News Article
Triquint annual net income plummets 75%
The firm has suffered from reduced "Defence and Aerospace" and the "Networks" product demand. Revenues for these sectors were down 9% and 4% respectively from 2010 to 2011
RF product innovator TriQuint Semiconductor has announced its financial results for the quarter and year ended December 31, 2011.
Revenue for the fourth quarter of 2011 was $227.0 million, down 10% from the fourth quarter of 2010 and up 5% sequentially. Revenue for 2011 was $896.1 million, up 2% from 2010. Mobile Devices revenue grew 7% sequentially and 6% for 2011 compared to 2010.
GAAP gross margin for the fourth quarter of 2011 was 29.5%, down from 34.9% in the prior quarter. Gross margin for the year ended December 31, 2011 was 35.9%, down from 39.9% for 2010.
Operating expenses for the fourth quarter of 2011 were $61.6 million, or 27% of revenue, down from $63.3 million in the prior quarter primarily due to lower litigation expense. Operating expenses for 2011 were $262.9 million.
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Net income for the fourth quarter of 2011 was $4.3 million, or $0.03 per diluted share. Net income for 2011 was $48.2 million or $0.28 per diluted share.
Commenting on the company's financial results, Ralph Quinsey, President and Chief Executive Officer, stated "TriQuint has grown revenue for six consecutive years and in 2011, we expanded our capacity to serve our customers' rising demand. The proliferation of smartphones and emergence of 4G is driving exciting growth in the markets we serve. As a leader in integrated RF solutions, we have both the products and capacity to deliver on the opportunities in front of us. We see solid prospects for growth in the second half of the year."
In the last year, the firm's GaN NEXT program has moved to Phase II and the DARPA R&D program is ahead of schedule. The firm has also been honoured by Sony Ericsson and Raytheon Space & Airborne Systems for its supply services. China has also recognised the firm for RF Leadership ; the company has received several industry awards and recognition from key customers in China.
Outlook:
The Company believes first quarter 2012 revenue will be between $210 million and $220 million. First quarter 2012 non-GAAP net income is expected to be between $0.01 and $0.03 per share as compared to $0.08 for Q4 2011 and $0.25 for Q4 2010. The Company is fully booked to the midpoint of revenue guidance.
TriQuint hosted a conference call discussing the results for the quarter as well as future expectations for the company. The call can also be heard via webcast accessed through the "Investors" section of TriQuint's web site at: invest.triquint.com/events.cfm. A replay of the conference call will be available until February 15, 2012.
