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TriQuint Announces First Quarter 2014 Results

TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended March 29, 2014, including the following highlights:
  • Revenue was $177.6 million with a strong book-to-bill ratio of 1.22
  • GAAP gross margin was 33% and net loss was $(0.12) per share
  • Non-GAAP gross margin was 35% and net loss was $(0.06) per share
  • Received orders for 4th S-Band radar system
  • Strong book-to-bill of 1.74 for discrete premium filters
  • New MMPAs with envelope tracking captured design wins in Korea & China
  • Introduced 130 Watt Spatium TM Solid State Power Amplifier for Ka-Band Satellite Communications
  • Base station product revenue more than doubled from Q1 2013 1
  • Received Supplier Excellence Award for Outstanding Performance from Hughes Network Systems, LLC

Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, “Better product mix and successful factory cost management led to a substantially better gross margin compared to Q1 of 2013 and earnings well above analyst expectations. Demand for Q2 remains healthy as we transition into our seasonally stronger quarters and I am confident we continue to be on track to deliver significantly improved financial results in 2014. Merger preparation and integration planning with RFMD has successfully ramped up in anticipation of a second half 2014 close.”

1 Excludes commercial foundry revenue

Summary Financial Results for the Three Months Ended March 29, 2014:

Revenue for the first quarter of 2014 was $177.6 million, down 4% from the first quarter of 2013 and 34% sequentially. First quarter revenue declined 4% from the first quarter of 2013, driven primarily by the defense market.

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