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News Article

TriQuint "incomes" still making a loss

Revenues for Q3 2012 were $200.8 million, down 7 percent from the Q3 2011
TriQuint Semiconductor has announced financial results for the quarter ended September 29th, 2012. Revenues for the third quarter of 2012 were $200.8 million, down 7% from the third quarter of 2011. GAAP net loss for the quarter was $11.2 million, or $(0.07) per share. The Mobile Devices market revenue grew 13%, Networks grew 11% and Defence was up 16%, in each case sequentially. Revenue for the nine months ended September 29th, 2012 was $595.6 million, down 11% from the nine months ended October 1st, 2011. Commenting on the results for the quarter ended September 29th, 2012, Ralph Quinsey, President and Chief Executive Officer, said, "TriQuint's third quarter results improved sequentially with 13% revenue growth driven by increased demand from our major smartphone customers and order strength for infrastructure and defence products. We are expecting ten to twelve percent revenue growth in the fourth quarter with continued strength in each of our major markets but with pressure on gross margins due to planned inventory reductions." Gross margin for the third quarter of 2012 was 30.7%, up sequentially from 25.2%. Gross margin for the nine months ended September 29th, 2012 was 28.4%, down from 38.1% for the same period in 2011 due to lower factory utilisation. Operating expenses for the third quarter of 2012 were $67.1 million, or 33% of revenue, down from $69.4 million in the previous quarter due to reduced litigation costs. Operating expenses for the nine months ended September 29th, 2012 were $202.6 million compared to $201.3 million for the same period in 2011. Net loss for the third quarter of 2012 was $11.2 million or $(0.07) per share, compared with a net loss of $13.1 million, or $(0.08) per share, in the previous quarter. Net loss for the nine months ended September 29th, 2012 was $22.4 million or $(0.14) per share compared to a net income of $43.8 million or $0.25 per diluted share for the nine months ended October 1st, 2011. Cash and investments decreased by $17.8 million to $144.6 million in the quarter due primarily to higher sales volume later in the quarter resulting in a higher accounts receivable ending balance. The company believes fourth quarter 2012 revenues will be between $220 million and $225 million.
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