RF Micro Devices® Delivers 29% Sequential Growth In December Quarterly Revenue

Company Expects To Outperform Underlying Markets In March Quarter

(PRNewswire) —

Quarterly Highlights:

  • December 2012 Quarterly Revenue Increases Approximately 29% Sequentially To $271.2 Million
  • GAAP Gross Margin Expands To 32.0% And Non-GAAP Gross Margin Expands To 35.5%
  • GAAP Diluted EPS Is ($0.01), And Non-GAAP Diluted EPS Is $0.08
  • RFMD Anticipates Revenue Of Approximately $250 Million To $255 Million And Non-GAAP EPS Of Approximately $0.04 To $0.05 In The March 2013 Quarter

RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency solutions, today reported financial results for the Company's fiscal 2013 third quarter, ended December 29, 2012.

RFMD's third quarter revenue increased approximately 29% sequentially to $271.2 million, versus $209.7 million in the prior quarter. The sequential revenue growth reflected broad-based growth in RFMD's Cellular Products Group (CPG) and growth in high-performance WiFi in RFMD's Multi-Market Products Group (MPG).

On a GAAP basis, gross margin totaled 32.0%, quarterly operating income was $5.7 million, and quarterly net loss was ($1.4) million, or ($0.01) per diluted share. On a non-GAAP basis, gross margin expanded to 35.5%, quarterly operating income totaled $26.8 million, and quarterly net income was $21.3 million, or $0.08 per diluted share. RFMD generated cash flow from operations of $43.3 million during the quarter.

Strategic Highlights

  • RFMD delivered robust sequential revenue growth across a broad set of products and customers
  • RFMD acquired leading RF CMOS technology provider Amalfi Semiconductor to complement its product portfolio for entry-level handsets and smartphones
  • CPG grew revenue approximately 40% sequentially, with increasing content in the world's leading smartphones and reference designs
  • MPG grew WiFi revenue approximately 28% sequentially in support of multiple applications, including smartphones, tablets, enterprise equipment, and consumer products
  • MPG commenced shipments of high-performance 802.11ac WiFi front ends in support of a leading smartphone manufacturer

GAAP RESULTS

(in millions, except













percentages and per


Q3 Fiscal


Q2 Fiscal


Change



Q3 Fiscal


Change


share data)


2013


2013


vs. Q2 2013



2012


vs. Q3 2012


Revenue


$

271.2



$

209.7



29.3

%



$

225.4



20.3

%


Gross Margin


32.0

%


31.7

%


0.3


ppt


28.2

%


3.8


ppt

Operating Income (Loss)


$

5.7



$

(10.2)



$

15.9




$

(2.2)



$

7.9



Net (Loss) Income


$

(1.4)



$

(16.5)



$

15.1




$

(9.4)



$

8.0



Diluted EPS


$

(0.01)



$

(0.06)



$

0.05




$

(0.03)



$

0.02
















NON-GAAP RESULTS

(excluding share-based compensation, amortization of intangibles, acquired inventory step-up and revaluation, acquisition-related costs, intellectual property rights (IPR) litigation costs, inventory revaluation resulting from transfer of molecular beam epitaxy (MBE) operations, start-up costs, loss on retirement of convertible subordinated notes, restructuring charges, (gain) loss on PP&E, loss (income) from equity investment, non-cash interest expense on convertible subordinated notes and tax adjustments)

(in millions, except













percentages and per


Q3 Fiscal


Q2 Fiscal


Change



Q3 Fiscal


Change


share data)


2013


2013


vs. Q2 2013



2012


vs. Q3 2012


Gross Margin


35.5

%


35.2

%


0.3


ppt


30.2

%


5.3


ppt

Operating Income


$

26.8



$

9.2



$

17.6




$

8.8



$

18.0



Net Income


$

21.3



$

7.8



$

13.5




$

5.1



$

16.2



Diluted EPS


$

0.08



$

0.03



$

0.05




$

0.02



$

0.06




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