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

Business Outlook

The company expects revenue for the first quarter ending March 31, 2013 to be in the range of $66.5 million to $68.5 million and net income to be in the range of $16.7 million to $17.7 million, or $0.54 to $0.57 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. The conference call can be accessed by dialing [phone]. 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 website 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 [phone], access code 4589614. 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 Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The company’s standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless & wired communication and sensor applications for the automotive, broadband, cellular infrastructure, fiber optic, microwave & millimeterwave communications, military, space and test & measurement markets. The company is headquartered in Chelmsford, Massachusetts.

“Safe Harbor Statement” under the Private Securities Litigation Reform Act of 1995

Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of macro-economic conditions on demand for our products; our ability to effectively manage our costs and expenses in response to fluctuations in our growth rate; market acceptance of our new products; our ability to assess accurately our end market requirements; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; risks related to our dependence on third-party suppliers; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; the possibility that intellectual property claims initiated by or against us could be costly or have adverse outcomes; and other risks and uncertainties that are discussed under “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, as filed with the Securities and Exchange Commission.

Hittite Microwave Corporation
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
		December 31, 2012			December 31, 2011
Assets
Current assets:
Cash and cash equivalents		$	269,157		$	353,667
Marketable securities			140,069			-
Accounts receivable, net			30,921			35,686
Inventories			65,926			38,460
Income taxes receivable			1,566			488
Prepaid expenses and other current assets			2,761			2,063
Deferred taxes			14,988			10,296
Total current assets			525,388			440,660
Property and equipment, net			36,294			32,550
Deferred taxes			709			466
Other assets			11,172			14,889
Total assets		$	573,563		$	488,565
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	3,205		$	3,146
Accrued expenses			12,889			10,850
Income taxes payable			584			-
Deferred revenue and customer advances			4,699			2,498
Total current liabilities			21,377			16,494
Long-term income taxes payable			412			2,639
Deferred taxes			446			-
Other liabilities			124			-
Total liabilities			22,359			19,133
Total stockholders' equity			551,204			469,432
Total liabilities and stockholders' equity		$	573,563		$	488,565

Hittite Microwave Corporation
Condensed Consolidated Statements of Operations (unaudited)
(In thousands except per-share data)
	Three Months Ended December 31,								Twelve Months Ended December 31,
	2012				2011				2012				2011
Revenue	$	68,515			$	60,222			$	264,395			$	264,108
Cost of revenue		18,296				15,678				69,415				69,935
Gross profit		50,219				44,544				194,980				194,173
		73.3	%			74.0	%			73.7	%			73.5	%
Operating expenses:
Research and development		12,449				10,999				49,202				38,899
Sales and marketing		6,319				5,701				23,966				22,047
General and administrative		3,468				3,222				14,598				12,078
Total operating expenses		22,236				19,922				87,766				73,024
Income from operations		27,983				24,622				107,214				121,149
		40.8	%			40.9	%			40.6	%			45.9	%
Interest and other income (expense), net		68				76				57				602
Income before income taxes		28,051				24,698				107,271				121,751
Provision for income taxes		10,337				3,457				38,702				37,063
Net income	$	17,714			$	21,241			$	68,569			$	84,688
Earnings per share:
Basic	$	0.58			$	0.70			$	2.26			$	2.81
Diluted	$	0.57			$	0.69			$	2.22			$	2.77
Weighted average shares outstanding:
Basic		30,401				30,234				30,359				30,178
Diluted		31,003				30,603				30,895				30,586

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