Wednesday, January 23, 2013 8:40:47 AM
http://finance.yahoo.com/news/rf-micro-devices-delivers-29-210000570.html
(NOTE: see link for gaap results and non gaap results as I didn't copy and paste those from this press release due to format)
Company Expects To Outperform Underlying Markets In March Quarter
GREENSBORO, N.C., Jan. 22, 2013 /PRNewswire
Quarterly Highlights:
•December 2012 Quarterly Revenue Increases Approximately 29% Sequentially To $271.2 Million
•GAAP Gross Margin Expands To 32.0% And Non-GAAP Gross Margin Expands To 35.5%
•GAAP Diluted EPS Is ($0.01), And Non-GAAP Diluted EPS Is $0.08
•RFMD Anticipates Revenue Of Approximately $250 Million To $255 Million And Non-GAAP EPS Of Approximately $0.04 To $0.05 In The March 2013 Quarter
RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency solutions, today reported financial results for the Company's fiscal 2013 third quarter, ended December 29, 2012.
RFMD's third quarter revenue increased approximately 29% sequentially to $271.2 million, versus $209.7 million in the prior quarter. The sequential revenue growth reflected broad-based growth in RFMD's Cellular Products Group (CPG) and growth in high-performance WiFi in RFMD's Multi-Market Products Group (MPG).
On a GAAP basis, gross margin totaled 32.0%, quarterly operating income was $5.7 million, and quarterly net loss was ($1.4) million, or ($0.01) per diluted share. On a non-GAAP basis, gross margin expanded to 35.5%, quarterly operating income totaled $26.8 million, and quarterly net income was $21.3 million, or $0.08 per diluted share. RFMD generated cash flow from operations of $43.3 million during the quarter.
Strategic Highlights
•RFMD delivered robust sequential revenue growth across a broad set of products and customers
•RFMD acquired leading RF CMOS technology provider Amalfi Semiconductor to complement its product portfolio for entry-level handsets and smartphones
•CPG grew revenue approximately 40% sequentially, with increasing content in the world's leading smartphones and reference designs
•MPG grew WiFi revenue approximately 28% sequentially in support of multiple applications, including smartphones, tablets, enterprise equipment, and consumer products
•MPG commenced shipments of high-performance 802.11ac WiFi front ends in support of a leading smartphone manufacturer
Business Commentary and Financial Outlook
RFMD expects to outperform normal seasonality in the March 2013 quarter, reflecting continued content gains and category expansion, combined with the benefit of significant customer product ramps.
RFMD currently believes the demand environment in its end markets supports the following expectations and projections for the March 2013 quarter:
•RFMD expects quarterly revenue to decrease approximately 6-8% sequentially to approximately $250 million to $255 million
•RFMD expects a non-GAAP tax rate of approximately 22%
•RFMD expects non-GAAP EPS of approximately $0.04 to $0.05
RFMD's actual quarterly results may differ from these expectations and projections, and such differences may be material.
Comments From Management
Bob Bruggeworth, president and CEO of RFMD, said, "RFMD's robust sequential revenue growth in the December quarter reflected continued content gains, category expansion, and growth in our addressable markets. Looking forward, RFMD secured major design wins during the quarter, and we are executing on multiple opportunities to increase our content generation-over-generation in the world's leading smartphones and significantly outpace the growth rate of the underlying markets."
Dean Priddy, CFO and vice president of administration of RFMD, said, "RFMD's December quarterly revenue increased by 29% quarter-over-quarter to $271.2 million and supported a near tripling in non-GAAP operating income quarter-over-quarter to $26.8 million. On the balance sheet, RFMD generated $43.3 million in cash flow from operations during the December quarter, versus $1.9 million in the prior quarter, nearly offsetting the purchase in November of Amalfi Semiconductor.
"In the March quarter, we expect our ability to capture an increasing amount of semiconductor content within smart devices and reference designs will enable RFMD to outperform normal seasonality in the March quarter."
Then there's a woman, a lion of a woman.
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