RF Micro Devices® Grows 45% Year-Over-Year, Delivers Record

RF Micro Devices® Grows 45% Year-Over-Year, Delivers Record Revenue Of $293.0 Million

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[Tables To Follow]

RF MICRO DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
	Three Months Ended
	June 29, 2013		June 30, 2012
Revenue	$	292,996	$	202,660

Costs and expenses:
Cost of goods sold	199,527		138,406
Research and development	48,325		41,576
Marketing and selling	19,409		16,878
General and administrative	19,492		13,395
Other operating expense	3,008		5,272
Total costs and expenses	289,761		215,527

Income (loss) from operations	3,235		(12,867)
Other expense	(1,060)		(3,455)

Income (loss) before income taxes	$	2,175	$	(16,322)
Income tax expense	(614)		(2,817)

Net income (loss)	$	1,561	$	(19,139)


Net income (loss) per share, diluted	$	0.01	$	(0.07)

Weighted average outstanding diluted shares	287,105		277,144

RF MICRO DEVICES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited)
	Three Months Ended
	June 29, 2013		March 30, 2013		June 30, 2012

GAAP operating income (loss)	$	3,235	$	1,657	$	(12,867)
Share-based compensation expense	9,433		6,695		5,746
Amortization of intangible assets	7,217		7,327		4,572
Acquired inventory step-up and revaluation	—		582		—
Restructuring and disposal costs associated with the phase out of manufacturing in the UK facility	4,555		1,365		—
Certain consulting costs	2,200		—		—
IPR litigation costs	824		1,264		743
Loss on an asset transfer transaction	—		—		5,042
Other expenses (restructuring, acquisition-related costs, (gain) loss on PP&E, start-up costs and other expenses)	519		1,718		652
Non-GAAP operating income	27,983		20,608		3,888

GAAP net income (loss)	1,561		(15,961)		(19,139)
Share-based compensation expense	9,433		6,695		5,746
Amortization of intangible assets	7,217		7,327		4,572
Acquired inventory step-up and revaluation	—		582		—
Restructuring and disposal costs associated with the phase out of manufacturing in the UK facility	4,555		1,365		—
Certain consulting costs	2,200		—		—
IPR litigation costs	824		1,264		743
Loss on an asset transfer transaction	—		—		5,042
Other expenses (restructuring, acquisition-related costs, (gain) loss on PP&E, start-up costs and other expenses)	519		1,718		652
Loss on retirement of convertible subordinated notes	—		—		722
Non-cash interest expense on convertible subordinated notes	1,261		1,266		1,805
(Income) loss from equity investment	(98)		(95)		102
Tax adjustments	(1,919)		12,932		2,442

Non-GAAP net income	$	25,553	$	17,093	$	2,687

GAAP weighted average outstanding diluted shares	287,105		279,612		277,144
Diluted share-based awards	—		5,930		5,043
Non-GAAP weighted average outstanding diluted shares	287,105		285,542		282,187

Non-GAAP net income per share, diluted	$	0.09	$	0.06	$	0.01

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