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RDA Microelectronics Announces First Quarter 2013 Financial Results

SHANGHAI, China, May 7, 2013 (GLOBE NEWSWIRE) -- RDA Microelectronics (Nasdaq:RDA) ("RDA Microelectronics" or the "Company"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today announced its financial results for the first quarter ended March 31, 2013.

First Quarter Financial Highlights (in US dollars):
  • Revenue was $97.1 million, exceeding the Company's guidance of $96 million to $97 million, and representing an increase of 34.9% from the $72.0 million in the first quarter of 2012.
  • Gross margin was 32.1%, compared to 31.7% in the previous quarter and 35.9% in the first quarter of 2012.
  • GAAP net income was $10.7 million, or $0.22 per diluted ADS, compared to $13.4 million, or $0.28 per diluted ADS, in the previous quarter and $13.9 million, or $0.30 per diluted ADS, in the first quarter of 2012.
  • Non-GAAP net income was $13.7 million, or $0.28 per diluted ADS, compared to $16.4 million, or $0.34 per diluted ADS, in the previous quarter and $15.1 million, or $0.33 per diluted ADS, in the first quarter of 2012.

For a reconciliation of non-GAAP financial measures, please refer to the tables included in this press release.

First Quarter and Recent Business Highlights:
  • Began sampling the 40nm single-die RDA8810 EDGE smartphone baseband.
  • Launched the RDA6861, a multimode front-end module for quad-band GSM/EDGE and WCDMA/CDMA/LTE handheld cellular devices.
  • Achieved volume production of EDGE transceivers for the Samsung Galaxy S ® III.
  • Announced volume shipments of GPS low noise amplifiers for Samsung 3G handsets.
  • Reported volume shipments of DVB-S tuners to Samsung Electro-Mechanics.
  • Priced an offering of 9,602,000 American Depositary Shares ("ADSs") including the underwriter overallotment allocations, each representing six ordinary shares of the Company. The Company offered 100,000 ADSs and the selling shareholders offered 9,502,000 ADSs. The Company received no proceeds on the sale of shares by the selling shareholders.

"First quarter revenue increased 35% year-over-year as a result of strong baseband shipments and increasing volumes of our WiFi combo chip for low-cost smartphones," said Vincent Tai, chairman and CEO of RDA Microelectronics. "Our 8851 baseband, the most integrated and advanced SoC for the high volume GSM handset market, reached record shipment levels in March enabling us to strengthen our position as the second leading supplier to China handset manufacturers. We also further expanded our penetration of the smartphone market with increasing shipments of our WiFi combo solutions and TD-SCDMA PA products as market demand improved following the Chinese New Year holiday.

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