RF Micro Devices Delivers Record March Quarterly Revenue

(1) As a result of our adoption of SFAS 123(R) on April 2, 2006, share- based compensation expense of approximately $0.9 million, $1.1 million, $0.6 million, $0.6 million, and $0.0 million is included in cost of goods sold, research and development, marketing and selling, general and administrative and other operating expense, respectively, for the three months ended March 31, 2007. For the three months ended April 1, 2006, share-based compensation and variable accounting expense of approximately $3.0 million, $11.1 million, $4.2 million, $2.6 million, and $0.0 million is included in cost of goods sold, research and development, marketing and selling, general and administrative and other operating expense, respectively.



                   RF MICRO DEVICES, INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share data)

                                                      Twelve Months Ended
                                              March 31, 2007  April 1, 2006
                                                 (Unaudited)      (Audited)

    Total revenue                                 $1,023,615       $770,247

    Costs and expenses:
      Cost of goods sold(1)                          666,755        501,224
      Research and development(1)                    184,979        168,858
      Marketing and selling(1)                        53,863         52,121
      General and administrative(1)                   37,301         29,589
      Other operating income (1)                     (33,834)          (251)

      Total costs and expenses(1)                    909,064        751,541

    Operating income                                 114,551         18,706

    Impairment of Jazz Semiconductor,
     Inc. investment                                 (33,959)             -
    Other income                                       5,807          1,505

    Income before income taxes                       $86,399        $20,211
    Income tax expense                                (2,983)        (3,881)

    Net income                                       $83,416        $16,330

    Net income per share, diluted                      $0.39          $0.08

    Weighted average outstanding diluted shares      226,513        192,781

(1) As a result of our adoption of SFAS 123(R) on April 2, 2006, share- based compensation expense of approximately $4.7 million, $5.6 million, $3.7 million, $7.0 million, and $0.1 million is included in cost of goods sold, research and development, marketing and selling, general and administrative and other operating income, respectively, for the twelve months ended March 31, 2007. For the twelve months ended April 1, 2006, share-based compensation and variable accounting expense of approximately $3.8 million, $12.3 million, $5.5 million, $3.5 million, and $0.0 million is included in cost of goods sold, research and development, marketing and selling, general and administrative and other operating income, respectively.



                   RF MICRO DEVICES, INC. AND SUBSIDIARIES
            RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                    (In thousands, except per share data)
                                 (Unaudited)

                                              Three Months Ended
                                   March 31,    December 30,      April 1,
                                       2007            2006          2006

    GAAP operating income (loss)     21,435          66,069        (1,689)
      Share-based compensation
       expense                        3,088           3,320        20,943
      Amortization of intangible
       assets                             567                          484                      457
            Gain  on  sale  of  Bluetooth(R)
              assets                                                      (67)                (36,311)                        -
            Restructuring  charges  related
              to  sale  of  Bluetooth(R)
              assets                                                      668                      1,752                          -
            Discontinuation  of  WLAN
              chipset  development  efforts
              (adjustment)                                            26                        (100)                      53
        Non-GAAP  operating  income                25,717                    35,214                19,764

        GAAP  net  income  (loss)                      30,133                    59,326                (1,568)
            Impairment  of  Jazz
              investment                                                94                              -                          -
            Share-based  compensation
              expense                                                3,088                      3,320                20,943
            Amortization  of  intangible
              assets                                                      567                          484                      457
            Gain  on  sale  of  Bluetooth(R)
              assets                                                      (67)                (36,311)                        -
            Restructuring  charges  related
              to  sale  of  Bluetooth(R)
              assets                                                      668                      1,752                          -
            Tax  effect  on  certain  Non-GAAP
              adjustments                                      (5,316)                    5,872                          -
            Discontinuation  of  WLAN
              chipset  development
              efforts  (adjustment)                            26                        (100)                      53

        Non-GAAP  net  income                            29,193                    34,343                19,885
        Plus:  Income  impact  of  assumed
          conversions  for  interest  on
          1.50%  convertible  notes                    1,015                          977                  1,060
        Non-GAAP  net  income  plus
          assumed  conversion  of  notes-
          Numerator  for  diluted
          income  per  share                              $30,208                  $35,320              $20,945

        GAAP  weighted  average
          outstanding  diluted  shares          228,937                  227,852              189,599
        Adjustments:
            Diluted  stock  options                              -                              -                  6,002
            Assumed  conversion  of  1.50%
              convertible  notes                                    -                              -                30,144
        Non-GAAP  weighted  average
          outstanding  diluted  shares          228,937                  227,852              225,745

        Non-GAAP  net  income  per  share,
          diluted                                                    $0.13                      $0.16                  $0.09

        GAAP  gross  margin  percentage              35.2%                      35.8%                  33.6%
            Adjustment  for  share-based
              compensation                                          0.3%                        0.3%                    1.3%
            Adjustment  for  intangible
              amortization                                          0.2%                        0.0%                    0.1%
        Non-GAAP  gross  margin  percentage      35.7%                      36.1%                  35.0%



                                      RF  MICRO  DEVICES,  INC.  AND  SUBSIDIARIES
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS
                                                                (In  thousands)


                                                                                                        March  31,              April  1,
                                                                                                            2007                      2006
                                                                                                    (Unaudited)            (Audited)
        ASSETS
        Current  assets:
            Cash  and  cash  equivalents                                          $211,023                $81,588
            Short-term  investments                                                  107,689                  68,949
            Accounts  receivable,  net                                              102,307                115,715
            Inventories                                                                        112,975                116,782
            Other  current  assets                                                        46,445                  31,887
                Total  current  assets                                                  580,439                414,921

        Property  and  equipment,  net                                            373,455                341,293
        Goodwill                                                                                  114,897                117,218
        Investment  in  Jazz  Semiconductor,  Inc.                                  -                  59,265
        Long-term  investments                                                                617                        584
        Intangible  assets,  net                                                          8,486                  10,849
        Other  assets                                                                            11,740                    3,191
                Total  assets                                                            $1,089,634              $947,321

        LIABILITIES  AND  SHAREHOLDERS'  EQUITY
        Current  liabilities:
            Accounts  payable  and  accrued  liabilities            $108,929              $102,772
            Other  short-term  liabilities,  net                                4,287                        260
            Total  current  liabilities                                            113,216                103,032

        Long-term  debt,  net                                                            245,709                226,876
        Other  long-term  liabilities                                              11,042                  18,056
            Total  liabilities                                                            369,967                347,964

        Shareholders'  equity:
            Total  shareholders'  equity                                          719,667                599,357

            Total  liabilities  and  shareholders'
              equity                                                                          $1,089,634              $947,321

 

Web site: http://www.rfmd.com/



« Previous Page 1 | 2 | 3 | 4             



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
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
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