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Technology Stocks : Triquint Semiconductor (TQNT)
TQNT 17.59+3.1%3:34 PM EDTNews

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From: Savant4/28/2011 6:54:48 PM
of 985
 
TriQuint Announces First Quarter 2011 Results

HILLSBORO, Ore., Apr 27, 2011 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(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&Daward 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(TM) 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.

Additional Information Regarding April 2, 2011 Results:

GAAP and non-GAAP financial measures are presented in the tables below (in
millions, except for percentage and per share information). Non-GAAP financial
measures are reconciled to the corresponding GAAP financial measures in the
financial statement portion of this press release.

GAAP RESULTS
---------------------------------------------------------------------------------------
Three Months Ended
-------------------------------------------------------
Q1 2011Q4 2010ChangeQ1 2010Change
vs. Q4vs. Q1
20102010
-------------------------------------------------------
Revenue$ 224.3$ 253.4(11)%$ 180.824 %
--- -------- --------------------- ------------------
GM39.0 %39.0 %0.0 %37.9 %1.1 %
-----------------------------------------------------------------
Op Income$20.3$37.3(46)%$13.254 %
--- -------- --------------------- ------------------
Net Income$12.4$42.5(71)%$13.7(9)%
--- -------- --------------------- ------------------
Diluted EPS$0.07$0.25$ (0.18)$0.09$ (0.02)
-------------- -------- -------- ----- ------ -------- ----- ---
NON-GAAP RESULTS A
---------------------------------------------------------------------------------------
Three Months Ended
-------------------------------------------------------
Q1 2011Q4 2010ChangeQ1 2010Change
vs. Q4vs.
2010Q1
2010
-------------------------------------------------------
Revenue$ 224.3$ 253.4(11)%$ 180.824 %
--- -------- --------------------- ------------------
GM40.0 %40.1 %(0.1)%39.0 %1.0 %
-----------------------------------------------------------------
Op Income$26.5$43.5(39)%$18.146 %
--- -------- --------------------- ------------------
Net Income$26.1$42.8(39)%$17.747 %
--- -------- --------------------- ------------------
Diluted EPS$0.15$0.25$ (0.10)$0.11$0.04
-------------- -------- -------- ----- ------ -------- -----
AExcludes stock based compensation charges, non-cash tax (benefit)
expense, certain charges associated with acquisitions, and other
specifically identified non-routine transactions.


Conference Call:

TriQuint will host a conference call this afternoon at 2:00 p.m. PDT to discuss
the results for the quarter as well as our future expectations for the company.
To access the conference call, please dial (888) 813-6582 domestically, or (706)
643-7082 internationally, approximately ten minutes prior to the beginning of the
call, using passcode 59216262. The call can also be heard via webcast accessed
through the "Investors" section of TriQuint's web site at:
triquint.com. A replay of the conference call will be
available until May 4, 2011.

Non-GAAP Financial Measures:

This press release provides financial measures for non-GAAP net income, diluted
earnings per share, gross profit, operating expenses and operating income that
exclude equity compensation expense, non-cash tax (benefit) expense, certain
charges associated with acquisitions, and other specifically identified
non-routine items, and are therefore not calculated in accordance with accounting
principles generally accepted in the United States ("GAAP"). The non-cash tax
(benefit) expense includes certain deferred tax charges and benefits that do not
result in a tax payment or tax refund. Management believes that these non-GAAP
financial measures provide meaningful supplemental information regarding our
performance that enhances management's and investors' ability to evaluate
TriQuint's operating results.

These non-GAAP financial measures are not intended to be used in isolation and
should not be considered a substitute for any other performance measure
determined in accordance with GAAP. Investors and potential investors are
cautioned that there are material limitations associated with the use of non-GAAP
financial measures as an analytical tool, including that other companies may
calculate similar non-GAAP financial measures differently than we do, limiting
their usefulness as a comparative tool. The company compensates for these
limitations by providing specific information regarding the GAAP amount excluded
from the non-GAAP financial measures. The company further compensates for the
limitations of our use of non-GAAP financial measures by presenting comparable
GAAP measures more prominently. Investors and potential investors are encouraged
to review the reconciliation of non-GAAP financial measures contained within this
press release with our GAAP net income and net income per share.

Forward-Looking Statements:

This press release contains forward-looking statements made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements regarding TriQuint's anticipated
revenues, litigation expenses and non-GAAP net income; growth in demand for
TriQuint's products; and continued solid traction in mobile devices, strength in
high performance optical amplifiers and progress in the cable market. Actual
results may vary materially from those expressed or implied in the statements
herein or from historical results, due to changes in economic, business,
competitive, technological and/or regulatory factors, including TriQuint's
performance; demand for TriQuint's products; TriQuint's ability to develop new
products, improve yields, maintain product pricing and reduce costs; TriQuint's
ability to win customers, increase market share and continue to provide expected
levels of inventory to customers; inventory levels in TriQuint's markets; delays
or impediments in TriQuint's or its customers' supply chains; RF content
expansion; market conditions; consumer demand for mobile internet devices such as
smartphones and tablets; continued traction in mobile devices; growth in high
performance optical product revenue for city-to-city and metro-ring data
transport; the evolution of, and TriQuint's new product success, in the
cable/hybrid-fiber-coax network markets; and levels of government spending in the
defense market. Additional considerations and important risk factors are
described in TriQuint's reports on Form 10-K and 10-Q and other filings with the
Securities and Exchange Commission. These reports can be accessed at the SEC web
site, sec.gov. Except as required by law, TriQuint undertakes no
obligation to revise or publicly release the results of any revision to these
forward-looking statements.

A reader of this release should understand that it is not possible to predict or
identify all risk factors and should not consider the risk factors described in
TriQuint's filings with the Securities and Exchange Commission to be a complete
statement of all potential risks and uncertainties.

Facts About TriQuint

Founded in 1985, TriQuint Semiconductor (TQNT) is a leading RF solutions supplier
and technology innovator for the world's top communications, defense and
aerospace companies. People and organizations around the world need real-time,
all-the-time connections; TriQuint products help reduce the cost and increase the
performance of connected mobile devices and the networks that deliver critical
voice, data and video communications. With the industry's broadest technology
portfolio, recognized R&D leadership, and expertise in high-volume manufacturing,
TriQuint creates standard and custom products using gallium arsenide (GaAs),
gallium nitride (GaN), surface acoustic wave (SAW) and bulk acoustic wave (BAW)
technologies. The company has ISO9001-certified manufacturing facilities in the
U.S., production in Costa Rica, and design centers in North America and Germany.
For more information, visit triquint.com.

TQNT - F

TriQuint: Connecting the Digital World to the Global Network(R)

TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(In thousands)
April 2, 2011December 31,April 3, 2010
2010
-------------------------------------
Assets
Current assets:
Cash, cash equivalents and investments$198,823$ 223,656$ 157,575
Accounts receivable, net132,532138,98999,133
Inventories124,487101,45792,237
Other current assets90,57782,36930,370
-------------------------------------------
Total current assets546,419546,471379,315
Property, plant and equipment, net378,380352,188277,142
Other, net77,65279,44348,858
-------------------------------------------
Total assets$ 1,002,451$ 978,102$ 705,315
==== ============= ============= =======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$110,214$ 115,119$77,435
Other accrued liabilities10,62212,12811,482
-------------------------------------------
Total current liabilities120,836127,24788,917
Long-term income tax liability7,4147,3508,978
Other long-term liabilities9,9539,4868,887
-------------------------------------------
Total liabilities138,203144,083106,782
Stockholders' equity864,248834,019598,533
-------------------------------------------
Total liabilities and stockholders' equity$ 1,002,451$ 978,102$ 705,315
==== ============= ============= =======


TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands,
except per share amounts)
Three Months Ended
--------------------------------------------------------
April 2, 2011December 31,April 3, 2010
2010
---------------------------------------------
Revenues$ 224,323$ 253,389$ 180,838
Cost of goods sold136,929154,493112,339
---------------------------------------
Gross profit87,39498,89668,499
Operating expenses:
Research, development and engineering36,47632,85130,779
Selling, general and administrative25,22924,49623,496
Litigation expense5,3994,228985
---------------------------------------
Total operating expenses67,10461,57555,260
Operating income20,29037,32113,239
Other (expense) income:
Interest income10468111
Interest expense(387)(555)(204)
Foreign currency loss(56)(157)(215)
Recovery of investment1511,340--
Other, net23415
---------------------------------------
Other (expense) income, net(165)737(303)
Income before income tax20,12538,05812,936
Income tax expense (benefit)7,686(4,436)(773)
-----------------------------------------------
Net income$12,439$42,494$13,709
==== =========== =========== =======
Per Share Data
Basic per share net income$0.08$0.27$0.09
Diluted per share net income$0.07$0.25$0.09
Weighted-average shares outstanding:
Basic162,413159,333153,554
Diluted172,822170,373159,499


TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(% of revenue)
Three Months Ended
--------------------------------------------
April 2, 2011December 31,April 3, 2010
2010
------------------------------------
Revenues100.0 %100.0 %100.0 %
Cost of goods sold61.0 %61.0 %62.1 %
------ ------------ ------------ ------
Gross profit39.0 %39.0 %37.9 %
Operating expenses:
Research, development and engineering16.3 %13.0 %17.0 %
Selling, general and administrative11.3 %9.7 %13.1 %
Litigation expense2.4 %1.6 %0.5 %
------ ------------ ------------ ------
Total operating expenses30.0 %24.3 %30.6 %
Operating income9.0 %14.7 %7.3 %
Other (expense) income:
Interest income0.1 %0.1 %0.1 %
Interest expense(0.2)%(0.2)%(0.1)%
Foreign currency loss(0.0)%(0.1)%(0.1)%
Recovery of investment0.1 %0.5 %-- %
Other, net0.0 %0.0 %0.0 %
------ ------------ ------------ ------
Other (expense) income, net(0.0)%0.3 %(0.1)%
Income before income tax9.0 %15.0 %7.2 %
Income tax expense (benefit)3.5 %(1.8)%(0.4)%
------ ------------ ------------ ------
Net income5.5 %16.8 %7.6 %
====== ============ ============ ======


TriQuint Semiconductor, Inc.
SUPPLEMENTAL RECONCILIATION
OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In
thousands, except per share amounts)
Three Months Ended
------------------------------------------------------------------------
April 2, 2011December 31, 2010April 3, 2010
----------------------- ------------------------ -----------------------
(% of revenues)(% of revenues)(% of revenues)
GAAP GROSS PROFIT$ 87,39439.0%$98,89639.0%$ 68,49937.9%
Adjustment for stock based compensation charges1,2190.5%1,2460.5%9570.5%
Adjustment for charges associated with acquisitions:
Amortization of intangible assets1,0650.5%1,0450.4%1,0200.6%
Writeoff IPR&D for abandoned development effort----%3260.2%----%
--------------- ------------------ ----------------- --
NON-GAAP GROSS PROFIT$ 89,67840.0%$ 101,51340.1%$ 70,47639.0%
GAAP OPERATING EXPENSES$ 67,10430.0%$61,57524.3%$ 55,26030.6%
Adjustment for stock based compensation charges(3,686)(1.7)%(3,375)(1.3)%(2,695)(1.5)%
Adjustment for charges associated with acquisitions:
Amortization of intangible assets(216)(0.1)%(213)(0.1)%(202)(0.1)%
----------------- -------------------- ------------------- --
NON-GAAP OPERATING EXPENSES$ 63,20228.2%$57,98722.9%$ 52,36329.0%
GAAP OPERATING INCOME$ 20,2909.0%$37,32114.7%$ 13,2397.3%
Adjustment for stock based compensation charges4,9052.2%4,6211.8%3,6522.0%
Adjustment for charges associated with acquisitions1,2810.6%1,5840.6%1,2220.7%
--------------- ------------------ ----------------- --
NON-GAAP OPERATING INCOME$ 26,47611.8%$43,52617.2%$ 18,11310.0%
GAAP NET INCOME$ 12,4395.5%$42,49416.8%$ 13,7097.6%
Adjustment for stock based compensation charges4,9052.2%4,6211.8%3,6522.0%
Adjustment for recovery of investment(151)(0.1)%(1,340)(0.5)%----%
Adjustment for non-cash tax expense (benefit)7,6043.4%(4,720)(1.9)%(1,041)(0.6)%
Adjustment for charges associated with acquisitions1,3210.6%1,7470.7%1,3730.8%
--------------- ------------------ ----------------- --
NON-GAAP NET INCOME$ 26,11811.6%$42,80216.9%$ 17,6939.8%
GAAP DILUTED EARNINGS PER SHARE$0.07$0.25$0.09
Adjustment for stock based compensation charges0.030.030.02
Adjustment for recovery of investment(0.00)(0.01)--
Adjustment for non-cash tax expense (benefit)0.04(0.03)(0.01)
Adjustment for charges associated with acquisitions0.010.010.01
----------------------------------
NON-GAAP DILUTED EARNINGS PER SHARE$0.15$0.25$0.11


Our earnings release contains forward looking estimates of non-GAAP diluted
earnings per share for the second quarter of 2011. We provide these non-GAAP
measures on a prospective basis for the same reasons that we provide them to
investors on a historical basis. The following table provides a reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per share for Q2
2011 based on the mid-point of guidance.

Forward Looking GAAP Diluted Earnings per Share$ 0.08
Adjustment for stock based compensation charges0.04
Adjustment for non-cash tax expense0.04
Adjustment for charges associated with acquisitions0.01
--------
Forward Looking non-GAAP Diluted Earnings per Share$ 0.17


SOURCE: TriQuint Semiconductor, Inc.

TriQuint Semiconductor, Inc.
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
sbuhaly@tqs.com
or
Director, Investor Relations
Roger Rowe, +1-503-615-9189
roger.rowe@tqs.com
or
Media Contact:
Director, Marketing Comms
Brandi Frye, +1-503-615-9488
bfrye@tqs.com
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