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Amplifiers / Passive Components / Semiconductors / Integrated Circuits

RFMD® Updates Investors on Completion of Restructuring Efforts

November 16, 2009
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RFMD Expects New Business Model To Support Continued Strength In Profitability, Free Cash Flow And Capital Efficiency. RFMD Expects To Be Net Cash Positive In Fiscal 2011.

GREENSBORO, N.C., Nov. 16, 2009 (GLOBE NEWSWIRE) -- RF Micro Devices, Inc. (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today announced that it has successfully completed all previously announced restructuring activities.

With the successful completion of its restructuring activities, the Company expects continued strength in financial results, with an emphasis on non-GAAP operating income, free cash flow (net cash provided from operating activities minus property and equipment expenditures) and return on invested capital, or ROIC. In the fiscal 2010 second quarter ended October 3, 2009, RFMD delivered year-over-year and sequential improvements in gross margin, operating margin and earnings per share. Free cash flow was $45.8 million in the fiscal 2010 second quarter and $80.3 million through the first half of fiscal 2010.

RFMD now expects free cash flow in fiscal 2010 will exceed its previous guidance of $130 million, provided on October 27, 2009. Additionally, RFMD currently expects to be net cash positive in fiscal 2011, ending April 2, 2011.

Bob Bruggeworth, president and CEO of RFMD, said, "The entire RFMD team demonstrated crisp execution and steadfast resolve in all aspects of our strategic restructuring. As a result, the new RFMD is positioned today to achieve strong financial results and continued leadership in lucrative and growing core markets. With our restructuring activities complete, we are focused sharply on building superior shareholder value through profitable growth and ROIC in excess of our cost of capital. RFMD is commencing new technology and product cycles, and we are at the forefront of exciting new secular growth trends, such as data mobility, smart grid deployment and alternative energy generation. We believe RFMD has only begun to demonstrate our operating earnings power."

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