TriQuint reports upbeat third quarter
The company says that growth was driven largely from revenue from acquired businesses and strength in its new products for wireless phones.
The quarter saw record shipments of SAW devices, and sales of cellular duplexers were up 91% sequentially, while sales to China were a record $7.9 million for the quarter, says the company. Design wins were very strong in CDMA handsets, including receivers, switches, RF and IF filters and duplexers.
On October 22, the company announced that it would acquire a portion of the optoelectronics business from Agere for $40 million in cash, positioning it as a supplier of both ICs and optoelectronic components. The transaction, which does not include Agere’s CATV business, has revenue of approximately $192 million, and is expected to bring TriQuint revenue somewhere between $50 million and $75 million in the 2003 calendar year.
"This past quarter was a transition quarter for both the company and myself as the new CEO," said president and CEO Ralph Quinsey. "We completed the acquisitions of two exciting businesses, the GaAs operation of Infineon and certain assets of IBM s SiGe business, and also announced the acquisition of the Agere optoelectronic business.
"We also restructured the company to place more emphasis on modules for wireless phones, we reduced our excess staffing in Oregon and Texas to better match market conditions, and we wrote down the carrying value of certain excess fixed assets and equity investments."
TriQuint estimates that its revenue will grow slightly in the fourth quarter of 2002, and should fall in the range of $71 million to $75 million.
"I remain cautiously optimistic overall as we begin to see some improvement, especially in products for wireless phones where we again had a book-to-bill ratio greater than 1.0 in the third quarter 2002," said Quinsey.
