Cirrus Logic Inc. (Cirrus Logic) has reported net revenues of $43.8 million for the third quarter of fiscal 2009, compared with the net revenues of $48.9 million in the year-ago quarter. It has also reported a net income of $2.8 million, or $0.04 per share, for the third quarter of fiscal 2009, compared with the net income of $4.2 million, or $0.05 per share, in the year-ago quarter.

Gross margin for the quarter was 55%, compared to 56% for the third quarter of fiscal year 2008 and 56% in the previous quarter.

Total GAAP operating expenses for the quarter were about $22 million, down sequentially from $24.2 million in the second quarter. GAAP operating expenses in the third quarter included stock-based compensation and acquisition-related amortization of intangibles charges of about $1.6 million.

Income from operations on a GAAP basis was $2.1 million, representing an operating margin of 5%. Excluding stock-based compensation and acquisition-related amortization of intangibles charges, non-GAAP income from operations was $3.8 million, representing an operating margin of 9%.

Excluding the items noted above, non-GAAP net income was $4.4 million, or $0.07 earnings per share.

Additionally, the company has announced a share repurchase program of up to $20 million. The repurchases will be funded from existing cash and may be effected from time to time depending on general market and economic conditions and in accordance with applicable securities laws.

“Our third quarter financial results reflect the sudden decrease in the bookings rate midway through the quarter as a result of the global economic downturn,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Despite these difficult global economic conditions, Cirrus Logic remains financially solid with a strong balance sheet, and we continue to have robust design win activity for new products. We believe that continued investment in our strategic growth programs will help drive long-term opportunities for revenue and market-share growth as demonstrated by our successes in portable audio.”

Outlook for Fourth Quarter Fiscal Year 2009 (ending March 28, 2009):

Revenue is expected to be in the range of $31 million to $36 million;

Gross margin is expected to be between 54% and 57%; and

Combined R&D and SG&A expenses are expected to range between $22 million and $24 million, which include about $2.0 million in share-based compensation and amortization of acquisition-related intangibles expenses.