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Industry News

RFMD delivers diversified revenue growth and margin expansion

July 25, 2012
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RF Micro Devices Inc., a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, reported financial results for the Company's fiscal 2013 first quarter, ended June 30, 2012.

RFMD's first quarter revenue increased sequentially approximately 8% to $202.7 million, versus $187.9 million in the prior quarter. The sequential increase in revenue reflected diversified sequential revenue growth in the Company's Cellular Products Group (CPG) and Multi-Market Products Group (MPG). CPG achieved robust sequential growth in sales of ultra-high efficiency 3G/4G PAs, 3G entry PAs, and switch and signal conditioning products. MPG grew sequentially across multiple diversified markets, led by high-performance WiFi front end modules and broadband GaN-based CATV products.

On a GAAP basis, gross margin expanded sequentially to 31.7%, quarterly operating loss was ($12.9) million, and quarterly net loss was ($19.1) million, or ($0.07) per diluted share. On a non-GAAP basis, gross margin expanded sequentially to 34.1%, quarterly operating income totaled $3.1 million, and quarterly net income was $1.9 million, or $0.01 per diluted share.

During the June quarter, RFMD generated approximately $15.6 million in cash flow from operations, and free cash flow was $6.6 million. RFMD repurchased approximately 1.9 million shares of common stock during the quarter and retired approximately $48 million principal amount of debt.

Strategic highlights:

  • CPG ramped volume production of multiple 3G/4G antenna control solutions in support of a leading manufacturer of smartphones
  • CPG commenced volume shipments of its second-generation ultra-high efficiency LTE PAs to a leading manufacturer of smartphones
  • CPG supported multiple smartphone OEMs with breakthrough RF semiconductor solutions containing all 2G/3G PA and switch content for the entire cellular RF front end
  • MPG captured a major 802.11ac WiFi reference design win with Broadcom for high performance WiFi front end modules
  • MPG expanded its portfolio of 802.11n and 802.11ac front end modules and commenced production in support of consumer premises equipment (CPE) and mobile applications
  • MPG's GaN Power Group added two major L/S Band radar customers

The complete financial results can be viewed here.

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