TriQuint raises guidance for next quarter
The company expects revenue for the third quarter of 2002 to be in the range of $69 million to $74 million, representing growth of approximately 13-21%."We are seeing some improvement in our wireless handset business, particularly at Sawtek, and continued strength in our defense business, coupled with ongoing weakness in our optical networking business," summarized Steve Sharp, TriQuint s Chairman.
TriQuint reported GAAP net income for the June quarter of $2.4 million, equal to $0.02 per diluted share and above previous guidance. In the March quarter, the company had a net loss of $2.2 million or 2 cents a share. The surprise gains were the result of a number of one-time charges including a $4.6 million gain on hedging foreign currency for the acquisition of the Infineon GaAs business. Excluding these items, TriQuint improved to a pre-tax loss for the June 2002 quarter of $297,000 compared to a pre-tax loss of $2.7 million in the March 2002 quarter.
New President and CEO
TriQuint also announced that Ralph Quinsey has joined the company as President and Chief Executive Officer and a member of TriQuint s Board of Directors. Steve Sharp will remain as TriQuint s Chairman of the Board. Most recently Quinsey was with ON Semiconductor as the VP and General Manager of the Analog Division. Previously, Ralph spent 20 years with Motorola, in various positions including VP and General Manager for the RF/IF Circuits division. This unit included both silicon and gallium arsenide technologies for wireless phone applications.
June quarter highlights
- TriQuint s book-to-bill ratio was 1.07 for the quarter; this is the first time in six quarters that the overall book-to-bill ratio exceeded one.
- During the quarter, TriQuint shipped an all-time record number of SAW devices and a record number of cellular duplexers and SAW RF filters, while shipments of WLAN products nearly doubled over the first quarter of 2002.
- The company successfully completed the move of its Texas facility from a leased site on the Texas Instruments campus to TriQuint’s own facility in Richardson, Texas.
- TriQuint recorded 193 design wins in the June 2002 quarter, up from 178 in the prior quarter.
- TriQuint closed the purchase of the Infineon GaAs operation at the beginning of the September quarter. This establishes a European headquarters and design center and establishes a strategic relationship with Infineon for mobile phone chip sets. It also will increase the long-term utilization of TriQuint s Oregon facility.
- TriQuint increased its commitment to silicon RF technology by the purchase of certain assets of IBM s RFIC business (this transaction also closed at the beginning of the September quarter). The deal gives TriQuint a broader product line in RF products and establishes a manufacturing relationship with IBM for SiGe technology. The company also received its first order for a SiGe PA module from China.
