RF Micro Devices® Achieves 49% Year-Over-Year Growth in Quarterly Revenue

Diversified Revenue Growth Offsets Industry Seasonality

(PRNewswire) —

Quarterly Highlights:

  • Quarterly Revenue Increases Approximately $92.7 Million, Or Approximately 49%, Year-Over-Year To $280.6 Million
  • Quarterly GAAP Gross Margin Expands To 31.4% Versus 30.1% In Fiscal 2012, And Quarterly Non-GAAP Gross Margin Expands To 34.4% Versus 32.4% In Fiscal 2012
  • Quarterly GAAP Diluted EPS Is $(0.06), And Quarterly Non-GAAP Diluted EPS Is $0.06
  • RFMD Anticipates Revenue Of Approximately $285 Million To $290 Million And Non-GAAP EPS Of Approximately $0.07 To $0.08 In The June 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 fourth quarter, ended March 30, 2013.

RFMD's fourth quarter revenue increased approximately 3.5% sequentially and 49% year-over-year to $280.6 million, versus $271.2 million in the prior quarter and $187.9 million in the corresponding prior-year quarter. The increase in sequential revenue reflected increased adoption of RFMD's best-in-class cellular RF solutions and broad-based growth in high-performance WiFi, broadband/CATV, and standard products applications.

On a GAAP basis, gross margin totaled 31.4%, quarterly operating income was $1.7 million, and quarterly net loss was $(16.0) million, or $(0.06) per share. On a non-GAAP basis, gross margin totaled 34.4%, quarterly operating income totaled $20.6 million, and quarterly net income was $17.1 million, or $0.06 per diluted share.

Strategic Highlights

  • RFMD began production shipments in support of a high-volume flagship smartphone containing multiple RFMD components, including multimode multi-band (MMMB) power amplifiers (PAs), single-band PAs, and antenna control solutions
  • RFMD benefited in the entry segment from leadership on major reference designs and the expansion of RFMD's entry solutions product portfolio to include industry-leading CMOS PAs
  • RFMD's Multi-Market Products Group delivered sequential growth across all business units
  • High-performance WiFi achieved double-digit quarter-over-quarter revenue growth and increased more than 100% over the March 2012 quarter
  • RFMD announced a flexible GaAs sourcing strategy, including its intent to exit its pHEMT fabrication facility in the UK, to expand gross margin and support aggressive growth
  • RFMD made a $10 million investment to secure duplexer capacity 

 


GAAP RESULTS

(in millions, except













percentages and per


Q4 Fiscal


Q3 Fiscal


Change



Q4 Fiscal


Change


share data)


2013


2013


vs. Q3 2013



2012


vs. Q4 2012


Revenue


$

280.6


$

271.2


3.5%



$

187.9


49.3%


Gross Margin


31.4%


32.0%


(0.6)

ppt


30.1%


1.3

ppt

Operating Income (Loss)


$

1.7


$

5.7


$

(4.0)



$

(11.0)


$

12.7


Net Loss


$

(16.0)


$

(1.4)


$

(14.6)



$

(13.0)


$

(3.0)


Diluted EPS


$

(0.06)


$

(0.01)


$

(0.05)



$

(0.05)


$

(0.01)















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


Q4 Fiscal


Q3 Fiscal


Change



Q4 Fiscal


Change


share data)


2013


2013


vs. Q3 2013



2012


vs. Q4 2012


Gross Margin


34.4%


35.5%


(1.1)

ppt


32.4%


2.0

ppt

Operating Income (Loss)


$

20.6


$

26.8


$

(6.2)



$

(2.9)


$

23.5


Net Income (Loss)


$

17.1


$

21.3


$

(4.2)



$

(5.4)


$

22.5


Diluted EPS


$

0.06


$

0.08


$

(0.02)



$

(0.02)


$

0.08


























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