News Article

RFMD Quarterly Revenues Grow 45 Percent

Delivering a record revenue of $293.0 million, the company forecasts diversified revenue growth and margin expansion In the September quarter
RF Micro Devices, Inc. a designer and manufacturer of high-performance radio frequency solutions, has reported financial results for the company's fiscal 2014 first quarter, ended June 29th, 2013.

Quarterly revenue increased approximately 4.4 percent sequentially and 45 percent year-over-year to a record $293.0 million, compared to $280.6 million in the prior quarter and $202.7 million in the corresponding period of fiscal 2013. The sequential and year-over-year increases in revenue reflected broad-based adoption of RFMD's best-in-class RF solutions.

GAAP gross margin for the June 2013 quarter was 31.9 percent, quarterly operating income was $3.2 million, and quarterly net income was $1.6 million, or $0.01 diluted EPS versus $(0.07) in Q1 Fiscal 2013.

Financial Outlook and Business Commentary

RFMD's financial outlook reflects the company's current expectations for the timing of key customer program ramps. The company currently believes the demand environment in its end markets for the September 2013 quarter to increase to approximately $305 million to $310 million and sequential gross margin expansion

Bob Bruggeworth, president and CEO of RFMD, said, "RFMD is capitalising on the expanding demand for data-rich mobile applications, and our products are at the heart of the high-speed data connections enabling always-on, broadband mobility - both in the devices and consumer premises equipment, and within the supporting network infrastructure. We are executing on multiple opportunities to increase our dollar content generation-over-generation in the world's leading smartphones, and we are benefiting from increasing participation in the highest volume entry-level platforms and reference designs.

"Looking forward, we believe we are strategically well positioned this fiscal year to deliver record revenue and improving financial performance, given our expectations for diversification, content growth, category expansion, and market share gains, combined with the benefit of new customer product ramps."

Dean Priddy, CFO and vice president of administration of RFMD, added, "RFMD is delivering diversified revenue growth and margin expansion. In the September quarter, we expect to see continued revenue growth, margin expansion, and operating leverage. Our key margin improvement initiatives are all either on or ahead of schedule and we remain confident in achieving 300 to 400 basis points in gross margin improvement this year. We expect this will result in significant financial leverage throughout the year."

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