Cirrus Logic Inc

Digital Ends Talks With Cirrus: Digital Equipment Corp. said it has terminated negotiations to establish a semiconductor manufacturing relationship with Cirrus Logic Inc. In a news release, Maynard, Mass.-based Digital said business conditions "have altered for Cirrus Logic in a way that makes it impossible for us to continue negotiations." On Wednesday, Cirrus restated its third-quarter results to show a loss. In December, Digital and Fremont, Calif.

The chief executive of computer chip maker Cirrus Logic Inc. on Wednesday became the latest executive to resign over allegations of stock option manipulation. David French, 50, quit after an internal investigation found he had backdated option grants, Austin, Texas-based Cirrus said. Michael L. Hackworth, Cirrus' 66-year-old co-founder, was named acting CEO.

Cirrus Logic Inc. said Thomas Kelly, co-president and chief operating officer, is resigning and Chairman Michael Hackworth will resume the job of president and chief executive. Hackworth, 57, was president and chief executive of the computer-chip maker from 1989 through last April. After the reorganization, he will again be responsible for overseeing all company operations. Kelly, 45, will resign his positions to pursue other interests effective today.

Hard drive manufacturer Western Digital Corp. said Monday that it would pay $45 million to settle a legal dispute over whether computer chip maker Cirrus Logic Inc. overcharged for some of the components it made for disk drives. Western Digital, the Lake Forest company whose hard drives are used by Hewlett-Packard Co., Dell Corp. and Microsoft Corp.

Cirrus Logic Inc. said it agreed to settle all shareholder lawsuits involving allegations that it overstated demand for its products and misrepresented earnings projections. Company spokesman Tom Rigoli declined to disclose the settlement amount, saying it won't have a material effect on earnings. "We still feel the suits are without merit," Rigoli said.

Michael L. Hackworth has been appointed president and chief executive of Cirrus Logic Inc., Milpitas.

Fremont-based Cirrus Logic Inc. said its settlement of several shareholders lawsuits will cost $31.3 million, of which the company will pay $2.3 million. The company said its insurance will cover the remainder. Cirrus announced this week that it had settled several class-action suits alleging that the computer chip maker overstated demand for its products and misrepresented earnings projections. The settlement requires court approval. Cirrus shares fell $1 to close at $19.375 on Nasdaq.

Cirrus Logic Inc. said it has completed its stock acquisition of Acumos Inc., a privately held manufacturer of semiconductor devices for the personal computer graphics industry. Acumos is based in Foster City, Calif. In a press release, Cirrus said 3.6 million of its common shares were issued in exchange for all outstanding shares of Acumos stock. As reported, the transaction is valued at $67 million, and Acumos' products and employees will be merged into Cirrus as part of the acquisition.

Fremont-based Cirrus Logic Inc. said it and Lucent Technologies Inc. agreed to change the percentage of computer chip wafers that each company must buy from their jointly owned semiconductor plant. Chip maker Cirrus Logic and telecommunications equipment maker Lucent are partners in Cirent Semiconducter, a manufacturing plant in Orlando, Fla. The plant produces chips that are used in computers, cellular phones, pagers and other electronic devices.

Semiconductor firm Cirrus Logic Inc. said it will lay off 120 employees, or about 9% of its work force, as part of its shift to focus solely on consumer-entertainment electronics. As a result of the layoffs, Austin, Texas-based Cirrus expects to save $10 million to $12 million annually, aided further by cuts in expenses. Cirrus also will take a charge of $1.5 million to $2 million related to the job cuts. Cirrus said the moves will affect the quarters ending in June and September.

Cirrus Logic Inc., the No. 1 maker of semiconductors used in audio devices, said it will unveil a chip for home-audio systems that will download, store and play music from the Internet without using a personal computer. The Maverick EP9312 chip will be the heart of a digital home jukebox system that links to the Internet. Cirrus, based in Austin, Texas, will unveil the Maverick semiconductor today at the Embedded Processor Forum in San Jose and expects to begin selling it in the fall.

Cirrus Logic Inc., once a dominant maker of semiconductors for computer graphics, will fire up to 28% of its employees and take a $500-million charge to get rid of its weakest businesses. The struggling chip maker will cut 400 to 500 of its roughly 1,800 employees as part of a plan to stop making chips for graphics, personal computer modems and Internet-access equipment. Cirrus will focus instead on its more profitable chips for computer disk drives, audio equipment and industrial devices.

Microsoft Corp. on Thursday said its fiscal fourth-quarter profit rose 28%, beating forecasts, as the software powerhouse turned in strong sales of its Office and Windows NT programs and got a lift from its new Windows 98. Earnings for the company--whose 82% stock rise so far this year has been one of the main reasons for the Nasdaq composite index surpassing the 2,000 level Thursday--climbed to $1.36 billion, or 50 cents a diluted share, from $1.06 billion, or 40 cents, a year earlier.

Cirrus Logic Inc. said Thomas Kelly, co-president and chief operating officer, is resigning and Chairman Michael Hackworth will resume the job of president and chief executive. Hackworth, 57, was president and chief executive of the computer-chip maker from 1989 through last April. After the reorganization, he will again be responsible for overseeing all company operations. Kelly, 45, will resign his positions to pursue other interests effective today.

Fremont-based Cirrus Logic Inc. said it and Lucent Technologies Inc. agreed to change the percentage of computer chip wafers that each company must buy from their jointly owned semiconductor plant. Chip maker Cirrus Logic and telecommunications equipment maker Lucent are partners in Cirent Semiconducter, a manufacturing plant in Orlando, Fla. The plant produces chips that are used in computers, cellular phones, pagers and other electronic devices.

ADC Telecommunications Inc. said it will pay $23 million in cash to acquire the wireless infrastructure equipment group of Pacific Communications Sciences Inc., a unit of Cirrus Logic Inc. unit. The business to be acquired produces base station equipment for wireless communications providers such as AT&T Wireless Services Inc.

Cirrus Logic Inc., once a dominant maker of semiconductors for computer graphics, will fire up to 28% of its employees and take a $500-million charge to get rid of its weakest businesses. The struggling chip maker will cut 400 to 500 of its roughly 1,800 employees as part of a plan to stop making chips for graphics, personal computer modems and Internet-access equipment. Cirrus will focus instead on its more profitable chips for computer disk drives, audio equipment and industrial devices.

Fremont-based Cirrus Logic Inc. said its settlement of several shareholders lawsuits will cost $31.3 million, of which the company will pay $2.3 million. The company said its insurance will cover the remainder. Cirrus announced this week that it had settled several class-action suits alleging that the computer chip maker overstated demand for its products and misrepresented earnings projections. The settlement requires court approval. Cirrus shares fell $1 to close at $19.375 on Nasdaq.

Cirrus Logic Inc. said it agreed to settle all shareholder lawsuits involving allegations that it overstated demand for its products and misrepresented earnings projections. Company spokesman Tom Rigoli declined to disclose the settlement amount, saying it won't have a material effect on earnings. "We still feel the suits are without merit," Rigoli said.