TriQuint revenues gain boost from opto business
On a sequential basis, the company s revenue was down 1.5% compared to the fourth quarter of 2002, due to normal seasonal slow-down in demand for sales of products for wireless phones and continued weakness in products for network infrastructure.
However, the net loss for the quarter was $16.5 million, or $0.12 per share, and included a loss of $13.1 million from the optoelectronics business. The consolidated net loss was less than the projected loss for the quarter due to lower than planned operating expenses.
Ralph Quinsey, TriQuint s president and CEO, described the company s performance during the quarter as solid. "Our wireless handset module effort is now producing revenue, and we have launched a family of GSM module products," he said. "We continue to gain share with our filter products. Our Optoelectronics equipment consolidation effort is largely behind us and we are gaining share in the growing 802.11 market."
During the quarter, TriQuint received its first production order for CDMA PA modules from China and began volume shipments of foundry wafers for 802.11g wireless LAN applications. It also received its first production order for SiGe-based CDMA receivers from a major Korean wireless phone manufacturer, and shipped its first quad-band GSM front-end module to a top tier wireless phone manufacturer.
TriQuint also forecast that its revenue for the current quarter ending June 30, 2003 will be flat to up 5% sequentially, coupled with a loss per share of $0.09-0.12 on a consolidated basis.
Gross margin is expected to improve from 22% in first quarter of 2003 to 24-27% in the second quarter, due to lower transition service costs associated with the optoelectronics business acquisition.
For the full year 2003, the company expects its revenue to fall in the range of $320-340 million, with a gross margin of 28-32% and a loss per share of between $0.20 and $0.26.
