TriQuint Semiconductor's Second Quarter Results Break Corporate Records Again; Leading GaAs Circuit Manufacturer Achieves 30% Operating Margin
Hillsboro, OR. TriQuint Semiconductor, Inc. (Nasdaq:TQNT) today reported its financial results for the quarter ending June 30, 2000, the second quarter of fiscal 2000.
For the second quarter, revenues were $70.6 million, an 85% increase from the $38.1 million in the comparable period of 1999. Net income rose 280% to $16.4 million ($0.19 per share on 87.9 million weighted average diluted shares outstanding), from the $4.3 million ($0.07 per share on 66.1 million weighted average diluted shares outstanding), reported for the second quarter 1999.
Sequentially, net revenues for the second quarter increased 19% over the $59.3 million reported in the quarter ending March 31, 2000. Operating income for the second quarter of fiscal 2000 increased 56% to $21.2 million over the $13.5 million reported for the quarter ending March 31, 2000. Net Income increased 52% over the $10.8 million reported for the quarter ending March 31, 2000.
For the six months ending June 30, 2000, revenues were $129.9 million, an increase of 81% over the $71.8 million in the comparable period of 1999. Net Income for the six months ending June 30, 2000 was $27.3 million, or $0.31 per share, an increase of 262% over the $7.5 million net income, or $0.12 per share reported for the comparable period of 1999.
The number of shares for all periods reported reflects the two for one stock dividend paid on July 11, 2000 to shareholders of record as of June 19, 2000.
In commenting on the results, Steven J. Sharp, TriQuint s Chairman, President and CEO stated, "I am pleased to announce that, in the second quarter, we again achieved record bookings, revenues, operating income and net income. We also achieved our fifth consecutive quarter of over 39% sequential improvement in operating profit, with an operating margin of 30 percent, which reflected the continued strength of each of our diverse markets. Our manufacturing operations continued to perform well, which contributed to improvement in our margins. With the pending acquisition of our new facility in Texas we are continuing to increase our manufacturing capability to service our customers."
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 including those related to the continued strength of the company s markets and performance of its manufacturing facilities.
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.
Contact: TriQuint Semiconductor, Inc. Ed Whitehurst, VP of Finance & Administration, CFO Tel: 503/615-9444; Fax 503/615-8904 ewhitehurst@tqs.com or Fi.Comm Heidi A. Flannery, Investor Relations Counsel Tel: 503/844-8888
TriQuint Semiconductor, Inc.
Ed Whitehurst, VP of Finance & Administration, CFO
Tel: 503/615-9444; Fax 503/615-8904
ewhitehurst@tqs.com
or
Fi.Comm
Heidi A. Flannery, Investor Relations Counsel
Tel: 503/844-8888
E-mail: ewhitehurst@tqs.com
Web site: http://www.triquint.com
