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 $10 million investment to secure duplexer capacity
GAAP RESULTS | ||||||||||||||||||||||
(in millions, except |
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percentages and per |
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Q4 Fiscal |
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Q3 Fiscal |
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Change |
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Q4 Fiscal |
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Change |
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share data) |
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2013 |
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2013 |
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vs. Q3 2013 |
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2012 |
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vs. Q4 2012 |
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Revenue |
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$ |
280.6 |
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$ |
271.2 |
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3.5% |
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$ |
187.9 |
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49.3% |
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Gross Margin |
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31.4% |
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32.0% |
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(0.6) |
ppt |
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30.1% |
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1.3 |
ppt | ||||||||||
Operating Income (Loss) |
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$ |
1.7 |
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$ |
5.7 |
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$ |
(4.0) |
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$ |
(11.0) |
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$ |
12.7 |
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Net Loss |
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$ |
(16.0) |
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$ |
(1.4) |
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$ |
(14.6) |
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$ |
(13.0) |
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$ |
(3.0) |
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Diluted EPS |
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$ |
(0.06) |
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$ |
(0.01) |
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$ |
(0.05) |
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$ |
(0.05) |
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$ |
(0.01) |
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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 |
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percentages and per |
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Q4 Fiscal |
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Q3 Fiscal |
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Change |
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Q4 Fiscal |
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Change |
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share data) |
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2013 |
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2013 |
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vs. Q3 2013 |
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2012 |
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vs. Q4 2012 |
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Gross Margin |
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34.4% |
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35.5% |
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(1.1) |
ppt |
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32.4% |
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2.0 |
ppt | ||||||||||
Operating Income (Loss) |
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$ |
20.6 |
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$ |
26.8 |
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$ |
(6.2) |
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$ |
(2.9) |
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$ |
23.5 |
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Net Income (Loss) |
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$ |
17.1 |
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$ |
21.3 |
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$ |
(4.2) |
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$ |
(5.4) |
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$ |
22.5 |
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Diluted EPS |
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$ |
0.06 |
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$ |
0.08 |
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$ |
(0.02) |
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$ |
(0.02) |
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$ |
0.08 |
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