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RFMD and Sirenza report revenue growth

RFMD and Sirenza Microdevices have reported growing revenues during the December 2002 quarter, however both companies made an overall loss once charges and write downs were considered.
For the December 2002 quarter, RF Micro Devices grew its revenue to $145.8 million from $119.7 million in the September 2002 quarter and $100.6 million in the year ago period. This beat analysts revenue expectations of $131.9 million. Much of the growth has come through market share increases in PAs for cell phones as well as new shipments for WLAN components.

The company’s recent acquisition of Resonext dented its profits, pushing the company into a loss. Operating profit for the quarter was $13.4 million, but a charge of $10.9 million related to the resonext purchase Resonext and a $7.75 million charge for the retirement of an interest-rate swap, meant an overall loss of $5.2 million.

In the current quarter, RFMD expects that its order backlog will generate $135 million and that it will see sequential revenue growth throughout 2003. However, it also expects to see pressure on its gross margins in the March quarter.

Sirenza’s results in line with expectations

Sirenza Microdevices has reported December 2002 quarter revenues of $5.8 million, an 11% increase over the previous quarter and 66% over the year ago quarter. The company s fourth quarter net loss was $5.1 million after accounting for charges, including a 7% reduction in force, consolidation of facilities and an impairment charge of $2.9 million to reduce the fair market value of Sirenza s investment in GaAs and InP foundry Global Communications Semiconductors.

Sirenza also noted that it was operating with a gross margin of 58% for the year ending December 2002 and that its ash and investment balances totaled $31.0 million.

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