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TriQuint lowers guidance for total revenue in 2003

Due to weaker demand from Asia and continued softness in telecom infrastructure markets, TriQuint has lowered its 2003 revenue estimate from at least $320 million to somewhere between $290 million and $310 million.
TriQuint Semiconductor has updated its financial guidance for the current quarter ending June 30, 2003. The company reaffirmed its previous guidance that its revenue will be flat to up slightly from the $71.7 million recorded in the quarter ended March 31, 2003. It also expects its gross margin to improve in the second quarter, and its recurring operating expenses for the second quarter to be similar to the first quarter.

However, TriQuint expects to record a one-time charge of approximately $3 million for restructuring costs in the June quarter. The net impact is that the company is estimating a loss per share for the June quarter of between $0.11 and $0.14. Analysts were expecting a loss of $0.10.

The company also expects to record a charge (the amount is not yet determined) relating to the restructuring of an operating lease for the company s facility in Richardson, Texas.

Full year guidance cut

On April 24, 2003, TriQuint predicted that its revenue for 2003 would be at least $320 million. Based on the order patterns in the current quarter and the resulting projections for the remainder of the year, the company has concluded that it will be difficult to achieve this figure, and has quoted a revised range of $290 million to $310 million.

The reduction in revenue guidance is the result of weaker than anticipated demand in Asia for both handsets and infrastructure and continued softness in telecom infrastructure markets. TriQuint has undertaken a variety of cost initiatives to reduce its expenses but it does expect to record a larger net loss for the full year than previously forecast due to the lower revenue and the $3 million restructuring charge noted above.

TriQuint believes that its net loss for the full year 2003 could range between $0.26 and $0.36. Previous estimates were in the range of $0.20 to $0.26.

Ralph Quinsey, president and CEO, stated, "Although we are meeting our Q2 financial objectives we anticipate a relatively short term (i.e. one to two quarters) revenue impact associated with a slow down in demand from Asia. Also, the continuing softness in telecom infrastructure markets will affect our results in the second half of 2003."

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