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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 (480) 629-9819. 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 (303) 590-3030, 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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