RF Micro Devices Delivers Record March Quarterly Revenue

- Non-GAAP Diluted Earnings Per Share Equaled $0.13

GREENSBORO, N.C., April 24 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. (NASDAQ: RFMD), a global leader in the design and manufacture of high-performance radio systems and solutions for applications that drive mobile communications, today reported financial results for its fiscal 2007 fourth quarter ended March 31, 2007. Quarterly revenue grew approximately 13.9% year-over-year and declined approximately 8.5% sequentially to $257.3 million. Operating income totaled $21.4 million, on a GAAP basis, and $25.7 million, on a non-GAAP basis. RFMD's March 2007 quarterly results reflected unit volume strength at the world's leading handset manufacturers.

    Business Unit Comments


    - RFMD maintained leadership in next-generation power amplifiers in the
      March 2007 quarter and currently expects sequential growth in the June
      2007 quarter in both EDGE and WCDMA power amplifiers

    - RFMD currently anticipates quarterly sales of GaAs pHEMT cellular
      switches will increase sequentially

    - RFMD currently anticipates follow-on business at an existing POLARIS(TM)
      customer, including the EDGE path of a 3G multimode platform

    - RFMD currently expects its next-generation POLARIS(TM) 3 RF solution
      will ramp at a new POLARIS(TM) customer in the second half of calendar

    Wireless Connectivity

    - RFMD increased sales of wireless LAN front ends for handsets and other
      applications in the March 2007 quarter and expects sequential growth in
      wireless LAN front ends in the June 2007 quarter

    - RFMD experienced increased design activity with leading mobile device
      manufacturers related to its proprietary GPS technology

    - Customer evaluation of newly introduced multi-market GaAs pHEMT switches
      demonstrated low loss and superior linearity, as a result of both
      process and design


    - RFMD commenced its first shipments of gallium nitride (GaN) devices to a
      top-tier military supplier

    - RFMD anticipates additional shipments and customer orders of GaN devices
      in the current quarter

    - RFMD anticipates product launch of its GaAs pHEMT multi-market low noise
      amplifiers (LNAs) in the current quarter

GAAP and non-GAAP financial measures are presented in the tables below, and non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.

                                 GAAP RESULTS

    (in millions,
     except                                    %                       %
     percentages      Q4           Q3        Change         Q4       Change
     and per share  Fiscal       Fiscal      vs. Q3       Fiscal     vs. Q4
     data)           2007         2007        2007         2006       2006

    Revenue        $257.3       $281.1       (8.5)%      $225.9       13.9%
    Gross Margin     35.2%        35.8%      (0.6)ppt      33.6%       1.6ppt
     (Loss)        $ 21.4       $ 66.1      (67.6)%       $(1.7)     1,369%
    Net Income
     (Loss)        $ 30.1       $ 59.3      (49.2)%       $(1.6)     2,021%
    Diluted EPS
     (LPS)        $ 0.14       $ 0.26      (48.5)%      $(0.01)     1,745%

NON-GAAP RESULTS (excluding share-based compensation, amortization,

discontinuation of WLAN chipset development efforts, impairment charge, gain

on sale of substantially all Bluetooth(R) assets, restructuring charges related to sale of Bluetooth(R) assets and the tax effect on certain non-GAAP


    (in millions,
     except                                    %                       %
     percentages      Q4           Q3        Change         Q4       Change
     and per share  Fiscal       Fiscal      vs. Q3       Fiscal     vs. Q4
     data)           2007         2007        2007         2006       2006

    Gross Margin     35.7%        36.1%      (0.4)ppt      35.0%       0.7ppt
     Income         $25.7        $35.2      (27.0)%      $ 19.8       30.1%
    Net Income      $29.2        $34.3      (15.0)%      $ 19.9       46.8%
    Diluted EPS     $0.13        $0.16      (14.9)%      $ 0.09       42.2%

Financial Guidance And Business Outlook

RFMD anticipates strong overall unit demand for cellular handsets and believes handset market share continues to be consolidated by its largest customers.

Consistent with guidance provided on March 28, 2007, RFMD expects that forecasted unit reductions at a major customer, coupled with RFMD's high per- unit dollar content at this customer, will significantly impact its near-term financial results. Longer term, RFMD believes it will benefit as handset inventories are reduced and as forecasts and shipments increase. Additionally, RFMD expects it will increase its dollar content at additional customers through sales of complete RF solutions as well as complementary components for cellular front ends and other high-growth markets.

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