Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the second quarter ended June 30, 2012 of $65.4 million, representing a decrease of 4.6% compared with $68.5 million for the second quarter of 2011, and an increase of 3.3% compared with $63.3 million for the first quarter of 2012. Net income for the quarter was $17.2 million, or $0.56 per diluted share, a decrease of 17.6% compared with $20.8 million, or $0.68 per diluted share, for the second quarter of 2011, and an increase of 7.4% compared with $16.0 million, or $0.52 per diluted share, for the first quarter of 2012. Second quarter 2012 net income includes a $0.7 million, $0.02 per diluted share, tax benefit related to the resolution of a tax audit. For the second quarter of 2012, revenue from customers in the United States was $30.5 million, or 46.7% of the company’s total revenue, and revenue from customers outside the United States was $34.9 million, or 53.3% of total revenue. Gross margin was 74.5% for the second quarter of 2012, compared with 72.7% for the second quarter of 2011 and 73.7% for the first quarter of 2012. Operating income for the second quarter was $26.2 million, or 40.1% of revenue. Total cash and cash equivalents at June 30, 2012 was $375.4 million, an increase of $1.5 million for the quarter. Business Outlook The company expects revenue for the third quarter ending September 30, 2012 to be in the range of $65.0 million to $67.0 million and net income to be in the range of $16.0 million to $16.9 million, or $0.52 to $0.55 per diluted share. Webcast and Taped Replay The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investors page of the Hittite Microwave website at www.hittite.com and click on the webcast link located under News & Events. A telephonic replay of the call also will be available for one week after the live call by dialing (303) 590-3030, access code 4550480. Following the call, a webcast replay will also be available by visiting the Investors page at www.hittite.com. About Hittite Microwave Corporation Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The company’s standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless & wired communication and sensor applications for the automotive, broadband, cellular infrastructure, fiber optic, microwave & millimeterwave communications, military, space and test & measurement markets. The company is headquartered in Chelmsford, Massachusetts.
Hittite Microwave (HITT) stock has been downgraded to "neutral" from "buy," D.A. Davidson said Tuesday. The firm said the recent bid from Analog Devices (ADI) to purchase the company for $78 a share will likely close as expected in August.