TriQuint Semiconductor, Inc. Announces Record Fourth Quarter 2000 and Full Year Results

Source: TriQuint

Hillsboro, OR. TriQuint Semiconductor, Inc. (Nasdaq:TQNT) today reported its financial results for the Fourth Quarter 2000 and fiscal year ending December 31, 2000.

Revenues for the Fourth Quarter 2000 were a record $90.3 million, resulting in an 83% increase over the $49.4 million in the comparable period of 1999. Net income for the Fourth Quarter 2000 was also a record at $23.2 million or $0.27 per share on 86.6 million weighted average diluted shares outstanding, a 127% improvement over the $10.2 million or $0.12 per share on 84.8 million weighted average diluted shares outstanding, reported for the Fourth Quarter 1999.

Sequentially, revenues for the fourth quarter of 2000 increased 12% over the $80.6 million reported in the previous quarter. Net income for the fourth quarter of 2000 increased 10% over the $21.0 million, or $0.24 per share, reported in the previous quarter.

Revenues for the full year 2000 were a record $300.7 million, resulting in an 84% increase over the $163.7 million of 1999. For the full year 2000, the Company reported a record net income of $71.4 million or $0.83 per share on 86.3 million weighted average diluted shares outstanding, an increase of 186% over net income of $25.0 million or $0.34 per share on 74.3 million weighted average diluted shares outstanding for the full year 1999.

The number of shares for all periods reported reflects the two-for-one stock dividend paid on February 22, 2000 to shareholders of record as of February 1, 2000 and 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, "This has been an unbelievable year for all of us at TriQuint, one that we will never forget. We have not only been involved in a number rapidly growing markets but we have continued to diversify our products, our technologies, and our customer base while at the same time improving our business and operational processes." Mr. Sharp also stated, "We have solidified our relationships with our customers and we thank them as well as our employees, our suppliers and our investors for their commitment to TriQuint and our strategic objectives."

TriQuint will host a conference call this afternoon at 2:00PM PDT to discuss the fourth quarter and future expectations of the company. The call can be heard via webcast at http://www.vcall.com. The call will be archived on the TriQuint website at http://www.triquint.com and a transcript of the call will also be available on the Company website or by contacting FiComm, the Company s investor relations counsel.

TriQuint also announced that the next mid quarter update conference call will be on March 20, 2001 at 2:00PM PDT. This call also can be heard via webcast as indicated on the Company website.

This press release contains historical information that may not be indicative of future results. A number of factors affect the Company s operating results and could cause the Company s actual future results to differ materially from any 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, the growth in demand for semiconductors for applications such as optical networks and wireless communications, 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. In addition, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in the Company s December 31, 1999 Report on Form 10-K and its First Quarter, Second Quarter, and Third Quarter 2000 Reports on Form 10-Q filed with the Securities and Exchange Commission.

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 or by fax 503/615-8900. Visit the TriQuint web-site at http://www.triquint.com.

This press release contains historical information that may not be indicative of future results. A number of factors affect the Company s operating results and could cause the Company s actual future results to differ materially from any 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, the growth in demand for semiconductors for applications such as optical networks and wireless communications, 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. In addition, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in the Company s December 31, 1999 Report on Form 10-K and its First Quarter, Second Quarter, and Third Quarter 2000 Reports on Form 10-Q filed with the Securities and Exchange Commission.

Contact: TriQuint Semiconductor, Inc. Edson H. Whitehurst, Jr., Tel: 503/615-9444 Fax: 503/615-8904 ewhitehurst@tqs.com or Fi. Comm (Investor Relations Counsel) Heidi A. Flannery Tel: 503/844-8888 heidi.flannery@ficomm.com