TriQuint Semiconductor, Inc. Announces First Quarter Revenue Growth


TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached at 503/615-9000 (fax 503/615-8900). Visit the TriQuint web site at http://www.triquint.com.
                     TriQuint Semiconductor, Inc.

                CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Unaudited)
                            (In thousands)

                                               March 31,  December 31,
                                                 2006         2005
                                               ----------   ----------
Assets
Current assets:
   Cash, cash equivalents and investments     $  359,253   $  301,107
   Accounts receivable, net                       54,970       51,286
   Inventories, net                               58,412       49,384
   Other current assets                           14,595       12,684
                                               ----------   ----------
      Total current assets                       487,230      414,461

Investments in marketable securities              32,724      105,615
Property, plant and equipment, net               193,450      190,789
Other, net                                        17,618       17,876
                                               ----------   ----------
      Total assets                            $  731,022   $  728,741
                                               ==========   ==========

Liabilities and Stockholders' Equity
Current liabilities:
   Accounts payable and accrued expenses      $   50,126   $   49,200
   Income tax liability                            7,262        7,201
   Convertible subordinated notes - current      218,755            -
                                               ----------   ----------
      Total current liabilities                  276,143       56,401

Convertible subordinated notes - non-current           -      218,755
Other long-term liabilities                        3,365        2,975
                                               ----------   ----------
      Total liabilities                          279,508      278,131

Stockholders' equity                             451,514      450,610
                                               ----------   ----------
      Total liabilities and stockholders'
       equity                                 $  731,022   $  728,741
                                               ==========   ==========


                     TriQuint Semiconductor, Inc.

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (Unaudited)
               (In thousands, except per share amounts)

                                                Quarter Ended
                                          ----------------------------
                                         March 31, Dec. 31,  March 31,
                                                                                 2006            2005            2005(A)
                                                                                    --------    --------  ---------

Revenues                                                                  $  87,880    $  84,660    $  66,965
Cost  of  sales(1)                                                      61,291        60,368        49,652
                                                                                    --------    --------    --------
      Gross  profit                                                        26,589        24,292        17,313

Operating  expenses:
      Research,  development  and
        engineering(1)                                                  12,529        10,371        12,453
      Selling,  general  and
        administrative(1)                                            12,748        11,219        12,210
      Reduction  in  workforce                                              -              (21)                -
      Impairment  of  long-lived  assets                            -                  -                31
      (Gain)  loss  on  disposal  of  equipment                38            (305)          (206)
      Acquisition  related  charges                                  42              413              414
                                                                                    --------    --------    --------
                    Total  operating  expenses                  25,357        21,677        24,902
                                                                                    --------    --------    --------
Income  (loss)  from  operations                              1,232          2,615        (7,589)

Other  income  (expense):
      Interest  income                                                    3,584          3,291          2,449
      Interest  expense                                                (2,458)      (2,440)      (2,495)
      Foreign  currency  gain  (loss)                                45              (31)              72
      Other,  net                                                                  (42)              49                40
                                                                                    --------    --------    --------
                    Other  income,  net                                  1,129              869                66
                                                                                    --------    --------    --------
      Income  (loss)  from  continuing
        operations,  before  income  tax                      2,361          3,484        (7,523)

Income  tax  expense                                                        115              600                92
                                                                                    --------    --------    --------
      Income  (loss)  from  continuing
        operations                                                            2,246          2,884        (7,615)

Discontinued  operations:
      Income  (loss)  from  discontinued
        operations,  net  of  income  tax                              -                57            (130)
                                                                                    --------    --------    --------
      Net  income  (loss)                                          $    2,246    $    2,941    $  (7,745)
                                                                                    ========    ========    ========

Basic  per  share  net  income  (loss):
      Income  (loss)  from  continuing
        operations                                                      $      0.02    $      0.02    $    (0.06)
      Income  (loss)  from  discontinued
        operations                                                              0.00            0.00            0.00  
                                                                                    --------    --------    --------
                    Basic  per  share  net  income
                      (loss)                                                $      0.02    $      0.02    $    (0.06)
                                                                                    ========    ========    ========

Diluted  per  share  net  income  (loss):
      Income  (loss)  from  continuing
        operations                                                      $      0.02    $      0.02    $    (0.06)
      Income  (loss)  from  discontinued
        operations                                                              0.00            0.00            0.00  
                                                                                    --------    --------    --------
                    Diluted  per  share  net  income
                      (loss)                                                $      0.02    $      0.02    $    (0.06)
                                                                                    ========    ========    ========

Weighted-average  shares  outstanding:
      Basic                                                                    140,848      140,377      138,785
      Diluted                                                                141,282      142,719      138,785

(1)  Includes  equity  compensation  charges  related  to  the  adoption  of
        SFAS  No.  123(R)  on  January  1,  2006,  as  follows:

            Cost  of  sales                                            $        768    $            -    $            -
            Research,  development  and
              engineering                                                        386                  -                  -
            Selling,  general  and
              administrative                                              1,102                  -                  -
                                                                                    --------    --------    --------
                    Total  equity  compensation            $    2,256    $            -    $            -
                                                                                    ========    ========    ========

        Pro  forma  basic  per  share  net  income
          (loss),  excluding  the  effects  of
          equity  compensation:
            Income  (loss)  from  continuing
              operations                                                $      0.03    $      0.02    $    (0.06)
            Income  (loss)  from  discontinued
              operations                                                        0.00            0.00            0.00  
                                                                                    --------    --------    --------
                    Pro  forma  basic  per  share  net
                      income  (loss)                                  $      0.03    $      0.02    $    (0.06)
                                                                                    ========    ========    ========

        Pro  forma  diluted  per  share  net
          income  (loss),  excluding  the
          effects  of  equity  compensation:
            Income  (loss)  from  continuing
              operations                                                $      0.03    $      0.02    $    (0.06)
            Income  (loss)  from  discontinued
              operations                                                        0.00            0.00            0.00  
                                                                                    --------    --------    --------
                    Pro  forma  diluted  per  share
                      net  income  (loss)                          $      0.03    $      0.02    $    (0.06)
                                                                                    ========    ========    ========

(A)  Certain  amounts  in  the  prior  quarters  statements  of  operations  
        have  been  reclassified  to  conform  to  the  current  quarter  
        presentation.


                                          TriQuint  Semiconductor,  Inc.

                        CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                                          (Unaudited)

                                                                                                Quarter  Ended
                                                                                  ----------------------------
                                                                                  March  31,  Dec.  31,    March  31,
                                                                                      2006          2005            2005(A)
                                                                                  ---------  --------  ---------

Revenues                                                                        100.0%      100.0%        100.0%
Cost  of  sales(1)                                                          69.7%        71.3%          74.1%
                                                                                  ---------  --------  ---------
        Gross  profit                                                          30.3%        28.7%          25.9%

Operating  expenses:
        Research,  development  and
          engineering(1)                                                    14.3%        12.2%          18.6%
        Selling,  general  and
          administrative(1)                                              14.5%        13.3%          18.2%
        Reduction  in  workforce                                            -            0.0%                -
        Impairment  of  long-lived  assets                          -                -              0.1%
        (Gain)  loss  on  disposal  of
          equipment                                                                0.0%        -0.4%          -0.3%
        Acquisition  related  charges                              0.1%          0.5%            0.6%
                                                                                  ---------  --------  ---------
                  Total  operating  expenses                        28.9%        25.6%          37.2%

                                                                                  ---------  --------  ---------
Income  (loss)  from  operations                                  1.4%          3.1%        -11.3%

Other  income  (expense):
        Interest  income                                                      4.1%          3.9%            3.6%
        Interest  expense                                                  -2.8%        -3.0%          -3.7%
        Foreign  currency  gain  (loss)                            0.1%          0.0%            0.1%
        Other,  net                                                              -0.1%          0.1%            0.1%
                                                                                  ---------  --------  ---------
                  Other  income,  net                                        1.3%          1.0%            0.1%

        Income  (loss)  from  continuing
          operations,  before  income  tax                        2.7%          4.1%        -11.2%

Income  tax  expense                                                        0.1%          0.7%            0.2%
                                                                                  ---------  --------  ---------
        Income  (loss)  from  continuing
          operations                                                              2.6%          3.4%        -11.4%

Discontinued  operations:
        Income  (loss)  from  discontinued
          operations,  net  of  income  tax                            -            0.1%          -0.2%

                                                                                  ---------  --------  ---------
        Net  income  (loss)                                                  2.6%          3.5%        -11.6%
                                                                                  =========  ========  =========

(1)  Results  for  the  three  months  ending  March  31,  2006,  includes
        equity  compensation  charges  related  to  the  adoption  of  SFAS  No.
        123(R)  on  January  1,  2006.

(A)  Certain  amounts  in  the  prior  quarters  statements  of  operations  
        have  been  reclassified  to  conform  to  the  current  quarter  
        presentation.


                                          TriQuint  Semiconductor,  Inc.

              PRO  FORMA  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                                          (Unaudited)
                              (In  thousands,  except  per  share  amounts)


                                                          Three  Months  Ended  March  31,  2006
                                                --------------------------------------------
                                                                                      Equity
                                                      U.S.  GAAP          Compensation        Pro  Forma
                                                                                          (1)
                                                ----------------  ------------  ----------------

Revenues                                $  87,880    100.0%          $          -    $  87,880    100.0%
Cost  of  sales                          61,291      69.7%                (768)      60,523      68.9%
                                                  --------  ------            -------    --------  ------
      Gross  profit                      26,589      30.3%                  768        27,357      31.1%

Operating  expenses:
      Research,
        development  and
        engineering                      12,529      14.3%                (386)      12,143      13.8%
      Selling,  general
        and  administrative        12,748      14.5%            (1,102)      11,646      13.2%
      (Gain)  loss  on
        disposal  of
        equipment                                  38        0.0%                      -                38        0.0%
      Acquisition  related
        charges                                      42        0.1%                      -                42        0.1%
                                                  --------  ------            -------    --------  ------
                Total  operating
                  expenses                  25,357      28.9%            (1,488)      23,869      27.1%
                                                  --------  ------            -------    --------  ------

Income  (loss)  from
  operations                                1,232        1.4%              2,256          3,488        4.0%

Other  income  (expense):
      Interest  income                  3,584        4.1%                      -          3,584        4.1%
      Interest  expense              (2,458)    -2.8%                      -        (2,458)    -2.8%
      Foreign  currency
        gain  (loss)                              45        0.1%                      -                45        0.1%
      Other,  net                                (42)    -0.1%                      -              (42)    -0.1%
                                                  --------  ------            -------    --------  ------
                Other  income,
                  net                              1,129        1.3%                      -          1,129        1.3%
                                                  --------  ------            -------    --------  ------
      Income  from  continuing
        operations,  before
        income  tax                          2,361        2.7%              2,256          4,617        5.3%

Income  tax  expense                      115        0.1%                      -              115        0.2%
                                                  --------  ------            -------    --------  ------

      Income  from  continuing
        operations                          2,246        2.6%              2,256          4,502        5.1%

Discontinued  operations:
      Income  from  discontinued
        operations,  net  of
        income  tax                                  -        0.0%                      -                  -        0.0%
                                                  --------  ------            -------    --------  ------
      Net  income  (loss)        $    2,246        2.6%          $  2,256    $    4,502        5.1%
                                                  ========  ======            =======    ========  ======

Basic  per  share  net
  income  (loss):
      Income  (loss)  from
        continuing
        operations                    $      0.02                                          $      0.03
      Income  (loss)  from
        discontinued
        operations                            0.00                                                  0.00
                                                  --------                                          --------
                Basic  per  share
                  net  income
                  (loss)                  $      0.02                                          $      0.03
                                                  ========                                          ========

Diluted  per  share  net
  income  (loss):
      Income  (loss)  from
        continuing
        operations                    $      0.02                                          $      0.03
      Income  (loss)  from
        discontinued
        operations                            0.00                                                  0.00
                                                  --------                                          --------
                Diluted  per
                  share  net
                  income  (loss)    $      0.02                                          $      0.03
                                                  ========                                          ========

Weighted-average
  shares  outstanding:
      Basic                                  140,848                                            140,848
      Diluted                              141,282                                            142,808

(1)  Equity  compensation  charges  related  to  the  adoption  of  SFAS  No.
        123(R)  on  January  1,  2006.
 





Review Article Be the first to review this article

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
Principal Circuit Design Engineer for Rambus at Sunnyvale, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy