Summary Financial Results for the Quarter Ended April 2, 2011:
Revenue for the first quarter of 2011 was $224.3 million, up 24% from the first quarter of 2010 and down 11% sequentially. Mobile Devices grew 41% year over year while Networks grew 6% year over year.

Gross margin for the first quarter of 2011 was 39.0%, up from 37.9% in the first quarter of 2010 and flat sequentially. On a non-GAAP basis, gross margin for the first quarter was 40.0%, up from 39.0% in the first quarter of 2010 and flat sequentially.

Operating expenses for the first quarter of 2011 were $67.1 million, or 30% of revenue, up from $55.3 million in the first quarter of 2010 and $61.6 million in the previous quarter. Non-GAAP operating expenses for the quarter were $63.2 million or 28% of revenue, including $5.4 million of litigation expense.

Net income for the first quarter of 2011 was $12.4 million, or $0.07 per diluted share. Non-GAAP net income for the first quarter of 2011 was $26.1 million, or $0.15 per diluted share. Please see the discussion of non-GAAP financial measures below and the attached supplemental schedule for a reconciliation of GAAP to non-GAAP financial measures.

Outlook:
The Company believes second quarter revenue will be between $230 million and $240 million. Litigation expense is expected to be approximately $7 million. Second quarter non-GAAP net income is expected to be between $0.16 and $0.18 per share. The Company is 86% booked to the midpoint of revenue guidance.

{complink 5757|TriQuint Semiconductor Inc.}