- Quarterly Revenue Totals $214.2 Million
- GAAP Operating Income Is $14.9 Million, And GAAP Diluted EPS Is $0.03
- Non-GAAP Operating Income Is $25.1 Million, Or 11.7% Of Revenue
- Non-GAAP Diluted EPS Totals $0.08
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 2012 first quarter, ended July 2, 2011.
RFMD’s June 2011 quarterly revenue increased sequentially to $214.2 million, primarily as a result of double-digit sequential growth in the Company’s core business, which more than offset a decline in sales of legacy transceiver products. On a GAAP basis, gross margin equaled 36.5%, quarterly operating income totaled $14.9 million, and quarterly net income was $8.9 million, or $0.03 per diluted share.
On a non-GAAP basis, gross margin equaled 38.5%, quarterly operating income totaled $25.1 million, and quarterly net income was $21.3 million, or $0.08 per diluted share. During the quarter, RFMD generated approximately $19.1 million in cash flow from operations, retired $22.0 million principal amount of convertible debt and repurchased approximately 945,000 shares of common stock.
RFMD Strategic Highlights
- Sales of RFMD’s 3G/4G cellular products for smartphones grew more than 50% sequentially
- Shipments of RFMD’s PowerSmart™ power platform surpassed $10 million in revenue in support of multiple flagship smartphones and tablets
- RFMD commenced production shipments of its industry-leading ultra-high efficiency 3G/4G PAs in support of multiple customers
- RFMD secured an additional high-performance 3G/4G switch design win on a Qualcomm reference design
- RFMD ramped volume shipments of new GaN-based products to leading military radar and CATV customers
- RFMD was awarded two DARPA contracts for advanced thermally managed GaN RF power technology valued at approximately $3 million through fiscal 2013
- RFMD secured major design wins across multiple growth markets, including 3G/4G smartphones, emerging market handsets, wireless infrastructure, Smart Energy/Advanced Metering Infrastructure (AMI), high-performance WiFi, and point-to-point radio for cellular backhaul
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