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RDA Microelectronics Announces Second Quarter 2013 Financial Results And Establishes Quarterly Dividend Policy

Second Quarter Revenue Increased 13.5% Sequentially and 16.9% Year-Over-Year Gross Margin Expanded to 32.3% Declares $0.10 Per ADS Cash Dividend for Third Quarter 2013

SHANGHAI, China, Aug. 6, 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 second quarter ended June 30, 2013 and a recurring quarterly cash dividend policy.

Second Quarter Financial Highlights (in US dollars):
  • Revenue was $110.3 million, within the Company's guidance of $109 million to $111 million, and representing an increase of 13.5% from the $97.1 million in the first quarter and 16.9% from the $94.4 million in the second quarter of 2012.
  • Gross margin was 32.3%, compared to 32.1% in the previous quarter and 31.0% in the second quarter of 2012.
  • GAAP net income was $13.7 million, or $0.29 per diluted ADS, compared to $10.7 million, or $0.22 per diluted ADS in the previous quarter and $12.2 million, or $0.25 per diluted ADS, in the second quarter of 2012.
  • Non-GAAP net income was $16.9 million, or $0.35 per diluted ADS, compared to $13.7 million, or $0.28 per diluted ADS, in the previous quarter and $15.2 million, or $0.32 per diluted ADS, in the second quarter of 2012.

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

Second Quarter and Recent Business Highlights:
  • Secured SP3T switch design wins for 2G and 3G Samsung smartphones, demonstrating RDA's commitment to grow its global smartphone market share in emerging markets as well as developed regions, such as Europe.
  • Expanded sampling of the RDA8810 EDGE baseband smartphone solution and introduced sampling of the RDA8811 EDGE baseband for tablets.
  • Introduced 802.11n WiFi combo chip integrating WiFi 802.11n, Bluetooth and FM on a single die for smartphone and tablet applications in China and the emerging markets.

In regards to the Company's second quarter financial results, Vincent Tai, chairman and CEO of RDA Microelectronics commented, "Second quarter revenue increased 17% over the prior year quarter as a result of increased sales of our baseband products as well as higher volumes of our WiFi combo chip. We are pleased with our continued progress to penetrate the ultra-low cost feature phone market with our highly integrated 2G baseband solution. The 8851, which represents the large majority of our shipments, continues to be well-received by customers as we increase our silicon content and addressable market.

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