TriQuint Semiconductor, Inc. Announces Record First Quarter results
Hillsboro, OR. TriQuint Semiconductor, Inc. (Nasdaq:TQNT) today reported its financial results for the quarter ending March 31, 2000, the first quarter 2000. Revenues increased 76% to $59.3 million from $33.7 million in the comparable period of 1999. Net income rose 237% for the First Quarter 2000 to $10.8 million ($0.25 per share on 43.7 million weighted average diluted shares outstanding), from the $3.2 million ($0.11 per share on 30.3 million weighted average diluted shares outstanding), reported for the First Quarter 1999.
Sequentially, net revenues for the first quarter of fiscal 2000 increased 20% over the $49.4 million reported in the previous quarter. Operating income for the first quarter of fiscal 2000 increased 42% to $13.4 million over the $9.4 reported the previous quarter. Net Income increased approximately 5% over the $10.3 million reported in the previous quarter reflecting higher income tax rates.
On February 17, 2000, and March 3, 2000, the Company completed the sale of $345 million aggregate principal amount of 4% convertible subordinated notes due 2007. For the First Quarter 2000, the common stock equivalent effect of these notes is antidilutive and, therefore, while the interest income and expense associated with the notes is included in Net Income, there are no additional shares included in the earnings per share calculation.
In commenting on the results, Steven J. Sharp, TriQuint s Chairman, President and CEO stated, "I am pleased to announce that, in the First Quarter, we again achieved record bookings, revenues, operating income, and net income. We also achieved our fourth consecutive quarter of over 39% sequential improvement in operating profit. This reflected the continued strength of our markets. Our manufacturing operations continued to perform well, contributing to further improvement in our margins." Mr. Sharp also stated, "In addition to the excellent operating performance in the quarter, our $345 million debt offering provides us with the capital for continued growth."
This press release contains both historical information and forward-looking statements. A number of factors affect the Company s operating results and could cause the Company s actual results to differ materially from the results indicated in this press release or in any other forward-looking statements made by, or on behalf of, the Company. The company cannot provide any assurance that future results will meet expectations. Results could differ materially based on various factors, including the Company s performance and market conditions. Additional considerations and important risk factors are described in the Company s December 31,1999, Report on Form 10-K and its other filings with the Securities and Exchange Commission, copies of which are available on request from the Company.
TriQuint Semiconductor, Inc. (Nasdaq:TQNT) is a leading worldwide supplier of a broad range of high performance gallium arsenide (GaAs) integrated circuits. TriQuint s products span the RF and millimeter wave frequency ranges and employ analog and mixed signal circuit designs. They are used in wireless communications, telecommunications, data communications, and aerospace systems. TriQuint offers both standard and customer-specific products as well as foundry services. TriQuint s two operations, in Oregon and Texas, are both certified to the ISO 9001 international quality standard.
TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached by phone at 503/615-9000 (fax 503/615-8900). Visit the TriQuint web-site at http://www.triquint.com. *T TriQuint Semiconductor, Inc.
Contact:
TriQuint Semiconductor, Inc.
Ed Whitehurst, 503/615-9444
Fax: 503/615-8904
ewhitehurst@tqs.com
or
Fi. Comm
Heidi A. Flannery, 503/844-8888
Fax: 503/844-8800
heidi.flannery@ficomm.com
Ed Whitehurst, 503/615-9444
Fax: 503/615-8904
ewhitehurst@tqs.com
or
Fi. Comm
Heidi A. Flannery, 503/844-8888
Fax: 503/844-8800
heidi.flannery@ficomm.com
E-mail: heidi.flannery@ficomm.com
Web site: http://www.triquint.com
