Exhibit 99.1
Cirrus Logic Reports Fiscal Second Quarter Revenue of $101.6M
Letter to the Shareholders Available on Company Website
AUSTIN, Texas--(BUSINESS WIRE)--October 19, 2011--Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today posted its second quarter, fiscal year 2012 financial results and business outlook on its investor relations website at http://investor.cirrus.com.
Cirrus Logic will host a live Q&A session at 6:00 p.m. EDT on Wednesday, Oct. 19, 2011, to answer questions related to its financial results and business outlook. Shareholders who would like to submit a question to be addressed during the call are requested to email investor.relations@cirrus.com.
A live webcast of the Q&A session can be accessed on the Cirrus Logic website, and a replay will be available approximately one hour following its completion, or by calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code: 4478182).
Reported Financial Results

| · | Revenue of $101.6 million

| · | Gross margin of 53.5 percent

| · | GAAP operating expenses were $36.4 million

| · | Non-GAAP operating expenses of $32.1 million

A reconciliation of the non-GAAP charges is included in the tables accompanying this press release.
“We're very pleased with the culture we've developed, the strategy we're pursuing, the talent and passion of our employees, and the relationships we have with some of the best companies in the world,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “While we are seeing softness in some areas of our business due to issues in the global economy, we still expect significant year over year revenue growth in Q3, and we are well positioned to capitalize on some extraordinary growth opportunities that we believe will enable Cirrus Logic to be a great company for many years.”
Outlook for Third Quarter FY 2012 (ending December 31, 2011):

| · | Revenue is expected to range between $102 million and $108 million;

| · | Gross margin is expected to be between 53 percent and 55 percent; and

| · | Combined R&D and SG&A expenses are expected to range between $37 million and $39 million, which includes approximately $3 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Cirrus Logic, Inc.
Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Tucson, Ariz., Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including operating expenses, net income, operating margin and diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of third quarter fiscal year 2012 revenue, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances 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. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the third quarter of fiscal year 2012, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; and the risk factors listed in our Form 10-K for the year ended March 26, 2011, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. 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.
CRUS-F

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
|  | Three Months Ended |  | Six Months Ended
|  | Sep. 24, |  | Jun. 25, |  | Sep. 25, |  | Sep. 24, |  | Sep. 25,
|  |  | 2011 |  |  |  | 2011 |  |  |  | 2010 |  |  |  | 2011 |  |  |  | 2010 |
|  | Q2'12 |  | Q1'12 |  | Q2'11 |  | Q2'12 |  | Q2'11
Audio products |  | $ | 83,683 |  |  | $ | 71,119 |  |  | $ | 71,171 |  |  | $ | 154,802 |  |  | $ | 125,159 |
Energy products |  |  | 17,919 |  |  |  | 21,123 |  |  |  | 29,427 |  |  |  | 39,042 |  |  |  | 57,354 |
Net revenue |  |  | 101,602 |  |  |  | 92,242 |  |  |  | 100,598 |  |  |  | 193,844 |  |  |  | 182,513 |
Cost of sales |  |  | 47,247 |  |  |  | 44,533 |  |  |  | 43,818 |  |  |  | 91,780 |  |  |  | 78,998 |
Gross Profit |  |  | 54,355 |  |  |  | 47,709 |  |  |  | 56,780 |  |  |  | 102,064 |  |  |  | 103,515 |
Research and development |  |  | 19,682 |  |  |  | 18,767 |  |  |  | 15,450 |  |  |  | 38,449 |  |  |  | 30,542 |
Selling, general and administrative |  |  | 16,760 |  |  |  | 14,606 |  |  |  | 15,372 |  |  |  | 31,366 |  |  |  | 29,383 |
Restructuring and other costs |  |  | - |  |  |  | - |  |  |  | 401 |  |  |  | - |  |  |  | 401 |
Impairment of non-marketable securities |  |  | - |  |  |  | - |  |  |  | 500 |  |  |  | - |  |  |  | 500 |
Provision for litigation expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 135 |
Patent agreement, net |  |  | - |  |  |  | - |  |  |  | (4,000 | ) |  |  | - |  |  |  | (4,000 | )
Total operating expenses |  |  | 36,442 |  |  |  | 33,373 |  |  |  | 27,723 |  |  |  | 69,815 |  |  |  | 56,961 |
Operating income |  |  | 17,913 |  |  |  | 14,336 |  |  |  | 29,057 |  |  |  | 32,249 |  |  |  | 46,554 |
Interest income, net |  |  | 112 |  |  |  | 154 |  |  |  | 233 |  |  |  | 266 |  |  |  | 461 |
Other income (expense), net |  |  | (27 | ) |  |  | (17 | ) |  |  | (14 | ) |  |  | (44 | ) |  |  | 18 |
Income before income taxes |  |  | 17,998 |  |  |  | 14,473 |  |  |  | 29,276 |  |  |  | 32,471 |  |  |  | 47,033 |
Provision (benefit) for income taxes |  |  | 6,751 |  |  |  | 5,295 |  |  |  | (1,598 | ) |  |  | 12,046 |  |  |  | (1,443 | )
Net income |  | $ | 11,247 |  |  | $ | 9,178 |  |  | $ | 30,874 |  |  | $ | 20,425 |  |  | $ | 48,476 |
Basic income per share: |  | $ | 0.17 |  |  | $ | 0.14 |  |  | $ | 0.45 |  |  | $ | 0.31 |  |  | $ | 0.72 |
Diluted income per share: |  | $ | 0.17 |  |  | $ | 0.13 |  |  | $ | 0.42 |  |  | $ | 0.30 |  |  | $ | 0.67 |
Weighted average number of shares: |  |  |  |  |  |  |  |  |  |
Basic |  |  | 64,426 |  |  |  | 67,099 |  |  |  | 68,513 |  |  |  | 65,763 |  |  |  | 67,576 |
Diluted |  |  | 67,265 |  |  |  | 70,445 |  |  |  | 72,878 |  |  |  | 68,657 |  |  |  | 71,971 |
Prepared in accordance with Generally Accepted Accounting Principles

CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)
Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
|  | Three Months Ended |  | Six Months Ended
|  | Sep. 24, |  | Jun. 25, |  | Sep. 25, |  | Sep. 24, |  | Sep. 25,
|  |  | 2011 |  |  |  | 2011 |  |  |  | 2010 |  |  |  | 2011 |  |  |  | 2010 |
Net Income Reconciliation |  | Q2'12 |  | Q1'12 |  | Q2'11 |  | Q2'12 |  | Q2'11
GAAP Net Income |  | $ | 11,247 |  |  | $ | 9,178 |  |  | $ | 30,874 |  |  | $ | 20,425 |  |  | $ | 48,476 |
Amortization of acquisition intangibles |  |  | 353 |  |  |  | 353 |  |  |  | 353 |  |  |  | 706 |  |  |  | 723 |
Stock based compensation expense |  |  | 3,517 |  |  |  | 2,442 |  |  |  | 3,025 |  |  |  | 5,959 |  |  |  | 4,381 |
Facility Related adjustments |  |  | - |  |  |  | - |  |  |  | (100 | ) |  |  | - |  |  |  | (96 | )
International sales reorganization charges |  |  | 622 |  |  |  | - |  |  |  | - |  |  |  | 622 |  |  |  | 790 |
Provision for litigation expenses and settlements |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 135 |
Restructuring and other costs, net |  |  | - |  |  |  | - |  |  |  | 401 |  |  |  | - |  |  |  | 401 |
Charge from non-marketable securities |  |  | - |  |  |  | - |  |  |  | 500 |  |  |  | - |  |  |  | 500 |
Patent purchase agreement, net |  |  | - |  |  |  | - |  |  |  | (4,000 | ) |  |  | - |  |  |  | (4,000 | )
Provision (benefit) for income taxes |  |  | 6,163 |  |  |  | 4,984 |  |  |  | (2,229 | ) |  |  | 11,147 |  |  |  | (2,229 | )
Non-GAAP Net Income |  | $ | 21,902 |  |  | $ | 16,957 |  |  | $ | 28,824 |  |  | $ | 38,859 |  |  | $ | 49,081 |
Earnings Per Share Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Diluted income per share |  | $ | 0.17 |  |  | $ | 0.13 |  |  | $ | 0.42 |  |  | $ | 0.30 |  |  | $ | 0.67 |
Effect of Amortization of acquisition intangibles |  |  | 0.01 |  |  |  | 0.01 |  |  |  | - |  |  |  | 0.01 |  |  |  | 0.01 |
Effect of Stock based compensation expense |  |  | 0.05 |  |  |  | 0.03 |  |  |  | 0.04 |  |  |  | 0.09 |  |  |  | 0.06 |
Effect of International sales reorganization charges |  |  | 0.01 |  |  |  | - |  |  |  | - |  |  |  | 0.01 |  |  |  | 0.01 |
Effect of Restructuring and other costs, net |  |  | - |  |  |  | - |  |  |  | 0.01 |  |  |  | - |  |  |  | 0.01 |
Effect of Charge from non-marketable securities |  |  | - |  |  |  | - |  |  |  | 0.01 |  |  |  | - |  |  |  | 0.01 |
Effect of Patent purchase agreement, net |  |  | - |  |  |  | - |  |  |  | (0.05 | ) |  |  | - |  |  |  | (0.06 | )
Effect of Provision (benefit) for income taxes |  |  | 0.09 |  |  |  | 0.07 |  |  |  | (0.03 | ) |  |  | 0.16 |  |  |  | (0.03 | )
Non-GAAP Diluted income per share |  | $ | 0.33 |  |  | $ | 0.24 |  |  | $ | 0.40 |  |  | $ | 0.57 |  |  | $ | 0.68 |
Operating Income Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Operating Income |  | $ | 17,913 |  |  | $ | 14,336 |  |  | $ | 29,057 |  |  | $ | 32,249 |  |  | $ | 46,554 |
GAAP Operating Margin |  |  | 18 | % |  |  | 16 | % |  |  | 29 | % |  |  | 17 | % |  |  | 26 | %
Amortization of acquisition intangibles |  |  | 353 |  |  |  | 353 |  |  |  | 353 |  |  |  | 706 |  |  |  | 723 |
Stock compensation expense - COGS |  |  | 104 |  |  |  | 89 |  |  |  | 64 |  |  |  | 193 |  |  |  | 119 |
Stock compensation expense - R&D |  |  | 1,181 |  |  |  | 1,043 |  |  |  | 617 |  |  |  | 2,224 |  |  |  | 1,138 |
Stock compensation expense - SG&A |  |  | 2,232 |  |  |  | 1,310 |  |  |  | 2,344 |  |  |  | 3,542 |  |  |  | 3,124 |
Facility Related adjustments |  |  | - |  |  |  | - |  |  |  | (100 | ) |  |  | - |  |  |  | (96 | )
International sales reorganization charges |  |  | 622 |  |  |  | - |  |  |  | - |  |  |  | 622 |  |  |  | 790 |
Provision for litigation expenses and settlements |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 135 |
Restructuring and other costs, net |  |  | - |  |  |  | - |  |  |  | 401 |  |  |  | - |  |  |  | 401 |
Charge from non-marketable securities |  |  | - |  |  |  | - |  |  |  | 500 |  |  |  | - |  |  |  | 500 |
Patent purchase agreement, net |  |  | - |  |  |  | - |  |  |  | (4,000 | ) |  |  | - |  |  |  | (4,000 | )
Non-GAAP Operating Income |  | $ | 22,405 |  |  | $ | 17,131 |  |  | $ | 29,236 |  |  | $ | 39,536 |  |  | $ | 49,388 |
Non-GAAP Operating Margin |  |  | 22 | % |  |  | 19 | % |  |  | 29 | % |  |  | 20 | % |  |  | 27 | %
Operating Expense Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Operating Expenses |  | $ | 36,442 |  |  | $ | 33,373 |  |  | $ | 27,723 |  |  | $ | 69,815 |  |  | $ | 56,961 |
Amortization of acquisition intangibles |  |  | (353 | ) |  |  | (353 | ) |  |  | (353 | ) |  |  | (706 | ) |  |  | (723 | )
Stock compensation expense - R&D |  |  | (1,181 | ) |  |  | (1,043 | ) |  |  | (617 | ) |  |  | (2,224 | ) |  |  | (1,138 | )
Stock compensation expense - SG&A |  |  | (2,232 | ) |  |  | (1,310 | ) |  |  | (2,344 | ) |  |  | (3,542 | ) |  |  | (3,124 | )
Facility Related adjustments |  |  | - |  |  |  | - |  |  |  | 100 |  |  |  | - |  |  |  | 96 |
International sales reorganization charges |  |  | (622 | ) |  |  | - |  |  |  | - |  |  |  | (622 | ) |  |  | (790 | )
Provision for litigation expenses and settlements |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (135 | )
Restructuring and other costs, net |  |  | - |  |  |  | - |  |  |  | (401 | ) |  |  | - |  |  |  | (401 | )
Charge from non-marketable securities |  |  | - |  |  |  | - |  |  |  | (500 | ) |  |  | - |  |  |  | (500 | )
Patent purchase agreement, net |  |  | - |  |  |  | - |  |  |  | 4,000 |  |  |  | - |  |  |  | 4,000 |
Non-GAAP Operating Expenses |  | $ | 32,054 |  |  | $ | 30,667 |  |  | $ | 27,608 |  |  | $ | 62,721 |  |  | $ | 54,246 |

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
unaudited
(in thousands)
|  |  |  |  |  | Sep. 24, |  | Jun. 25, |  | Sep. 25,
|  |  |  |  |  |  | 2011 |  |  |  | 2011 |  |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
| Cash and cash equivalents |  | $ | 39,268 |  |  | $ | 41,490 |  |  | $ | 19,837 |
| Restricted investments |  |  |  |  | 2,898 |  |  |  | 5,755 |  |  |  | 5,755 |
| Marketable securities |  |  |  |  | 100,130 |  |  |  | 107,016 |  |  |  | 153,797 |
| Accounts receivable, net |  |  |  | 44,898 |  |  |  | 41,967 |  |  |  | 48,451 |
| Inventories |  |  |  |  | 49,552 |  |  |  | 46,851 |  |  |  | 41,963 |
| Other current assets |  |  |  |  | 41,668 |  |  |  | 38,842 |  |  |  | 21,094 |
| Total Current Assets |  |  |  | 278,414 |  |  |  | 281,921 |  |  |  | 290,897 |
Long-term marketable securities |  |  | 8,703 |  |  |  | 1,334 |  |  |  | 3,000 |
Property and equipment, net |  |  | 50,102 |  |  |  | 42,465 |  |  |  | 32,471 |
Intangibles, net |  |  |  |  | 18,905 |  |  |  | 19,505 |  |  |  | 21,042 |
Goodwill |  |  |  |  |  | 6,027 |  |  |  | 6,027 |  |  |  | 6,027 |
Deferred tax asset |  |  |  |  | 90,995 |  |  |  | 97,152 |  |  |  | 356 |
Other assets |  |  |  |  | 7,517 |  |  |  | 8,566 |  |  |  | 1,503 |
| Total Assets |  |  |  | $ | 460,663 |  |  | $ | 456,970 |  |  | $ | 355,296 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
| Accounts payable |  |  |  | $ | 35,256 |  |  | $ | 31,063 |  |  | $ | 29,070 |
| Accrued salaries and benefits |  |  | 10,942 |  |  |  | 8,120 |  |  |  | 12,754 |
| Other accrued liabilities |  |  |  | 10,105 |  |  |  | 7,505 |  |  |  | 6,330 |
| Deferred income on shipments to distributors |  |  | 9,334 |  |  |  | 9,745 |  |  |  | 7,749 |
| Total Current Liabilities |  |  | 65,637 |  |  |  | 56,433 |  |  |  | 55,903 |
Long-term restructuring accrual |  |  | - |  |  |  | 45 |  |  |  | 395 |
Other long-term obligations |  |  |  | 6,505 |  |  |  | 6,621 |  |  |  | 6,143 |
Stockholders' equity: |  |  |  |  |  |  |  |
| Capital stock |  |  |  |  | 998,572 |  |  |  | 994,746 |  |  |  | 978,554 |
| Accumulated deficit |  |  |  |  | (609,167 | ) |  |  | (600,126 | ) |  |  | (685,077 | )
| Accumulated other comprehensive loss |  |  | (884 | ) |  |  | (749 | ) |  |  | (622 | )
| Total Stockholders' Equity |  |  | 388,521 |  |  |  | 393,871 |  |  |  | 292,855 |
| Total Liabilities and Stockholders' Equity |  | $ | 460,663 |  |  | $ | 456,970 |  |  | $ | 355,296 |

Prepared in accordance with Generally Accepted Accounting Principles

CONTACT:
Cirrus Logic, Inc.
Thurman K. Case, 512-851-4125
Chief Financial Officer
Investor.Relations@cirrus.com