Cirrus Logic Sells Apex Precision Power, Expects Sales Surge In Q2

Austin-based Cirrus Logic, the developer of analog and digital signal processing components, said Monday that it has sold assets associated with its Apex Precision Power business in Tucson, Arizona, in a deal worth $26M. Cirrus said it will continue to maintain a team focused on high voltage and high power IC design in Tucson. The sale was announced as part of Cirrus Logic's financial results for the first quarter, where the firm reported $99M in revenue. The company also forecast second quarter FY2013 revenues of between $170M to $190M, which it says represents 70 percent sequential growth. Cirrus is the beneficiary of a run up in business via Apple, where the company's chips are used for audio in the iPhone, iPad, and iPod Touch.