This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

RDA Microelectronics Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: RDA

"Looking forward, we continue to focus on delivering strong profitability, cash flow and margin improvement, while investing in product development to drive our future growth in the smartphone, 3G, 4G and TV markets. Our consistent execution across all product categories serves as proof of RDA's ability to extend our successful track record into other growing markets with our established customer relationships, strong market position and technology innovations."

Fourth Quarter Operating Summary:

  • Revenue was $115.6 million, compared to $109.3 million in the previous quarter and $82.4 million in the fourth quarter of 2011. The growth in revenue was mainly driven by continued market share gains from baseband.
  • Gross margin was 31.7%, compared with 31.1% in the previous quarter and 35.3% in the fourth quarter of 2011. The sequential increase in gross margin reflected increasing shipments of the higher margin baseband product RDA8851. The decrease in gross margin over the prior year period was primarily due to the addition of baseband revenue, which consisted predominately of products with lower than consolidated average corporate gross margin.
  • R&D expenses were $17.8 million, compared to $16.0 million in the previous quarter and $8.7 million in the fourth quarter of 2011. SG&A expenses were $5.8 million, compared to $4.0 million in the previous quarter and $3.9 million in the prior year period.
  • The sequential increases in R&D and SG&A expenses reflect performance-based employee compensation expenses accrued in the quarter.
  • GAAP net income was $13.4 million, compared to $13.5 million in the previous quarter and $16.6 million in the fourth quarter of 2011.
  • Non-GAAP net income was $16.4 million, compared to $16.7 million in the previous quarter and $17.4 million in the fourth quarter of 2011.

Balance Sheet and Cash Flow Summary as of December 31 , 201 2 :

  • Cash, cash equivalents and short-term investments were $117.5 million, compared to $167.0 million as of September 30, 2012. In the fourth quarter of 2012, the Company generated $8.7 million in cash from operations, compared to $10.8 million in the prior quarter. The Company also paid a one-time special cash dividend totaling $55.6 million on October 18, 2012.
  • Accounts receivable increased to $31.7 million, compared to $28.2 million as of September 30, 2012, reflecting higher sequential revenue.
  • Inventory decreased $6.5 million to $52.0 million from $58.5 million as of September 30, 2012. The decrease of inventory was mainly due to a strong sell-through during the quarter.
  • Accounts payable was $45.1 million, compared to $55.8 million as of September 30, 2012.

First Quarter 201 3 Business Outlook:

For the first quarter of 2013, the Company expects revenue to be in the range of $96 million to $97 million, an increase of 33.3% to 34.7% year-over-year, and a decrease of 16.1% to 17.0% sequentially, reflecting historical seasonal patterns including the shortened sales period due to the Chinese New Year holiday. The Company expects gross margins to be approximately 32.0%.

3 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs