TriQuint mint it with Q1 revenue up 52%
U.S. firm Triquint Semiconductor who produce advanced RF solutions based on GaAs and GaN technologies for customers worldwide announces its financial results for the quarter ended April 3rd, 2010.
•Revenue for the first quarter was $180.8 million, an increase of 52% from Q1 2009
•Networks quarterly revenue grew 27% sequentially
•First quarter gross margin improved from 19.6% (Q1 2009) to 37.9% on a GAAP basis
•Net income for the quarter was $13.7 million ($0.09 per share)
•Non-GAAP net income was $18.7 million or $0.12 per diluted share
Ralph Quinsey, President and Chief Executive Officer, commented "This was another great quarter for TriQuint, with strong growth in revenue and earnings and excellent first quarter gross margins. These results are a healthy start to 2010, our 25th anniversary year. We are seeing a broad rebound in our networks market and continued strong smartphone demand. I see 2010 as another solid growth year for TriQuint."
The gross margin increase was attributed to an improved product sales mix and solid factory utilization.
Operating expenses for the first quarter of 2010 were $55.3 million, or 30.6% of revenue, up from $40.0 million, or 33.7% of revenue in Q 2009. Non-GAAP operating expenses for the quarter were $52.4 million or 29.0% of revenue, up significantly from the first quarter of 2009 where short-term cost controls were in place.
Inventory turns were 4.9 and DSO was 50 days for the first quarter of 2010. Cash, cash equivalents, and investments increased to $159.6 million or $1.00 per diluted share during the quarter.
Outlook:
Q2 revenue is expected to be between $200 and $210 million, up over 13% sequentially and solid demand in the networks market and strong factory utilization should lead to a non GAAP gross margin of about 40%. Non GAAP operating expenses are expected to grow to between $57 and $58 million. Second quarter net income is expected to grow over 28% sequentially to $0.15 on a non-GAAP basis.
GAAP and non-GAAP financial measures
(in millions, except for percentage and per share information).
GAAP RESULTS
Change vs. Change vs.
Q1 2010 Q4 2009 Q4 2009 Q1 2009 Q1 2009
Revenue $ 180.8 $ 193.3 -6% $ 118.9 52%
GM 37.9% 37.4% 0.5% 19.6% 18.3%
Op Income (Loss) $ 13.2 $ 18.3 -28% $ (16.7) 179%
Net Income (Loss) $ 13.7 $ 17.5 -22% $ (15.6) 188%
Diluted EPS $ 0.09 $ 0.11 $ (0.02) $ (0.11) $ 0.20
NON-GAAP RESULTS *
Change vs. Change vs.
Q1 2010 Q4 2009 Q4 2009 Q1 2009 Q1 2009
Revenue $ 180.8 $ 193.3 -6% $ 118.9 52%
GM 39.0% 38.4% 0.6% 21.0% 18.0%
Op Income (Loss) $ 18.1 $ 23.3 -22% $ (12.3) 247%
Net Income (Loss) $ 18.7 $ 22.6 -17% $ (11.0) 270%
Diluted EPS $ 0.12 $ 0.14 $ (0.02) $ (0.07) $0.19
* Excludes stock based compensation charges and certain charges associated with acquisitions.
Further details regarding GAAP and Non-GAAP measures can be accessed via the press release available at
http://www.triquint.com/contacts/press/dspPressRelease.cfm?pressid=459
The conference call hosted by TriQuint can be digitally replayed until midnight on May 5, 2010 from the Investors section of the Company's website at: www.triquint.com/investors/events .
