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Hittite Microwave Corporation Reports Financial Results For The Fourth Quarter Of 2010

Stocks in this article: HITT

Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the fourth quarter ended December 31, 2010 of $65.6 million, representing an increase of 50.2% compared with $43.7 million for the fourth quarter of 2009, and an increase of 2.2% compared with $64.2 million for the third quarter of 2010. Net income for the quarter was $20.9 million, or $0.69 per diluted share, an increase of 55.9% compared with $13.4 million, or $0.45 per diluted share, for the fourth quarter of 2009, and an increase of 0.4% compared with $20.8 million, or $0.69 per diluted share, for the third quarter of 2010.

For the fourth quarter of 2010, revenue from customers in the United States was $30.0 million, or 45.7% of the company’s total revenue, and revenue from customers outside the United States was $35.6 million, or 54.3% of total revenue. Gross margin was 74.5% for the fourth quarter of 2010, compared with 74.8% for the fourth quarter of 2009 and 74.6% for the third quarter of 2010. Operating income for the fourth quarter was $32.2 million, or 49.1% of revenue. Total cash and cash equivalents at December 31, 2010 was $295.5 million, an increase of $22.5 million for the quarter.

For the full year 2010, revenue was $244.3 million, a 49.9% increase from $163.0 million for 2009. Net income for the year was $77.0 million, or $2.56 per diluted share, an increase of 66.8% from $46.2 million, or $1.55 per diluted share, for 2009. Net bookings for 2010 were $254.9 million, a 36.0% increase over bookings of $187.3 million for 2009. The backlog at December 31, 2010 was $74.5 million compared with $63.9 million at December 31, 2009.

Business Outlook

The company expects revenue for the first quarter ending March 31, 2011 to be in the range of $65.5 million to $67.5 million and net income to be in the range of $19.2 million to $20.1 million, or $0.63 to $0.66 per diluted share. This net income guidance includes transaction costs and expected operating expenses attributable to Arctic Silicon Devices, which the company acquired in January 2011.

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