TriQuint Announces Second Quarter 2013 Results

HILLSBORO, Ore. — (BUSINESS WIRE) — July 24, 2013 — TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ending June 29, 2013, including the following highlights:

  • Revenue for the quarter was $190.1 million
  • GAAP net loss for the quarter was $14.9 million, or $(0.09) per share
  • Non-GAAP net loss for the quarter was $10.9 million, or $(0.07) per share
  • Mobile Devices market revenue grew 12% sequentially and 5% over the same period a year ago
  • Repurchased 7.7 million shares for $51.1 million
  • Produced industry's first gallium nitride (GaN) transistors using GaN-on-diamond wafers
  • Accelerated GaN offerings with 15 new products and two new Foundry services
  • Introduced new chipsets for point-to-point radios serving 3G/4G cellular backhaul
  • Doubled BAW capacity compared to last year's levels

Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated “It is an exciting time for TriQuint. Our results exceeded our April guidance, but more importantly, this marks the beginning of the next phase of growth at TriQuint. In Q3 2013, I expect revenue to jump 30% sequentially, bringing significantly improved margins and profitability. I believe Q3 is the beginning of a stronger period of performance for TriQuint, built on a differentiated strategy that is defensible and sustainable. Our strategic focus is on innovation, technology and a comprehensive RF capability. Our investments in proprietary GaN, BAW and advanced SAW are examples of where we set ourselves apart from the competition and I believe our Q3 outlook validates our path.”

Summary Financial Results for the Three Months Ended June 29, 2013:

Revenue for the second quarter of 2013 was $190.1 million, up 7% from the second quarter of 2012 and up 3% sequentially. Revenue grew in all three markets from the second quarter of 2012.

Cash and investments decreased by $51.8 million to $89.3 million in the quarter due primarily to the share buyback and planned growth in inventory.

GAAP

Gross margin for the second quarter of 2013 was 29.8%, up sequentially from 21.0% due to the absence of a now resolved Q1 quality issue, higher revenue, higher factory utilization and better yields. Operating expenses for the second quarter of 2013 were $73.1 million, consistent with the previous quarter.

Net loss for the second quarter of 2013 was $14.9 million or $(0.09) per share, compared with a net loss of $27.9 million, or $(0.17) per share, in the previous quarter.

Non-GAAP

Gross margin for the second quarter was 31.3%, up sequentially from 22.8% due to the absence of a now resolved Q1 quality issue, higher revenue, improved factory utilization and better yields. Operating expenses for the quarter were $69.6 million, up 2% sequentially.

Net loss for the second quarter of 2013 was $10.9 million, or $(0.07) per share, improved sequentially from a net loss of $27.2 million or $(0.17) per share.

Please see the discussion of non-GAAP financial measures below and the attached supplemental schedule for a reconciliation of GAAP to non-GAAP financial measures.

Outlook:

The company believes third quarter 2013 revenue will be between $245 million and $255 million and is currently 90% booked to the midpoint of this guidance. Non-GAAP gross margin is expected to be between 34% and 36%, driven primarily by higher expected revenue. Third quarter non-GAAP net income is expected to be between $0.09 and $0.11 per diluted share. Solid results in the second quarter and our current expectation for the remainder of the year lead us to believe non-GAAP earnings of at least $0.05 per diluted share for fiscal 2013 is a reasonable expectation.

Additional Information regarding June 29, 2013 Results:

GAAP and non-GAAP financial measures are presented in the tables below (in millions, except for percentage and per share information). Non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.

       
GAAP RESULTS              
  Three Months Ended Six Months Ended
Q2 2013   Q1 2013   Change vs. Q1 2013   Q2 2012   Change vs. Q2 2012 Q2 2013 Q2 2012 Change vs. Q2 2012
Revenue $ 190.1   $ 184.2   3 % $ 178.0     7 % $ 374.3   $ 394.7   (5 )%
Gross Profit $ 56.7   $ 38.8   46 % $ 44.9     26 % $ 95.5   $ 107.5   (11 )%
Gross Margin % 29.8 % 21.0 % 8.8 % 25.2 %   4.6 % 25.5 % 27.2 % (1.7 )%
Operating Loss $ (16.4 ) $ (34.5 ) 52 % $ (24.4 )   33 % $ (50.9 ) $ (28.0 ) (82 )%
Net Loss $ (14.9 ) $ (27.9 ) 47 % $ (13.1 )   (14 )% $ (42.8 ) $ (11.2 ) (282 )%
Loss per share $ (0.09 ) $ (0.17 ) $ 0.08   $ (0.08 ) $ (0.01 ) $ (0.27 ) $ (0.07 ) $ (0.20 )
                                   
NON-GAAP RESULTS A              
Three Months Ended Six Months Ended
Q2 2013 Q1 2013 Change vs. Q1 2013 Q2 2012 Change vs. Q2 2012 Q2 2013 Q2 2012 Change vs. Q2 2012
Revenue $ 190.1   $ 184.2   3 % $ 178.0   7 % $ 374.3   $ 394.7   (5 )%
Gross Profit $ 59.5   $ 42.0   42 % $ 49.7   20 % $ 101.5   $ 115.4   (12 )%
Gross Margin % 31.3 % 22.8 % 8.5 % 27.9 % 3.4 % 27.1 % 29.2 % (2.1 )%
Operating Loss $ (10.1 ) $ (26.0 ) 61 % $ (14.7 ) 31 % $ (36.1 ) $ (10.3 ) (250 )%
Net Loss $ (10.9 ) $ (27.2 ) 60 % $ (15.0 ) 27 % $ (38.2 ) $ (10.9 ) (250 )%
Loss per share $ (0.07 ) $ (0.17 ) $ 0.10   $ (0.09 ) $ 0.02   $ (0.24 ) $ (0.07 ) $ (0.17 )
A Excludes stock based compensation charges, non-cash tax (benefit) expense, certain entries associated with acquisitions and other specifically identified non-routine transactions.
 

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