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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
(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
(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.

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