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

Company Forecasts Diversified Revenue Growth, Margin Expansion, And Operating Leverage In The September Quarter

(PRNewswire) —

Quarterly Highlights:

  • Revenue Increases Approximately $90.3 Million Year-Over-Year To $293.0 Million
  • On A GAAP Basis, Gross Margin Is 31.9% And GAAP Diluted EPS Is $0.01, Versus $(0.07) In Q1 Fiscal 2013
  • On A Non-GAAP Basis, Gross Margin Is 35.1% And Diluted EPS Is $0.09, Versus $0.01 In Q1 Fiscal 2013
  • RFMD Anticipates Revenue Of Approximately $305 Million To $310 Million And Non-GAAP EPS Of Approximately $0.10 To $0.11 In The September 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 2014 first quarter, ended June 29, 2013.

Quarterly revenue increased approximately 4.4% sequentially and 45% year-over-year to a record $293.0 million, compared to $280.6 million in the prior quarter and $202.7 million in the corresponding period of fiscal 2013. The sequential and year-over-year increases in revenue reflected broad-based adoption of RFMD's best-in-class RF solutions.

GAAP gross margin for the June 2013 quarter was 31.9%, quarterly operating income was $3.2 million, and quarterly net income was $1.6 million, or $0.01 per share.

On a non-GAAP basis, gross margin expanded by 70 basis points sequentially and 100 basis points year-over-year to 35.1%, quarterly operating income totaled $28.0 million, and quarterly net income was $25.6 million, or $0.09 per diluted share.

Strategic Highlights

  • RFMD's Cellular Products Group (CPG) achieved highly-diversified, year-over-year revenue growth of 56%, led by nearly every major manufacturer of smartphones, tablets, and handsets, across all tiers and air standards
  • CPG benefited in the entry smartphone segment from participation on major reference designs and expanding customer engagements at Lenovo, Coolpad, Skycom, WaterWorld, and others
  • CPG enjoyed increasing industry adoption of its envelope tracking and antenna control solutions
  • CPG's leading carrier aggregation switch portfolio was selected to enable the world's first LTE-Advanced handset
  • RFMD's Multi-Market Products Group (MPG) delivered broad-based sequential revenue growth across multiple markets, including WiFi, Power Broadband, and Hi-Rel applications
  • Year-over-year, MPG achieved 10.4% growth, with high-performance WiFi growing 77%, led by expanding participation on leading consumer premises equipment platforms 

 

GAAP RESULTS

(in millions, except













percentages and per


Q1 Fiscal


Q4 Fiscal


Change



Q1 Fiscal


Change


share data)


2014


2013


vs. Q4 2013



2013


vs. Q1 2013


Revenue


$

293.0



$

280.6



4.4

%



$

202.7



44.5

%


Gross Margin


31.9

%


31.4

%


0.5


ppt


31.7

%


0.2


ppt

Operating Income (Loss)


$

3.2



$

1.7



$

1.5




$

(12.9)



$

16.1



Net Income (Loss)


$

1.6



$

(16.0)



$

17.6




$

(19.1)



$

20.7



Diluted EPS


$

0.01



$

(0.06)



$

0.07




$

(0.07)



$

0.08
















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, loss on an asset transfer transaction, start-up costs, loss on retirement of convertible subordinated notes, restructuring and disposal costs, certain consulting costs, (gain) loss on PP&E, loss (income) from equity investment, non-cash interest expense on convertible subordinated notes and tax adjustments)

(in millions, except













percentages and per


Q1 Fiscal


Q4 Fiscal


Change



Q1 Fiscal


Change


share data)


2014


2013


vs. Q4 2013



2013


vs. Q1 2013


Gross Margin


35.1

%


34.4

%


0.7


ppt


34.1

%


1.0


ppt

Operating Income


$

28.0



$

20.6



$

7.4




$

3.9



$

24.1



Net Income


$

25.6



$

17.1



$

8.5




$

2.7



$

22.9



Diluted EPS


$

0.09



$

0.06



$

0.03




$

0.01



$

0.08




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