Profits drop to $2.1 million at Cirrus Logic

Despite a revenue spike last quarter, profits fell 46 percent at Cirrus Logic Inc. due in part to charges related to moving and stock-based compensation for employees.

The Austin chipmaker earned $2.1 million, or 3 cents a share, on revenue of $44 million in its fiscal first quarter that ended in June. That compares with a profit of $4 million, or 5 cents a share, on revenue of $41.1 million in the same quarter in 2007.

Cirrus' (Nasdaq: CRUS) operating expenses for the most-recent quarter were $23.6 million, which included stock-based compensation, acquisition-related charges and vacated facility-related charges.

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Excluding unusual items, Cirrus earned $3.7 million for the quarter.

Cirrus reported its results after the stock markets closed on Wednesday. The company's stock spiked 24 percent on Thursday to close at $5.99 a share.

www.cirrus.com