This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

RDA Microelectronics Announces Third Quarter 2013 Financial Results

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs