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TriQuint Announces Q1

HILLSBORO, Ore. — TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended April 2, 2011, including the following highlights:

  • Revenue for the quarter was $224.3 million, up 24% from Q1'10
  • Mobile Devices quarterly revenue for Q1'11 grew 41% over Q1'10
  • GAAP Net Income for the quarter was $12.4 million, or $0.07 per diluted share
  • Non-GAAP Net Income for the quarter was $26.1 million, up more than 47% from Q1'10. Non-GAAP EPS was $0.15 per diluted share
  • Recognized as a ZTE Supplier of the Year, Compound Semiconductor Europe R&D award recipient, China Electronic News top 10 brand and EE Times Annual Creativity in Electronics finalist for Company of the Year
  • Introduced new single and dual band WLAN Power Amplifiers that augment the Texas Instruments WiLink™ 6.0 and WiLink 7.0 solutions to support strong market demand for WiFi connectivity
  • Launched three new cable products expanding the transport portfolio. Commenting on the results for the quarter ended April 2, 2011, Ralph Quinsey, President and Chief Executive Officer, stated, “Driven by strong demand in the smartphone market, we enjoyed 24% revenue growth and 47% growth in non-GAAP earnings year over year in the first quarter. Looking ahead, I expect continued solid traction in mobile devices, strength in high performance optical amplifiers and good progress in the cable market.”

    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.}

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