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

RFMD(R) Delivers March 2014 Quarterly Revenue Of $256 Million

Stocks in this article: RFMD

GAAP Gross Margin Expands 740 Basis Points Year-Over-Year To 38.8%, And Non-GAAP Gross Margin Expands 760 Basis Points Year-Over-Year To 42%

Company Expects June Quarterly Non-GAAP Gross Margin To Expand Sequentially By Approximately 150 To 200 Basis Points

GREENSBORO, N.C., April 29, 2014 (GLOBE NEWSWIRE) --

Quarterly Highlights:

  • Quarterly Revenue Totals $256 Million
  • GAAP Gross Margin Is 38.8% And GAAP Diluted EPS Is $(0.00), Versus 31.4% And $(0.06) In Q4 Fiscal 2013
  • Non-GAAP Gross Margin Is 42.0% And Non-GAAP Diluted EPS Is $0.12, Versus 34.4% And $0.06 In Q4 Fiscal 2013
  • In The June 2014 Quarter, RFMD Anticipates Revenue Of Approximately $305 Million And Non-GAAP EPS Of Approximately $0.17

RF Micro Devices, Inc. (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance radio frequency solutions, today reported financial results for the Company's fiscal 2014 fourth quarter, ended March 29, 2014.

March quarterly revenue was $256.0 million. On a GAAP basis, quarterly gross margin was 38.8%, quarterly operating loss was $0.7 million, and quarterly net loss was $1.0 million, or $(0.00) per share.

On a non-GAAP basis, quarterly gross margin was 42.0%, quarterly operating income was $33.6 million, or 13.1% of sales, and quarterly net income was $33.4 million, or $0.12 per diluted share.

Strategic Highlights

  • RFMD announced a definitive merger agreement under which RFMD and TriQuint Semiconductor, Inc. (Nasdaq:TQNT) will combine in an all-stock transaction, creating a new leader in RF solutions
  • RFMD's Cellular Products Group (CPG) introduced "RF Fusion," a complete RF front end solution for 4G world phones and tablets
  • CPG supported the successful launch of a new flagship Android smartphone with multiple high-performance 3G/4G components, including antenna control solutions and envelope tracking- (ET-) enabled power amplifiers
  • RFMD teamed with North Carolina State University on a $70 Million Department of Energy power electronics development award
  • RFMD's Multi-Market Products Group (MPG) was awarded a $9.7M U.S. Air Force contract to produce millimeter wave GaN integrated circuits
  • MPG won the CableFAX Tech Award for green technology for its GaN amplifiers for DOCSIS 3.1
GAAP RESULTS
(in millions, except          
percentages and per Q4 Fiscal Q3 Fiscal Change Q4 Fiscal Change
share data) 2014 2014 vs. Q3 2014 2013 vs. Q4 2013
Revenue  $ 256.0 $ 288.5 (11.3)% $ 280.6 (8.8)%
Gross Margin 38.8% 37.3% 1.5 ppt 31.4% 7.4 ppt
Operating (Loss) Income $ (0.7)  $ 15.4 $ (16.1) $ 1.7 $ (2.4)
Net (Loss) Income $ (1.0)  $ 6.2 $ (7.2) $ (16.0)  $ 15.0
Diluted EPS $ (0.00)  $ 0.02 $ (0.02) $ (0.06)  $ 0.06
           
NON-GAAP RESULTS
(excluding share-based compensation, amortization and impairment of intangibles, acquisition-related costs, intellectual property rights (IPR) litigation costs, start-up costs, restructuring and disposal costs, certain consulting costs, (gain) loss on PP&E, income from equity investment, non-cash interest expense on convertible subordinated notes and tax adjustments)
(in millions, except          
percentages and per Q4 Fiscal Q3 Fiscal Change Q4 Fiscal Change
share data) 2014 2014 vs. Q3 2014 2013 vs. Q4 2013
Gross Margin 42.0% 39.7% 2.3 ppt 34.4% 7.6 ppt
Operating Income  $ 33.6  $ 40.0 $ (6.4) $ 20.6 $ 13.0
Net Income  $ 33.4  $ 36.4 $ (3.0) $ 17.1 $ 16.3
Diluted EPS  $ 0.12  $ 0.13 $ (0.01) $ 0.06 $ 0.06

Financial Outlook

RFMD currently believes the demand environment in its end markets supports the following expectations and projections for the June 2014 quarter:

  • RFMD expects quarterly revenue to increase approximately 19% sequentially to approximately $305 million
  • RFMD expects non-GAAP gross margin to expand sequentially by approximately 150 to 200 basis points
  • RFMD expects non-GAAP operating expenses to be approximately flat sequentially
  • RFMD expects a non-GAAP tax rate of approximately 15%
  • RFMD expects non-GAAP EPS of approximately $0.17

RFMD's actual quarterly results may differ from these expectations and projections, and such differences may be material.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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