RF Micro Devices® Delivers 29% Sequential Growth In December

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

(1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

RF MICRO DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	December 29, 2012		March 31, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	113,665	$	135,524
Short-term investments	75,976		164,863
Accounts receivable, net	145,498		100,446
Inventories	159,021		130,372
Other current assets	40,397		38,162
Total current assets	534,557		569,367

Property and equipment, net	170,932		197,921
Goodwill	103,663		95,628
Intangible assets, net	101,269		65,141
Long-term investments	4,186		4,325
Other non-current assets	31,818		32,202
Total assets	$	946,425	$	964,584

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	188,923	$	110,580
Current portion of long term debt, net	—		32,759
Other current liabilities	6,717		4,846
Total current liabilities	195,640		148,185

Long-term debt, net	80,769		118,949
Other long-term liabilities	23,029		25,119
Total liabilities	299,438		292,253

Shareholders' equity	646,987		672,331

Total liabilities and shareholders' equity	$	946,425	$	964,584

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