FORM 8-K
CURRENT REPORT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report May 18, 2000
CIRRUS LOGIC, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-17795 77-0024818
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
4210 South Industrial Drive, Austin Texas 78744
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(512) 445-7222
__________________________________________________________
(Former name or former address, if changed since last report)
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CIRRUS LOGIC, INC.
INDEX
Page
Item 2. Acquisition or Disposition of Assets 3
Signatures 4
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Item 2. Acquisition or Disposition of Assets
Disposition of the Company's Equity Interest in Basis
Communications Corporation
On May 18, 2000 we sold our holdings of approximately 1 million
shares of Series A preferred stock in Basis Communications
Corporation ("Basis") to Intel Corporation ("Intel") for $61.2
million. This sale was part of a tender offer whereby Intel
purchased the outstanding preferred & common stock of Basis for
$61.18 per share. Also on this date, we exercised a warrant to
purchase 0.5 million shares of common stock in Basis at an
exercise price of $0.05 per share which we then sold to Intel for
$30.6 million. Intel also paid us, on behalf of Basis, $12
million for two outstanding notes receivable from Basis plus
accrued interest of $1.4 million.
Intel withheld from the total consideration paid, $11.2 million
pursuant to the indemnification provisions of the merger agreement
between Intel and Basis.
As a result of the transactions described above, on May 18, 2000
we received from Intel cash totaling approximately $94 million.
In our financial statements for the first quarter of fiscal 2001,
we expect to report a gain on the sale of common and preferred
stock of Basis of approximately $79 million, a gain of $12
million related to the collection of the Basis notes receivable
which had previously been fully reserved, and interest income of
$1.4 million.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Cirrus Logic, Inc.
June 2, 2000 /s/ ROBERT W. FAY
Date Robert W. Fay
Vice President, Chief
Financial Officer,
Treasurer and Secretary
