GREENSBORO, N.C., Mar 8, 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 for RFMD's fiscal 2010 fourth quarter, ending April 3, 2010.
RFMD now expects to generate quarterly revenue of approximately $240 million to $245 million, which represents approximately 41% year-over-year growth at the midpoint of this updated outlook. As a result of the anticipated increase in revenue, RFMD expects to achieve non-GAAP quarterly earnings per share of approximately $0.11 to $0.12.
RFMD is experiencing broad-based strength in its core business this quarter, with current customer demand significantly outpacing original expectations in both the cellular products group and multi-market products group. RFMD is seeing particular strength in China and Korea and expects continued market share gains across leading cellular baseband providers and handset manufacturers this calendar year.
RFMD will present at 2:15 p.m. EST tomorrow, March 9, at the Raymond James 31st Annual Institutional Investors Conference in Orlando, Florida. A live audio webcast of the presentation will be available via the RFMD(R) Investor Relations web page at: http://www.rfmd.com (under Investors).
Non-GAAP Financial Measures
This press release contains a forward-looking estimate of net income per diluted share that has not been calculated in accordance with United States Generally Accepted Accounting Principles (GAAP). Management uses certain non-GAAP financial measures, including net income per diluted share, to develop an annual operating plan, to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets and marketing programs. In addition, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance excluding the effect of certain non-cash expenses, share-based compensation expense and other items, which may obscure trends in RFMD's underlying performance. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP, and may differ from how other companies calculate or present similar non-GAAP financial measures.
Non-GAAP net income per diluted share excludes the effects of the following estimated expenses: share-based compensation expense, amortization of intangible assets, non-cash interest expense on convertible subordinated notes, adjustment for non-cash income taxes, restructuring and integration charges, and manufacturing start-up costs. As noted above, RFMD uses non-GAAP net income per diluted share to assess its degree of achievement of existing corporate objectives against its annual operating plan. We are unable to provide a reconciliation of our forward-looking estimate of our fourth fiscal quarter non-GAAP net income per diluted share to a forward-looking estimate of our fourth fiscal quarter GAAP net income per diluted share, however, because certain information needed to make a reasonable forward-looking estimate is difficult to predict and estimate at this time and is dependent on future events that are uncertain or outside of our control. Our actual non-GAAP net income per diluted share for our fourth quarter ending April 3, 2010 may differ from this forward-looking non-GAAP net income per diluted share estimate, and such differences may be material.
