RFMD Achieves Financial Targets for December Quarter and Expects to Converge on 15% Operating Income for Fiscal 2010
GREENSBORO, N.C., Jan 12, 2010 (GlobeNewswire via COMTEX News Network) -- 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 provided updated financial information to investors during a webcast presentation at the 12th Annual Needham Growth Stock Conference in New York City.
During the presentation, management said RFMD had achieved its financial targets for its fiscal 2010 third quarter, ending January 2, 2010, related to revenue, non-GAAP gross margin, non-GAAP earnings per share and free cash flow. Dean Priddy, RFMD's CFO and vice president of administration, said that, based upon RFMD's December 2009 quarterly performance and current projections for the March 2010 quarter, RFMD believes its non-GAAP operating margin will converge on 15% for its fiscal 2010, ending April 3, 2010.
Regarding future periods, RFMD indicated order and shipment momentum had extended into the March 2010 quarter. RFMD also reiterated previous guidance indicating it plans to achieve 15% non-GAAP operating margin for its fiscal 2011 and it expects to be net cash positive by the end of its fiscal 2011.
RFMD's non-GAAP operating margin excludes share-based compensation, amortization of intangibles, integration/acquisition charges, manufacturing start-up costs and restructuring charges. RFMD defines free cash flow as net cash provided from operating activities minus property and equipment expenditures.
RFMD will announce December 2009 quarterly financial results on Tuesday, January 26, 2010.