Hittite weighs in with healthy profit margin
Hittite Microwave, the fabless RFIC designer and chip supplier, has posted a net profit of $5 million on revenue of $21.2 million in its latest financial quarter.
The Chelmsford, MA, company, which completed its initial public offering (IPO) of stock in July, has benefited from both fast-increasing sales revenue and lower manufacturing costs.
The latest revenue figure was up nearly 33% on the equivalent period in 2004, while the year-on-year increase was an even more impressive 52% in terms of net profit.
Hittite has seen strong sales in the US over the last year, with the domestic market representing 57% of total revenue in the latest quarter "“ up from 49% one year ago.
The healthy operational picture is now complemented by a balance sheet featuring almost $53 million in cash and cash equivalents following the summer IPO.
Hittite's stock is currently trading on the Nasdaq exchange at around $21, well up on the $17 price of the IPO.
In a busy period for the company, Hittite also released 26 new products and acquired Q-Dot, a company researching analog and mixed-signal technology.
Hittite is expecting revenue to continue on its upward trend, with sales forecast to hit around $22 million in the current quarter.
