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TheStreet Open House

Hittite Microwave Corporation Reports Financial Results For The Fourth Quarter And Year 2012

Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the fourth quarter ended December 31, 2012 of $68.5 million, an increase of 13.8% compared with $60.2 million for the fourth quarter of 2011, and an increase of 2.0% compared with $67.2 million for the third quarter of 2012. Net income for the fourth quarter was $17.7 million, or $0.57 per diluted share, a decrease of 16.6% compared with $21.2 million, or $0.69 per diluted share, for the fourth quarter of 2011, and an increase of 0.1% compared with $17.7 million, or $0.57 per diluted share, for the third quarter of 2012. Net income for the fourth quarter of 2011 included a $5.5 million, $0.18 per diluted share, tax benefit related to the resolution of a tax audit.

For the fourth quarter of 2012, revenue from customers in the United States was $30.3 million, or 44.3% of the company’s total revenue, and revenue from customers outside the United States was $38.2 million, or 55.7% of total revenue. Gross margin was 73.3% for the fourth quarter of 2012, compared with 74.0% for the fourth quarter of 2011 and 73.6% for the third quarter of 2012. Operating income for the fourth quarter of 2012 was $28.0 million, or 40.8% of revenue, compared with $24.6 million, or 40.9% of revenue, for the fourth quarter of 2011 and $27.6 million, or 41.0% of revenue, for the third quarter of 2012. Total cash and marketable securities at December 31, 2012 was $409.2 million, an increase of $16.4 million for the quarter.

For the full year 2012, revenue was $264.4 million compared with $264.1 million for 2011. Net income for the year was $68.6 million, or $2.22 per diluted share, a decrease of 19.0% from $84.7 million, or $2.77 per diluted share, for 2011. Net bookings for 2012 were $264.2 million, compared with $256.9 million for 2011. Backlog at December 31, 2012 was $67.2 million compared with $67.4 million at December 31, 2011.

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