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RFMD Announces March Results

GREENSBORO, N.C. — RF Micro Devices, Inc. (Nasdaq GS: RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, today reported financial results for its fiscal 2011 fourth quarter, ended April 2, 2011. RFMD's March 2011 quarterly revenue declined approximately 18% year-over-year and approximately 23% sequentially to $213.3 million, primarily as a result of seasonality and declining revenue at RFMD's largest customer. On a GAAP basis, gross margin equaled 35.4%, quarterly operating income totaled $13.2 million, and quarterly net income was $24.1 million, or $0.08 per diluted share. On a non-GAAP basis, gross margin equaled 37.5%, quarterly operating income totaled $23.7 million, and quarterly net income was $21.7 million, or $0.08 per diluted share. During the quarter, RFMD generated approximately $31.4 million in free cash flow, retired $35.5 million principal amount of convertible debt and repurchased approximately 1.7 million shares of common stock.

RFMD Strategic Highlights:

  • RFMD's PowerSmart™ power platforms recognized as the industry's most innovative device of 2011 by Compound Semiconductor magazine
  • RFMD's Cellular Products Group (CPG) commenced volume production of new, higher margin 3G/4G solutions, including RFMD's PowerSmart™ power platforms and RFMD's RF724x family of ultra high efficiency 3G/4G PAs
  • CPG secured multiple design wins for high-performance, silicon-based switches and switch filter modules across the world's leading smartphone and tablet manufacturers
  • RFMD's Multi-Market Products Group (MPG) commenced production of new GaN-based products for high-power military radar and CATV applications
  • MPG secured major design wins across multiple growth markets, including wireless infrastructure, Smart Energy, high-performance WiFi for smartphones and tablets, and point-to-point radio for cellular backhaul

    Read the full press release.

    {complink 4660|RF Micro Devices Inc.}

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