Triquint Semiconductor, Inc. Announces Third Quarter Results
- Reports Another Profitable Quarter
- Steven J. Sharp, Chairman, President And CEO Announces Management Transition Plan
Hillsboro, OR. TriQuint Semiconductor, Inc. (Nasdaq: TQNT) today reported its financial results for the quarter and nine months ended September 30, 2001. In addition, Steven J. Sharp, Chairman, President and CEO announced a management transition plan that will take place within the next year. Highlights for the Quarter:
In commenting on the results, Steven J. Sharp stated, "We are pleased that we surpassed our goals for the quarter and that our results improved over the quarter ended June 30, 2001. Our wireless business continues to improve from the lows reached earlier this year and our defense and satellite business was also strong this past quarter. We are still seeing softness in our optical networking products as this market remains weak for TriQuint. Our diversity in both products and markets served has helped us this past quarter to remain profitable and to grow over the previous quarter. We are continuing our emphasis on new product development to enable us to take advantage of new opportunities as our markets strengthen."
Management Transition: Steven J. Sharp, Chairman, President and CEO announced his intent to reduce his involvement at TriQuint over the next year. Mr. Sharp became the CEO of TriQuint in September 1991 shortly after the merger of TriQuint s three predecessor companies. Over the past 10 years, Mr. Sharp has lead TriQuint s revenue growth from $24 million to over $300 million last year. In commenting on his plans, Mr. Sharp stated, "I have achieved most of my professional goals in building TriQuint to become a leader in wireless and broadband solutions. I will turn 60 in November and I believe that it is appropriate to create an orderly succession plan to enable TriQuint to continue to grow and prosper. Now, my goal is to lessen my role in day to day operations, and to focus on strategy and new opportunities. Our Board of Directors along with our management team is working on a transition plan, to be implemented within the next year that will let me achieve this goal."
Conference Call: TriQuint and Sawtek will host a joint conference call this afternoon at 2:00 PM PST to discuss the results for the quarter as well as future expectations of the company. The call can be heard via webcast accessed through the Investor Relations section of TriQuint s website: www.triquint.com, or through www.Vcall.com. The webcast will be archived on the TriQuint website, along with a transcript of the call.
Forward Looking Statements:
This press release contains historical information and statements that may not be indicative of future results. A number of factors affect TriQuint s operating results and could cause the combined 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 TriQuint or its Sawtek subsidiary, including those related to their respective markets, the demand for semiconductors for applications such as optical networks and wireless communications, the demand for products utilizing SAW technology, and performance of its manufacturing facilities. TriQuint cannot provide any assurance that future results will meet expectations. Results could differ materially based on various factors, including the combined 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 TriQuint s Reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. These reports can also be accessed at the SEC website, www.sec.gov.
About TriQuint: TriQuint Semiconductor, Inc. (Nasdaq: TQNT) is a leading supplier of high performance components for communications applications. The company strives for diversity in its markets, applications, products, technology and customer base. Markets include wireless communications, telecommunications, data communications, and aerospace with a specific focus on RF, analog and mixed signal applications. TriQuint provides customers with standard and custom product solutions as well as foundry services. Products are based on advanced process technologies including gallium arsenide, indium phosphide, silicon germanium, and SAW filters. TriQuint customers include major communications companies worldwide. TriQuint has facilities located in Oregon, Texas, Florida and Massachusetts in the United States and in Costa Rica. All are certified to the ISO9001 international quality standard.
TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached at (503) 615-9000 (fax 503-615-8900). Visit the TriQuint web-site at http://www.triquint.com.
Contact: Ray Link, VP of Finance & Admin., CFO TriQuint Semiconductor Tel: (503) 615-9435 Fax: (503) 615-8904 Email: rlink@tqs.com or Heidi A. Flannery Investor Relations Counsel Fi.Comm Tel: (503) 844-8888 Fax: (503) 844-8800 Email: heidi.flannery@ficomm.com
Ray Link, VP of Finance & Admin., CFOTriQuint Semiconductor
Tel: (503) 615-9435
Fax: (503) 615-8904
Email: rlink@tqs.com
or
Heidi A. Flannery
Investor Relations Counsel
Fi.Comm
Tel: (503) 844-8888
Fax: (503) 844-8800
Email: heidi.flannery@ficomm.com
E-mail: heidi.flannery@ficomm.com
Web site: http://www.triquint.com
