Hittite Microwave Corporation Reports Financial Results for the First Quarter of 2011

Hittite Microwave Corporation        
Condensed Consolidated Statements of Operations (unaudited)
(In thousands except per-share data)
Three Months Ended March 31,
2011 2010
 
Revenue $ 67,241 $ 54,193
Cost of revenue   18,161     14,421  
Gross profit 49,080 39,772
  73.0 %   73.4 %
Operating expenses:
Research and development 9,426 6,952
Sales and marketing 5,438 4,621
General and administrative   3,008     3,102  
Total operating expenses   17,872     14,675  
Income from operations 31,208 25,097
46.4 % 46.3 %
 
Interest and other income (expense), net   59     (25 )
Income before income taxes 31,267 25,072
Provision for income taxes   11,089     8,953  
Net income $ 20,178   $ 16,119  
 
Earnings per share:
Basic $ 0.67   $ 0.55  
Diluted $ 0.66   $ 0.54  
 
Weighted Average Shares Outstanding:
Basic   30,113     29,297  
Diluted   30,552     29,874  




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