Hittite Microwave Corporation Reports Financial Results
Net income for the quarter was $13.4 million, or $0.45 per diluted share, a decrease of 1.6% compared with $13.6 million, or $0.45 per diluted share, for the fourth quarter of 2008, and an increase of 11.9% compared with $12.0 million, or $0.40 per diluted share, for the third quarter of 2009. “The fourth quarter was a strong finish to a challenging year,” said Stephen Daly, Chairman and CEO. “In 2009 we stayed focused on developing novel products for our core markets, and these products will generate our future growth. We also continued to build on our competitive advantages.” For the fourth quarter of 2009, revenue from customers in the United States was $21.9 million, or 50% of the company’s total revenue, and revenue from customers outside the United States was $21.8 million, or 50% of total revenue. Gross margin was 74.8% for the fourth quarter of 2009 as compared with 72.0% in each of the fourth quarter of 2008 and the third quarter of 2009. Operating income for the fourth quarter was $19.8 million, or 45.5% of revenue. Total cash and cash equivalents at the end of Q4 2009 was $220.5 million, an increase of $5.3 million for the fourth quarter, after giving effect to the repurchase by the company of $8.7 million of its common stock during the quarter. For the full year 2009, revenue was $163.0 million, a 9.6% decrease from $180.3 million for 2008. Net income for the year was $46.2 million, or $1.55 per diluted share, a decrease of 14.2% from $53.8 million, or $1.74 per diluted share, for 2008. Net bookings for 2009 were $187.3 million, a 2.2% increase over bookings of $183.4 million for 2008. The backlog at December 31, 2009 was $63.9 million compared with $39.6 million at December 31, 2008. Business Outlook
The company expects revenue for the first quarter ending March 31, 2010 to be in the range of $50.0 million to $52.0 million and net income to be in the range of $13.7 million to $14.5 million, or $0.46 to $0.48 per diluted share. Webcast and Taped Replay
The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investors page of the Hittite Microwave web site at www.hittite.com and click on the webcast link located under News & Events. A telephonic replay of the call also will be available for one week after the live call by dialing (303) 590-3030, access code 4201033. Following the call, a webcast replay will also be available by visiting the Investors page at www.hittite.com.
