RFMD Generates Approximately $279 Million In Revenue And $54 Million In Free Cash Flow
(PRNewswire) —Company Highlights:
- Quarterly Revenue Increases Approximately 11% Year-Over-Year To Approximately $279 Million
- GAAP Operating Income Is $43.3 Million, And GAAP Diluted EPS Is $0.13
- Non-GAAP Operating Income Equals $54.0 Million, Or 19.4% Of Revenue
- Non-GAAP Diluted EPS Equals $0.19
- RFMD Generates Approximately $54 Million In Quarterly Free Cash Flow
- RFMD’s Board Of Directors Authorizes 2-Year, $200 Million Share Repurchase Plan
RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today reported financial results for its fiscal 2011 third quarter, ended January 1, 2011.
RFMD’s quarterly revenue increased approximately 11% year-over-year and decreased approximately 2% sequentially to $278.8 million. On a GAAP basis, gross margin equaled 37.0%, quarterly operating income totaled $43.3 million, and quarterly net income was $36.7 million, or $0.13 per diluted share. On a non-GAAP basis, gross margin equaled 38.7%, quarterly operating income totaled $54.0 million, and quarterly net income was $52.6 million, or $0.19 per diluted share. During the quarter, RFMD generated $54.2 million in free cash flow.
RFMD Strategic Highlights:
- RFMD’s Multi-Market Products Group (MPG) enjoyed strong underlying demand in its end markets, and each MPG business unit grew sequentially, led by wireless infrastructure, Smart Energy, WiFi for 3G/4G smartphones and tablets, defense, and high-power gallium nitride (GaN) applications
- RFMD’s Cellular Products Group (CPG) saw accelerating design activity for 3G/4G smartphones across its PowerSmart™ power platforms, high-performance switch-based products, and recently launched family of industry-leading, high-efficiency single-mode power amplifiers (PAs)
- RFMD supported the launch of a highly anticipated flagship 3G/4G smartphone and tablet product family featuring RFMD’s PowerSmart and WiFi components
- MPG commenced volume production of GaN products for applications in high-power military radar and CATV
- RFMD continued to diversify its customers and markets in the December quarter
GAAP RESULTS | ||||||||||||||||||
(in millions, except percentages and per share data) |
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| Q3 Fiscal
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| Q2 Fiscal
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| Q3 Fiscal
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Revenue |
| $ | 278.8 |
| $ | 285.8 |
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| -2.4% |
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| $ | 250.3 |
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| 11.4% |
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Gross Margin |
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| 37.0% |
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| 38.0% |
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| (1.0) | ppt |
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| 36.4% |
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| 0.6 | ppt | |
Operating Income |
| $ | 43.3 |
| $ | 42.4 |
| $ | 0.9 |
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| $ | 33.6 |
| $ | 9.7 |
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| Net Income |
| $ | 36.7 |
| $ | 35.4 |
| $ | 1.3 |
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| $ | 24.9 |
| $ | 11.8 |
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| Diluted EPS |
| $ | 0.13 |
| $ | 0.13 |
| $ | 0.0 |
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| $ | 0.09 |
| $ | 0.04 |
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| NON-GAAP RESULTS (excluding share-based compensation, amortization of intangibles, integration charges, start-up costs, loss on retirement of convertible subordinated notes, restructuring charges, loss on PP&E, income from equity investment, non-cash interest expense on convertible subordinated notes and tax adjustments) | ||||||||||||||||||
| (in millions, except percentages and per share data) |
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| Q3 Fiscal
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| Q2 Fiscal
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| Q3 Fiscal
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| Gross Margin |
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| 38.7% |
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| 39.8% |
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| (1.1) | ppt |
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| 38.4% |
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| 0.3 | ppt | |
| Operating Income |
| $ | 54.0 |
| $ | 57.1 |
| $ | -3.1 |
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| $ | 44.6 |
| $ | 9.4 |
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| Net Income |
| $ | 52.6 |
| $ | 52.3 |
| $ | 0.3 |
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| $ | 38.8 |
| $ | 13.8 |
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| Diluted EPS |
| $ | 0.19 |
| $ | 0.19 |
| $ | 0.0 |
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| $ | 0.14 |
| $ | 0.05 |
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