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Cirrus regains some ground

The circuit board maker's fourth-quarter profits bounce back but still fall short of Wall Street's expectations.

Cirrus Logic (CRUS) reported today that its fourth-quarter profits bounced back from a loss posted a year ago, but it still fell short of Wall Street's expectations.

Cirrus, a maker of circuit boards, said net income rose to $10.3 million, or 16 cents a share, for the period ending December 28, compared with a net loss of $3.6 million, or 6 cents a share, for the quarter a year ago.

Cirrus has been selling off portions of its business to focus on multimedia, communications, and mass storage. The company posted a gain of $12 million from the sale of its wireless infrastructure equipment group to ADC Telecommunications, while it separately took a charge of $2.3 million for settlements in several shareholder lawsuits.

Without these charges and gains, the company would have posted net profits of $4.5 million, or 7 cents a share. Wall Street had been expecting the company to announce net profits of 19 cents a share, according to First Call.

Meanwhile, the company reported that fourth-quarter revenues fell 14.4 percent to $253.3 million, down from 295.8 million a year ago. Cirrus increased its shipments 16 percent over the previous quarter.

Graphics products, such as its 64-bit VisualMedia accelerators, increased sales by 3 percent, while its crystal semiconductor subsidiary posted a 19 percent sales jump over the previous three months.

At the same time, its mass storage products grew about 16 percent over the previous quarter.

"This quarter we achieved sequential improvement in both revenues and bottom line performance," said Thomas Kelly, chief financial officer.