TriQuint boosted by wireless, JDSU cuts losses
GaAs IC and fiber-optic component manufacturer TriQuint Semiconductor reported revenue of $78.8 million for the quarter ended September 30, 2003. This represented a 10.9% increase compared with the third quarter of 2002 and an 8.2% sequential increase over the June 2003 quarter.
The company’s revenue, gross margin and earnings per share were all above company guidance due to a very strong September.
Due to strong seasonal demand, revenue from the wireless handset market improved 30% sequentially.
Also, optoelectronics revenue increased 7.6% sequentially, while TriQuint shipped record numbers of SAW filters in the quarter.
The company’s gross margin improved to 29.8%, compared with 25.7% in the second quarter of 2003.
The net loss for the quarter of $5.8 million, or $0.04 per share, was substantially improved compared to a pro-forma loss of $15.0 million or $0.11 per share for the second quarter of 2003.
“We are seeing the benefits of our new product effort ramping into revenue, and we have improved our operating results through an increased gross profit margin and reduced operating expenses,” said Ralph Quinsey, president and CEO. “Our bookings are improved and our outlook for the fourth quarter of 2003 is bullish.”
TriQuint is forecasting revenue for the quarter ending December 31, 2003, to be in the range of $80 million to $83 million, with a loss per share of 2-4 cents.
JDS Uniphase cuts its losses
JDS Uniphase’s revenue fell to $147.4 million in the September 2003 quarter compared with $160.6 million for the previous quarter and $193 million for the September 2002 quarter.
However, the company continues to reign in its net losses, which were $28.1 million ($0.02 per share) for the September 2003 quarter, compared with $61.6 million ($0.04 per share) for the June 2003 quarter, and $520.5 million ($0.37 per share) for the September 2002 quarter.
"The leadership transition has progressed smoothly, and progress on reducing losses has been steady, driven by our imperative to be well poised for a stabilizing market," said Kevin Kennedy, CEO.
"Throughout this transition and beyond we are making deliberate choices intended to ensure the success of JDS Uniphase as a leader in the industry with a customer-driven focus on operational excellence and profitability."
The company’s total revenue was split almost equally between the Communications Products Group ($74 million) and the Thin Film Products Group ($73 million). Revenue from North American customers represented 66% of the total, while European and Asian customers represented 18% and 16% of total revenue, respectively.
JDS Uniphase expects its revenue for the final calendar quarter of 2003 to be in the range of $140 to $150 million. With further cost reductions, the company’s break-even point is expected to reach $170 million in revenue by the June 2004 quarter.
