RF Micro Devices, Inc. (RFMD)

[eastunder]

RF Micro Devices® Achieves 49% Year-Over-Year Growth in Quarterly Revenue

Tuesday , April 23, 2013 16:00ET

GREENSBORO, N.C., April 23, 2013 /PRNewswire/ --

Quarterly Highlights:

-- Quarterly Revenue Increases Approximately $92.7 Million, Or
Approximately 49%, Year-Over-Year To $280.6 Million
-- Quarterly GAAP Gross Margin Expands To 31.4% Versus 30.1% In Fiscal
2012, And Quarterly Non-GAAP Gross Margin Expands To 34.4% Versus 32.4%
In Fiscal 2012
-- Quarterly GAAP Diluted EPS Is $(0.06), And Quarterly Non-GAAP Diluted
EPS Is $0.06
-- RFMD Anticipates Revenue Of Approximately $285 Million To $290 Million
And Non-GAAP EPS Of Approximately $0.07 To $0.08 In The June 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 fourth quarter, ended March 30, 2013.

RFMD's fourth quarter revenue increased approximately 3.5% sequentially and 49% year-over-year to $280.6 million, versus $271.2 million in the prior quarter and $187.9 million in the corresponding prior-year quarter. The increase in sequential revenue reflected increased adoption of RFMD's best-in-class cellular RF solutions and broad-based growth in high-performance WiFi, broadband/CATV, and standard products applications.

On a GAAP basis, gross margin totaled 31.4%, quarterly operating income was $1.7 million, and quarterly net loss was $(16.0) million, or $(0.06) per share. On a non-GAAP basis, gross margin totaled 34.4%, quarterly operating income totaled $20.6 million, and quarterly net income was $17.1 million, or $0.06 per diluted share.

Strategic Highlights

-- RFMD began production shipments in support of a high-volume flagship
smartphone containing multiple RFMD components, including multimode
multi-band (MMMB) power amplifiers (PAs), single-band PAs, and antenna
control solutions
-- RFMD benefited in the entry segment from leadership on major reference
designs and the expansion of RFMD's entry solutions product portfolio to
include industry-leading CMOS PAs
-- RFMD's Multi-Market Products Group delivered sequential growth across
all business units
-- High-performance WiFi achieved double-digit quarter-over-quarter revenue
growth and increased more than 100% over the March 2012 quarter
-- RFMD announced a flexible GaAs sourcing strategy, including its intent
to exit its pHEMT fabrication facility in the UK, to expand gross margin
and support aggressive growth
-- RFMD made a $10 million investment to secure duplexer capacity

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