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Hittite Microwave Corporation Reports Financial Results For The Fourth Quarter And Year 2011

Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the fourth quarter ended December 31, 2011 of $60.2 million, representing a decrease of 8.2% compared with $65.6 million for the fourth quarter of 2010, and a decrease of 11.6% compared with $68.1 million for the third quarter of 2011. Net income for the quarter was $21.2 million, or $0.69 per diluted share, an increase of 1.5% compared with $20.9 million, or $0.69 per diluted share, for the fourth quarter of 2010, and a decrease of 5.3% compared with $22.4 million, or $0.73 per diluted share, for the third quarter of 2011. Fourth quarter 2011 net income includes a $5.5 million, $0.18 per diluted share, tax benefit related to the resolution of a tax audit.

For the fourth quarter of 2011, revenue from customers in the United States was $27.7 million, or 46.0% of the company’s total revenue, and revenue from customers outside the United States was $32.5 million, or 54.0% of total revenue. Gross margin was 74.0% for the fourth quarter of 2011, compared with 74.5% for both the fourth quarter of 2010 and the third quarter of 2011. Operating income for the fourth quarter was $24.6 million, or 40.9% of revenue. Total cash and cash equivalents at December 31, 2011 was $353.7 million, an increase of $2.5 million for the quarter.

For the full year 2011, revenue was $264.1 million, an 8.1% increase from $244.3 million for 2010. Net income for the year was $84.7 million, or $2.77 per diluted share, an increase of 9.9% from $77.0 million, or $2.56 per diluted share, for 2010. Net bookings for 2011 were $256.9 million, compared with $254.9 million for 2010. Backlog at December 31, 2011 was $67.4 million compared with $74.5 million at December 31, 2010.

Business Outlook

The company expects revenue for the first quarter ending March 31, 2012 to be in the range of $61.0 million to $63.0 million and net income to be in the range of $15.5 million to $16.3 million, or $0.51 to $0.53 per diluted share.

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