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RDA Microelectronics Announces Third Quarter 2013 Financial Results

Stocks in this article: RDA

SHANGHAI, China, Nov. 12, 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 third quarter ended September 30, 2013.

Third Quarter Financial Highlights (in US dollars):

  • Revenue was $85.1 million, representing a decrease of 22.8% from the $110.3 million in the second quarter and 22.1% from the $109.3 million in the third quarter of 2012.
  • Gross margin was 32.7%, compared to 32.3% in the previous quarter and 31.1% in the third quarter of 2012.
  • GAAP net income was $9.1 million, or $0.19 per diluted ADS, compared to $13.7 million, or $0.29 per diluted ADS, in the previous quarter and $13.5 million, or $0.28 per diluted ADS, in the third quarter of 2012.
  • Non-GAAP net income was $12.2 million, or $0.25 per diluted ADS, compared to $16.9 million, or $0.35 per diluted ADS, in the previous quarter and $16.7 million, or $0.35 per diluted ADS, in the third quarter of 2012.

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

Third Quarter and Recent Business Highlights:

  • Completed tape-out of WCDMA baseband with sampling to begin in the first half of 2014.
  • Issued first quarterly dividend of $0.10 per ADS as part of its recurring dividend policy announced last quarter.
  • Signed a definitive merger agreement with Tsinghua Unigroup Ltd. ("Unigroup"), an operating subsidiary of Tsinghua Holdings Co. Ltd., a solely state-owned limited liability corporation funded by Tsinghua University in China, on November 11, 2013, under which Unigroup will acquire all of the outstanding ordinary shares of the Company (the "Shares") and ADS for US$3.0833 per Share or US$18.50 per ADS in cash. Investors are referred to the Company's press release announcing the transaction issued on November 11, 2013, and the Form 6-K filed with SEC regarding the transaction.

Commenting on the Company's third quarter financial results, Vincent Tai, chairman and CEO of RDA Microelectronics, said, "Third quarter revenue declined greater than expected due to adverse currency impacts from several emerging markets, including India, which has driven up the cost of imports and reduced orders from customers who typically export to these markets. While the decline in revenue was disappointing, we do not believe it reflects a reduction in demand for feature phones in these countries, where affordability and limited discretionary spending remain key factors.

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