Hittite Microwave Corporation Reports Financial Results For The Third Quarter Of 2010
Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the third quarter ended September 30, 2010 of $64.2 million, representing an increase of 54.7% compared with $41.5 million for the third quarter of 2009 and an increase of 6.4% compared with $60.3 million for the second quarter of 2010. Net income for the quarter was $20.8 million, or $0.69 per diluted share, an increase of 73.8% compared with $12.0 million, or $0.40 per diluted share, for the third quarter of 2009, and an increase of 8.8% compared with $19.2 million, or $0.64 per diluted share, for the second quarter of 2010.
For the third quarter of 2010, revenue from customers in the United States was $28.1 million, or 43.8% of the company’s total revenue, and revenue from customers outside the United States was $36.1 million, or 56.2% of total revenue. Gross margin was 74.6% for the third quarter of 2010, compared with 72.0% for the third quarter of 2009 and 74.8% for the second quarter of 2010. Operating income for the third quarter was $32.2 million, or 50.2% of revenue. Total cash and cash equivalents at September 30, 2010 was $273.0 million, an increase of $31.2 million for the quarter.
The company expects revenue for the fourth quarter ending December 31, 2010 to be in the range of $64.5 million to $66.5 million and net income to be in the range of $20.2 million to $21.0 million, or $0.67 to $0.69 per diluted share.Webcast and Taped Replay The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investors page of the Hittite Microwave web site at www.hittite.com and click on the webcast link located under News & Events. A telephonic replay of the call also will be available for one week after the live call by dialing (303) 590-3030, access code 4370901. Following the call, a webcast replay will also be available by visiting the Investors page at www.hittite.com. About Hittite Microwave Corporation Hittite Microwave is an innovative designer and developer of high-performance integrated circuits (ICs), modules, subsystems and instrumentation for technically demanding radio frequency (RF), microwave and millimeterwave applications. Products include amplifiers, attenuators, broadband time delay, comparators, data converters, DC power conditioning, DC power management, dielectric resonator oscillators, filters-tunable, frequency dividers and detectors, frequency multipliers, high speed digital logic, interface, limiting amplifiers, mixers and converters, modulators and demodulators, multiplexers and de-multiplexers, oscillators, passives, phase lock loops (PLL), PLL with integrated VCOs, phase shifters, power detectors, sensors, switches, synthesizers, transimpedance amplifiers and variable gain amplifiers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA.
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