk factors listed in our Form 10-K for the year ended March 26, 2005, 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 news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

Summary financial data follows:
                           CIRRUS LOGIC INC.
                 CONSOLIDATED CONDENSED BALANCE SHEET
                             (unaudited)
                                                     (in  thousands)

                                                                                  Sep.  24,    Jun.  25,    Sep.  25,
                                                                                      2005            2005            2004
                                                                                  ---------  ---------  ---------

  ASSETS
  Current  assets
      Cash  and  cash  equivalents                          $112,347      $89,938    $100,050
      Restricted  investments                                      5,755          7,987          7,184
      Marketable  securities                                      92,163      100,311        45,435
      Accounts  receivable,  net                                21,579        23,457        28,677
      Inventories                                                          17,014        19,544        42,582
      Other  current  assets                                          6,287        11,769          5,372
                                                                                  ---------  ---------  ---------
              Total  Current  Assets                              255,145      253,006      229,300

  Long-term  marketable  securities                      14,869        16,311        25,053
  Property  and  equipment,  net                              14,329        15,707        21,843
  Intangibles,  net                                                      4,090          4,689        19,923
  Other  assets                                                            11,372          3,210          2,862
                                                                                  ---------  ---------  ---------
        Total  Assets                                                  $299,805    $292,923    $298,981
                                                                                  =========  =========  =========

  LIABILITIES  AND  STOCKHOLDERS'  EQUITY
  Current  liabilities
      Accounts  payable                                              $15,181      $14,542      $22,407
      Accrued  salaries  and  benefits                        6,756          8,350          9,355
      Other  accrued  liabilities                              14,072        10,824        18,257
      Deferred  income  on  shipments  to
        distributors                                                        6,807          7,435          7,869
      Income  taxes  payable                                          8,526          8,788        30,299
                                                                                  ---------  ---------  ---------
            Total  Current  Liabilities                        51,342        49,939        88,187

  Long-term  restructuring  accrual                        4,807          3,526          3,515
  Other  long-term  obligations                              10,062          8,541        10,389

  Stockholders'  equity:
      Capital  stock                                                    879,560      876,763      873,634
      Accumulated  deficit                                      (644,919)  (644,820)  (675,865)
      Accumulated  other  comprehensive
        loss                                                                      (1,047)      (1,026)          (879)
                                                                                  ---------  ---------  ---------
              Total  Stockholders'  Equity                  233,594      230,917      196,890
                                                                                  ---------  ---------  ---------
                      Total  Liabilities  and
                        Stockholders'  Equity                  $299,805    $292,923    $298,981
                                                                                  =========  =========  =========

                                                      CIRRUS  LOGIC  INC.
                        CONSOLIDATED  CONDENSED  STATEMENT  OF  OPERATIONS
                                                          (unaudited)
                                (in  thousands,  except  per  share  data)

                                                                                                  Quarter  Ended
                                                                                    ----------------------------

                                                                                    Sep.  24,    Jun.  25,  Sep.  25,
                                                                                        2005          2005            2004
                                                                                    ---------  --------  ---------

Net  sales                                                                    $50,461    $52,822      $51,332
Cost  of  sales                                                              23,596      25,522        28,404
                                                                                    ---------  --------  ---------
    Gross  Margin                                                            26,865      27,300        22,928
                                                                                    ---------  --------  ---------
    Gross  Margin  Percentage                                          53.2%        51.7%          44.7%

Operating  expenses:
    Research  and  development                                    10,630      13,651        21,212
    Selling,  general  and  administrative              15,765      14,301        12,818
    Restructuring  and  other  costs                            2,311                -          4,148
    Litigation  settlement,  net                                          -    (24,758)            344
                                                                                    ---------  --------  ---------
              Total  operating  expenses                          28,706        3,194        38,522
                                                                                    ---------  --------  ---------
              Total  operating  expenses  as  a
                percent  of  revenue                                        56.9%          6.0%          75.0%

Income  (loss)  from  operations                              (1,841)    24,106      (15,594)
Operating  income  (loss)  as  a  percent  of
  revenue                                                                          (3.6%)        45.6%      (30.4%)

Realized  gain  on  marketable  equity
  securities                                                                            -            388                  -
Interest  income,  net                                                  1,684        1,136              604
Other  expense,  net                                                        (109)          (19)              (5)
                                                                                    ---------  --------  ---------
Income  (loss)  before  income  taxes                          (266)    25,611      (14,995)
Provision  (benefit)  for  income  taxes                    (167)        (366)              66
                                                                                    ---------  --------  ---------
Net  income  (loss)                                                          $(99)  $25,977    $(15,061)
                                                                                    =========  ========  =========

Basic  and  diluted  income  (loss)  per  share:            $-        $0.30        $(0.18)

    Basic  weighted  average  common  shares
      outstanding                                                            85,804      85,230        84,671
    Diluted  weighted  average  common  shares
      outstanding                                                            85,804      86,183        84,671


  See  notes  to  Non-GAAP  Consolidated  Condensed  Statement  of  Operations
  Prepared  in  accordance  with  Generally  Accepted  Accounting  Principles

Certain  income  statement  reclassifications  have  been  made  to  the
fiscal  year  2005  financial  statements  to  conform  to  the  fiscal  year
2006  presentation.  We  now  report  the  amortization  of  acquired
intangibles  as  a  component  of  our  research  and  development  expenses.
These  reclassifications  had  no  effect  on  the  results  of  operations  or
stockholders'  equity.  

                                                      CIRRUS  LOGIC  INC.
              NON-GAAP  CONSOLIDATED  CONDENSED  STATEMENT  OF  OPERATIONS
                                                          (unaudited)
                                (in  thousands,  except  per  share  data)
                                (not  prepared  in  accordance  with  GAAP)

                                                                                                    Quarter  Ended
                                                                                      ---------------------------

                                                                                      Sep.  24,    Jun.  25,  Sep.  25,
                                                                                          2005          2005          2004
                                                                                      ---------  --------  --------

Net  sales                                                                      $48,309    $43,693    $47,016
Cost  of  sales                                                                21,565      19,089      23,632
                                                                                      ---------  --------  --------
    Gross  Margin                                                              26,744      24,604      23,384
                                                                                      ---------  --------  --------
    Gross  Margin  Percentage                                            55.4%        56.3%        49.7%

Operating  expenses:
    Research  and  development                                      10,295      10,667      13,656
    Selling,  general  and  administrative                11,148      10,782      11,131
                                                                                      ---------  --------  --------
              Total  operating  expenses                            21,443      21,449      24,787
                                                                                      ---------  --------  --------
              Total  operating  expenses  as  a
                percent  of  revenue                                          44.4%        49.1%        52.7%

Income  (loss)  from  operations                                  5,301        3,155      (1,403)
Operating  income  (loss)  as  a  percent  of
  revenue                                                                              11.0%          7.2%      (3.0%)

Interest  income,  net                                                    1,684        1,136            604
Other  expense,  net                                                          (109)          (19)            (5)
                                                                                      ---------  --------  --------
Income  (loss)  before  income  taxes  and  loss
  from  discontinued  operations                                  6,876        4,272          (804)
Provision  (benefit)  for  income  taxes                          40            (64)            66
                                                                                      ---------  --------  --------
Net  income  (loss)                                                        $6,836      $4,336        $(870)
                                                                                      =========  ========  ========

Basic  and  diluted  income  (loss)  per  share:        $0.08        $0.05      $(0.01)

    Basic  weighted  average  common  shares
      outstanding                                                              85,804      85,230      84,671
    Diluted  weighted  average  common  shares
      outstanding                                                              87,838      86,183      84,671


  See  notes  to  Non-GAAP  Consolidated  Condensed  Statement  of  Operations

                                                      CIRRUS  LOGIC  INC.
        RECONCILIATION  BETWEEN  GAAP  AND  NON-GAAP  FINANCIAL  INFORMATION
                                                          (unaudited)
                                (in  thousands,  except  per  share  data)
                                (not  prepared  in  accordance  with  GAAP)

                                                                                                  Quarter  Ended
                                                                                    ----------------------------

                                                                                    Sep.  24,    Jun.  25,  Sep.  25,
                                                                                        2005          2005            2004
                                                                                    ---------  --------  ---------

Net  sales  (Note  1)                                                    $2,152      $9,129        $4,316
Cost  of  sales  (Note  2)                                              2,031        6,433          4,772
                                                                                    ---------  --------  ---------
    Gross  Margin                                                                  121        2,696            (456)
                                                                                    ---------  --------  ---------

Operating  expenses:
    Research  and  development  (Note  3)                        335        2,984          7,556
    Selling,  general  and  administrative
      (Note  4)                                                                    4,617        3,519          1,687
    Restructuring  and  other  costs  (Note  5)          2,311                -          4,148
    Litigation  settlement,  net  (Note  6)                        -    (24,758)            344
                                                                                    ---------  --------  ---------
              Total  operating  expenses                            7,263    (18,255)      13,735
                                                                                    ---------  --------  ---------

Income  (loss)  from  operations                              (7,142)    20,951      (14,191)

Realized  gain  on  marketable  equity
  securities  (Note  7)                                                          -            388                  -
                                                                                    ---------  --------  ---------
Income  (loss)  before  income  taxes  and  loss
  from  discontinued  operations                              (7,142)    21,339      (14,191)
Benefit  for  income  taxes  (Note  8)                          (207)        (302)                -
                                                                                    ---------  --------  ---------
Net  income  (loss)                                                    $(6,935)  $21,641    $(14,191)
                                                                                    =========  ========  =========

Basic  and  diluted  income  (loss)  per  share:    $(0.08)      $0.25        $(0.17)

On  October  19,  2005  the  Company  held  a  conference  call  with  the  public
to  discuss  its  second  quarter  fiscal  year  2006  financial  results.
During  that  call,  the  Company  made  reference  to  non-GAAP  financial
measures.  The  above  schedule  is  provided  to  comply  with  SEC  Regulation
G.  This  table  provides  the  reconciliation  between  the  Consolidated
Condensed  Statement  of  Operations  on  a  GAAP  and  non-GAAP  reporting
basis.  We  use  these  non-GAAP  financial  numbers  to  assist  us  in  the
management  of  the  Company  because  we  believe  that  this  information
provides  a  more  consistent  and  complete  understanding  of  the
underlying  results  and  trends  in  our  business.

This  non-GAAP  presentation  reflects  the  historical  financial  results
adjusted  for  the  following  non-recurring  or  unusual  items:

(Note  1)  Q2  FY'06  --  Non-GAAP  net  sales  exclude  $2.2  million  in
revenue  related  to  the  digital  video  product  line,  product  line  assets
that  were  sold  on  June  30,  2005.  Q1  FY'06  --  Non-GAAP  net  sales
exclude  $9.1  million  in  revenue  related  to  the  digital  video  product
line,  product  line  assets  that  were  sold  on  June  30,  2005.  Q2  FY'05  --
Non-GAAP  net  sales  exclude  $4.3  million  in  revenue  related  to  the
digital  video  product  line,  product  line  assets  that  were  sold  on  June
30,  2005.

(Note  2)  Q2  FY'06  --  Non-GAAP  cost  of  sales  excludes  $2.0  million  in
product  costs  related  to  the  digital  video  product  line,  product  line
assets  that  were  sold  on  June  30,  2005.  Q1  FY'06  --  Non-GAAP  cost  of
sales  excludes  $6.4  million  in  product  costs  related  to  the  digital
video  product  line,  product  line  assets  that  were  sold  on  June  30,
2005.  Q2  FY'05  --  Non-GAAP  cost  of  sales  excludes  $4.8  million  in
product  costs  related  to  the  digital  video  product  line,  product  line
assets  that  were  sold  on  June  30,  2005.

(Note  3)  Q2  FY'06  --  Non-GAAP  research  and  development  excludes  $0.3
million  of  digital  video  related  expenses.  Q1  FY'06  --  Non-GAAP
research  and  development  excludes  $2.3  million  in  digital  video
related  expenses  and  $0.7  million  related  to  the  amortization  of
acquired  intangibles  from  our  2002  and  2000  acquisitions.  Q2  FY'05  --
Non-GAAP  research  and  development  excludes  $3.5  million  related  to  the
amortization  of  acquisition  related  intangibles  and  compensation  from
our  2002  and  2000  acquisitions  and  $4.1  million  in  digital  video
related  expenses.

(Note  4)  Q2  FY'06  --  Non-GAAP  selling,  general  and  administrative
expense  excludes  $1.3  million  in  digital  video  related  expenses  and
$3.3  million  in  facility  related  accruals  due  to  losses  on  new
subleases.  Q1  FY'06  --  Non-GAAP  selling,  general  and  administrative
expense  excludes  $2.5  million  in  digital  video  related  expenses  and
$1.1  million  in  facility  related  accruals  due  to  losses  on  new
subleases.  Q2  FY'05  --  Non-GAAP  selling,  general  and  administrative
expense  excludes  $1.7  million  in  digital  video  related  expenses.

(Note  5)  Q2  FY'06  --  Non-GAAP  restructuring  and  other  costs  excludes  a
$3.1  million  expense  related  to  facilities  consolidation  and  severance
partially  offset  by  a  $0.8  million  gain  on  the  sale  of  our  digital
video  product  line.  Q2  FY'05  --  Non-GAAP  restructuring  and  other  costs
excludes  $1.5  million  related  to  costs  associated  with  our  announced
workforce  reduction  and  $3.1  million  related  to  the  write-off  of
computer  aided  software  tools  that  we  will  no  longer  use  partially
offset  by  a  release  of  $0.5  million  related  to  a  buyout  of  a  long-term
facilities  lease  obligation.

(Note  6)  Q1  FY'06  --  Non-GAAP  litigation  settlement,  net  excludes  a
$25.0  million  benefit  from  a  litigation  settlement  finalized  during
the  quarter  related  to  Fujitsu,  LTD  partially  offset  by  $0.2  million
in  litigation  fees  related  to  this  settlement.  Q2  FY'05  --  Non-GAAP
litigation  settlement,  net  excludes  $0.3  million  in  legal  costs
associated  with  a  lawsuit  related  to  a  previously  exited  product  line.

(Note  7)  Q1  FY'06  --  Non-GAAP  realized  gain  on  marketable  equity
securities  excludes  a  $0.4  million  benefit  from  the  proceeds  related
to  the  sale  of  an  investment  in  another  publicly  traded  company.

(Note  8)  Q2  FY'06  --  Non-GAAP  benefit  for  income  taxes  excludes  a  $0.2
million  income  tax  benefit  resulting  from  the  expiration  of  foreign
statute  of  limitations  for  the  years  in  which  we  had  previously
recorded  potential  tax  liabilities.  Q1  FY'06  --  Non-GAAP  benefit  for
income  taxes  excludes  a  $0.3  million  income  tax  benefit  resulting  from
the  expiration  of  foreign  statute  of  limitations  for  the  years  in
which  we  had  previously  recorded  potential  tax  liabilities.  

                                                      CIRRUS  LOGIC  INC.
                        CONSOLIDATED  CONDENSED  STATEMENT  OF  OPERATIONS
                                                          (unaudited)
                                (in  thousands,  except  per  share  data)

                                                                                                      Six  Months  Ended
                                                                                                ----------------------

                                                                                                  Sep.  24,        Sep.  25,
                                                                                                      2005              2004
                                                                                                -----------  ----------

Net  sales                                                                                  $103,283      $110,449
Cost  of  sales                                                                              49,118          55,848
                                                                                                -----------  ----------
    Gross  Margin                                                                            54,165          54,601
                                                                                                -----------  ----------
    Gross  Margin  Percentage                                                          52.4%            49.4%

Operating  expenses:
    Research  and  development                                                    24,281          43,338
    Selling,  general  and  administrative                              30,066          25,113
    Restructuring  and  other  costs                                            2,311            5,871
    Litigation  settlement,  net                                              (24,758)              543
                                                                                                -----------  ----------
              Total  operating  expenses                                          31,900          74,865
                                                                                                -----------  ----------
              Total  operating  expenses  as  a  percent  of
                revenue                                                                              30.9%            67.8%

Income  (loss)  from  operations                                              22,265        (20,264)
Operating  income  (loss)  as  a  percent  of  revenue              21.6%        (18.3%)

Realized  gain  on  marketable  equity  securities                    388                669
Interest  income,  net                                                                  2,820            1,300
Other  expense,  net                                                                        (128)              (71)
                                                                                                -----------  ----------
Income  (loss)  before  income  taxes  and  loss  from
  discontinued  operations                                                        25,345        (18,366)
Provision  (benefit)  for  income  taxes                                    (533)                90
                                                                                                -----------  ----------
Net  income  (loss)                                                                    $25,878      $(18,456)
                                                                                                ===========  ==========

Basic  and  diluted  income  (loss)  per  share:                      $0.30          $(0.22)

    Basic  weighted  average  common  shares
      outstanding                                                                            85,517          84,545
    Diluted  weighted  average  common  shares
      outstanding                                                                            87,051          84,545

Prepared  in  accordance  with  Generally  Accepted  Accounting  Principles

Certain  income  statement  reclassifications  have  been  made  to  the
fiscal  year  2005  financial  statements  to  conform  to  the  fiscal  year
2006  presentation.  We  now  report  the  amortization  of  acquired
intangibles  as  a  component  of  our  research  and  development  expenses.
These  reclassifications  had  no  effect  on  the  results  of  operations  or
stockholders'  equity.
 


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