TriQuint Announces First Quarter 2013 Results
HILLSBORO, Ore.--(BUSINESS WIRE)--April 24, 2013-- TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended March 30, 2013, including the following highlights: -- Revenue for the quarter was $184.2 million
-- GAAP net loss for the quarter was $27.9 million, or $(0.17) per share
-- Non-GAAP net loss for the quarter was $27.2 million, or $(0.17) per share
-- Received the 2013 CS Industry Award for GaN thermal management
breakthroughs
-- Released 5 new Transimpedance Amplifiers for Optical market
-- Launched premium TC-SAW and BAW filters to support 4G and Wi-Fi
Coexistence
-- Healthy design win traction with highly efficient MMPAs at major OEMs Commenting on the results for the quarter ended March 30, 2013, Ralph Quinsey, President and Chief Executive Officer, stated, "Q1 results, while disappointing, should be our low quarter for 2013. We have healthy design win traction and I expect strong second half revenue will improve utilization and push us back into profitability for the full year. We are well positioned in each of our markets to regain growth and margin momentum." Summary Financial Results for the Three Months Ended March 30, 2013: Revenue for the first quarter of 2013 was $184.2 million, down 15% from the first quarter of 2012 and down 21% sequentially. Mobile Device market revenue declined 30%, Networks grew 2% and Defense was down 16%, in each case sequentially. GAAP Gross margin for the first quarter of 2013 was 21.0%, down sequentially from 29.3% in the fourth quarter of 2012 and down 28.9% from the first quarter of 2012 due to lower revenue and about $5 million in charges from a now resolved quality issue. Operating expenses for the first quarter of 2013 were $73.3 million, or 40% of revenue, up from $72.0 million in the previous quarter and $66.2 million for the same period in 2012. Increased R&D spending drove the change. Net loss for the first quarter of 2013 was $27.9 million or $(0.17) per share, compared with a net loss of $3.8 million, or $(0.02) per share, in the previous quarter and net income of $1.9 million or $0.01 per diluted share for the three months ended March 31, 2012. Cash and investments increased by $2.2 million to $141.1 million in the quarter. Non-GAAP Gross margin for the first quarter was 22.8%, down sequentially from 31.7% and down from 30.4% for the same period in 2012. Lower revenue and about $5 million in charges from a now resolved quality issue drove the decline. Operating expenses for the quarter were $68.0 million, up $1.4 million sequentially. Increased R&D spending drove the change. Net loss for the first quarter of 2013 was $27.2 million, or $(0.17) per share, down sequentially from net income of $6.2 million or $0.04 per diluted share, and down from net income of $4.1 million or $0.02 per diluted share for the three months ended March 31, 2012. 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 2013 revenue will be between $185 million and $190 million. Non-GAAP gross margin is expected to be between 27% and 29% with higher factory utilization and the absence of the first quarter quality issue driving the expected sequential improvement. Second quarter non-GAAP net loss per share is expected to be between $(0.10) and $(0.12) per share. The Company is 92% booked to the midpoint of revenue guidance. Additional Information regarding March 30, 2013 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
--------------------------------------------------------------------
Change Change
vs. vs.
Q1 2013 Q4 2012 Q4 2012 Q1 2012 Q1 2012
------------ ------------ ------------ ------------ ------------
Revenue $184.2 $233.6 (21)% $216.7 (15)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Profit $ 38.8 $ 68.5 (43)% $ 62.6 (38)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Margin % 21.0% 29.3% (8.3)% 28.9% (7.9)%
------ --- ------ --- ------ ------ --- ------
Operating
Loss $(34.5) $ (3.6) (858)% $ (3.6) (858)%
----- --- ----- --- ------ ----- --- ------
Net (Loss)
Income $(27.9) $ (3.8) (634)% $ 1.9 (1,568)%
----- --- ----- --- ------ ----- ---- ------
Diluted
per
share $(0.17) $(0.02) $(0.15) $ 0.01 $(0.18)
----- --- ----- --- ----- --- ----- ---- ----- ---
NON-GAAP RESULTS (A)
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Three Months Ended
--------------------------------------------------------------------
Change Change
vs. vs.
Q1 2013 Q4 2012 Q4 2012 Q1 2012 Q1 2012
------------ ------------ ------------ ------------ ------------
Revenue $184.2 $233.6 (21)% $216.7 (15)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Profit $ 42.0 $ 74.1 (43)% $ 65.8 (36)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Margin % 22.8% 31.7% (8.9)% 30.4% (7.6)%
------ --- ------ --- ------ ------ --- ------
Op (Loss)
Income $(26.0) $ 7.5 (447)% $ 4.4 (691)%
----- --- ----- ---- ------ ----- ---- ------
Net (Loss)
Income $(27.2) $ 6.2 (539)% $ 4.1 (763)%
----- --- ----- ---- ------ ----- ---- ------
Diluted
per
share $(0.17) $ 0.04 $(0.21) $ 0.02 $(0.19)
----- --- ----- ---- ----- --- ----- ---- ----- ---
A Excludes stock based compensation charges, non-cash tax (benefit)
expense, certain entries associated with acquisitions and other
specifically identified non-routine transactions.
Conference Call: TriQuint will host a conference call this afternoon at 1:30 p.m. PDT to discuss the results for the quarter and 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 24313821. The call can also be heard via webcast accessed through the "Investors" section of TriQuint's web site at: invest.triquint.com. A replay of the conference call will be available until May 1, 2013. Non-GAAP Financial Measures: This press release provides financial measures for non-GAAP net income (loss), diluted earnings (loss) per share, gross profit, gross margin, operating expenses and operating income (loss) that exclude equity compensation expense, non-cash tax (benefit) expense, certain entries 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 charges associated with acquisitions reflect the amortization of intangible and tangible assets recorded in connection with acquisition accounting and charged to the income statement. The non-cash tax (benefit) expense excludes 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 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: |
