RFMD® Delivers Diversified Revenue Growth and Margin Expansion
GREENSBORO, N.C., July 24, 2012 /PRNewswire/ --
Quarterly Highlights:
Quarterly Revenue Increases Approximately 8% Sequentially To $202.7 Million
GAAP Gross Margin Expands 160 Basis Points Sequentially To 31.7%, And Non-GAAP Gross Margin Expands 170 Basis Points Sequentially To 34.1%
GAAP Diluted EPS Is ($0.07), And Non-GAAP Diluted EPS Is $0.01
RFMD Outsources Manufacturing Of Wafer Starting Material
RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today reported financial results for the Company's fiscal 2013 first quarter, ended June 30, 2012.
RFMD's first quarter revenue increased sequentially approximately 8% to $202.7 million, versus $187.9 million in the prior quarter. The sequential increase in revenue reflected diversified sequential revenue growth in the Company's Cellular Products Group (CPG) and Multi-Market Products Group (MPG). CPG achieved robust sequential growth in sales of ultra-high efficiency 3G/4G PAs, 3G entry PAs, and switch and signal conditioning products. MPG grew sequentially across multiple diversified markets, led by high-performance WiFi front end modules and broadband GaN-based CATV products.
On a GAAP basis, gross margin expanded sequentially to 31.7%, quarterly operating loss was ($12.9) million, and quarterly net loss was ($19.1) million, or ($0.07) per diluted share. On a non-GAAP basis, gross margin expanded sequentially to 34.1%, quarterly operating income totaled $3.1 million, and quarterly net income was $1.9 million, or $0.01 per diluted share.
During the June quarter, RFMD generated approximately $15.6 million in cash flow from operations, and free cash flow was $6.6 million. RFMD repurchased approximately 1.9 million shares of common stock during the quarter and retired approximately $48 million principal amount of debt.
Strategic Highlights
CPG ramped volume production of multiple 3G/4G antenna control solutions in support of a leading manufacturer of smartphones
CPG commenced volume shipments of its second-generation ultra-high efficiency LTE PAs to a leading manufacturer of smartphones
CPG supported multiple smartphone OEMs with breakthrough RF semiconductor solutions containing all 2G/3G PA and switch content for the entire cellular RF front end
MPG captured a major 802.11ac WiFi reference design win with Broadcom for high performance WiFi front end modules
MPG expanded its portfolio of 802.11n and 802.11ac front end modules and commenced production in support of consumer premises equipment (CPE) and mobile applications
MPG's GaN Power Group added two major L/S Band radar customers
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