| From: Savant | 4/16/2012 9:42:21 AM | | | | | | TriQuint Signs U.S. Army Agreement to Support GaN Device Development
TriQuint's Gallium Nitride Leadership in DARPA Programs Led to Beneficial Joint
Development Program with the ARL
HILLSBORO, Ore. & RICHARDSON, Texas, Apr 16, 2012 (BUSINESS WIRE) -- TriQuint
Semiconductor, Inc. (TQNT), a leading RF solutions supplier and technology
innovator, today announced that it has signed a Cooperative Research and
Development Agreement (CRADA) with the U.S. Army Research Laboratory (ARL) to
explore and fabricate new high-frequency and mixed signal integrated circuits
(ICs) based on TriQuint gallium nitride (GaN) technology. The CRADA is designed
to accelerate new programs supporting communications, radar, electronic warfare
and similar applications.
The CRADA will give Army researchers dedicated access to TriQuint's development,
fabrication and packaging expertise. Researchers from both TriQuint and the ARL
will benefit from the new co-development environment. Circuits created as part of
the initiative are expected to be based on TriQuint's new E/D
(enhancement-depletion mode) GaN technology.
The new agreement leverages technology TriQuint created through on-going R&Dprograms. This GaN process has been utilized in Defense Advanced Research
Projects Agency (DARPA) initiatives, including the Nitride Electronic
NeXt-Generation (NEXT) program that TriQuint now leads. Through NEXT, TriQuint
continues to establish benchmark performance standards for mixed-signal (digital
and RF) devices. TriQuint GaN achievements also led to its selection as a prime
contractor in the Microscale Power Conversion (MPC) program that is developing
ultra-fast, high power DC-DC switch modulator technology for advanced integrated
RF amplifiers. TriQuint's role in MPC was recognized by Compound Semiconductor
magazine on March 12 with a 2012 CS Industry Award.
"Creative partnerships through Cooperative Research and Development Agreements
encourage outside businesses and university organizations to share in the
discovery of and investment in technologies. In this case, ARL is leveraging
industrial fabrication capabilities allowing ARL to maximize its return on
investment," said John Miller, Army Research Laboratory Director. "These advanced
IC processes, coupled with ARL's design expertise, could lead to innovations and
advancements in both military and consumer applications in communications, radar
and electronic warfare."
"TriQuint's gallium nitride research leads the industry. This new CRADA is
another example of ways that our work in one program benefits other DoD agencies
and service branches. We will provide access to our extensive development
capabilities and the ARL will provide designs and test circuits in support of
their advanced programs," said James L. Klein, TriQuint Vice President and
General Manager for Defense Products and Foundry Services.
TriQuint's new agreement with the ARL is designed to stimulate high performance
monolithic microwave integrated circuit (MMIC) development. The ARL's design and
testing capabilities will be leveraged with TriQuint's MMIC fabrication, testing
and packaging expertise. Both TriQuint and ARL researchers will work towards
identifying circuits of mutual interest that have the potential to advance
state-of-the-art design programs.
TriQuint has been a pioneer in GaN development and research since 1999. TriQuint
currently leads multiple GaN process and manufacturing technology programs for
DARPA, the US Air Force, Army and Naval laboratories including the Defense
Production Act Title III manufacturing enhancement program. TriQuint has also led
two other DARPA programs that were part of the Wide Bandgap Semiconductor (WBGS)
RF research initiative.
TriQuint Gallium Nitride Product Innovation, Honors & Resources:
HeritageLeader in defense and commercial GaN research since 1999
----------------------------------------------------------------------------------------------------------
ResearchLeader in performance
and reliability GaN development
----------------------------------------------------------------------------------------------------------
University PartnersMassachusetts
Institute of Technology, University
of Notre Dame and University
of Colorado at Boulder
----------------------------------------------------------------------------------------------------------
The Global GaN ImpactStrategy Analytics recognizes TriQuint's GaN
R&D / GaN Product Innovation
----------------------------------------------------------------------------------------------------------
Active R&D programsDARPA
NEXT program for highly complex, high frequency GaN MMICs
----------------------------------------------------------------------------------------------------------
Defense Production Act (DPA) Title
III program for GaN on SiC; Radar and EW MMICs: Air Force and
Navy sponsors
-------------------------------------------------------------------------------------
DARPA Microscale
Power Conversion program to develop ultra-fast power switch
technology and integrate technology into next-generation amplifiers
-------------------------------------------------------------------------------------
DARPA Near Junction Thermal Transport (NJTT) GaN program to
increase circuit power handling capabilities through enhanced
thermal management
-------------------------------------------------------------------------------------
Recent Honors2011 'Compound Semiconductor' CS
Industry Award for DARPA NEXT; 2012 CS
Industry Award for DARPA MPC program
----------------------------------------------------------------------------------------------------------
GaN ProductsWide
selection of innovative GaN amplifiers, transistors and
switches
----------------------------------------------------------------------------------------------------------
GaN Foundry0.25-micron
GaN on SiC; 100mm wafers; DC-18 GHz applications
----------------------------------------------------------------------------------------------------------
For more information about TriQuint defense / aerospace products and foundry
services, including GaN-based amplifiers, transistors, high-power switches and
integrated assembly capabilities, visit us at triquint.com, or
register to receive product updates and TriQuint's newsletter.
FORWARD LOOKING STATEMENTS |
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| From: Savant | 4/27/2012 8:25:19 PM | | | | | | TriQuint Announces First Quarter 2012 Results
HILLSBORO, Ore., Apr 25, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, announces its
financial results for the quarter ended March 31, 2012, including the following
highlights:
-- Revenues for the quarter were $216.7 million
-- GAAP net income for the quarter was $1.9 million, or $0.01 per diluted share
-- Non-GAAP net income for the quarter was $4.1 million, or $0.02 per diluted
share
-- Opened TriQuint International headquarters in Singapore, strengthening
customer relationships and supply chain efficiencies
-- Reached a significant milestone in production shipments of GaN products for
S-band radars
-- New Multi-mode and Quad-band PA modules now shipping in Samsung Galaxy SII and
Huawei Honor smartphones
Commenting on the results for the quarter ended March 31, 2012, Ralph Quinsey,
President and Chief Executive Officer, stated, "Our revenue was better than
normal seasonality in the first quarter and we saw signs of improvement in some
of our infrastructure markets. While we anticipate a challenging second quarter
in the mobile devices market, specifically with our largest customer, I believe
this dip will be temporary and remain confident about our long term position. We
have achieved design win success with our new products and I believe we will
return to normal revenue levels and growth in the second half of 2012."
Summary Financial Results for the Three Months Ended March 31, 2012:
Revenues for the first quarter of 2012 were $216.7 million, down 3% from the
first quarter of 2011 and down 5% sequentially. Networks market revenue grew 10%
sequentially while mobile devices market revenue and defense & aerospace market
revenue decreased 8% and 4%, respectively.
GAAP
Gross margin for the first quarter of 2012 was 28.9%, down sequentially from
29.5%.
Operating expenses for the first quarter of 2012 were $66.2 million, or 31% of
revenue, up from $61.6 million in the previous quarter partially due to an
increase in litigation expenses.
Net income for the first quarter of 2012 was $1.9 million or $0.01 per diluted
share, down from $4.3 million, or $0.03 per diluted share, in the previous
quarter. Included in net income was a gain on a previously impaired investment of
$7.0 million.
Cash and investments grew by $32.6 million to $194.9 million in the quarter due
primarily to improved working capital management and lower capital expenditures.
Non-GAAP
Gross margin for the first quarter was 30.4%, slightly down sequentially from
31.0%.
Operating expenses for the quarter were $61.4 million, or 28% of revenue, up from
$56.9 million in the prior quarter.
Net income for the first quarter of 2012 was $4.1 million, or $0.02 per diluted
share, down sequentially from $0.08 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 2012 revenues will be between $170 million
and $185 million and non-GAAP gross margin is expected to be between 27% and 29%.
Second quarter non-GAAP net loss per share is expected to be between $0.10 and
$0.15 due to weak revenue and higher litigation costs. The Company expects to
return to normal revenue levels in the second half of 2012. The Company is 91%
booked to the midpoint of revenue guidance.
As part of a planned transition in filter packaging technology and due to a
change in product mix, the Company plans to restructure its filter related
operations during the second quarter. The Company expects to record a GAAP
restructuring charge of between $12 and $14 million, consisting of a non-cash
charge for excess equipment of between $10 and $12 million and a cash charge for
the remainder that is primarily related to severance costs.
Additional Information Regarding March 31, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below (in
millions, except for percentage and per share information). Non-GAAP financial
measures are reconciled to the corresponding GAAP financial measures in the
financial statement portion of this press release.
GAAP RESULTS
--------------------------------------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------------------
Q1 2012Q4 2011ChangeQ1 2011Change
vs.vs.
Q4Q1
20112011
-------------------------------------------------------
Revenue$ 216.7$ 227.0(5)%$ 224.3(3)%
--- -------- --------------------- ------------------
Gross Profit$62.6$67.0(7)%$87.4(28)%
--- -------- --------------------- ------------------
Gross Margin %28.9 %29.5 %(0.6)%39.0 %(10.1)%
-----------------------------------------------------------------
Op (Loss) Income$(3.6)$5.4(167)%$20.3(118)%
--- ----- ------ --------------------- ------------------
Net Income$1.9$4.3(56)%$12.4(85)%
--- -------- --------------------- ------------------
Diluted EPS$0.01$0.03$ (0.02)$0.07$ (0.06)
--- -------- -------- ----- ------ -------- ----- ---
NON-GAAP RESULTS A
--------------------------------------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------------------
Q1 2012Q4 2011ChangeQ1 2011Change
vs.vs.
Q4Q1
20112011
-------------------------------------------------------
Revenue$ 216.7$ 227.0(5)%$ 224.3(3)%
--- -------- --------------------- ------------------
Gross Profit$65.8$70.3(6)%$89.7(27)%
--- -------- --------------------- ------------------
Gross Margin %30.4 %31.0 %(0.6)%40.0 %(9.6)%
-----------------------------------------------------------------
Op Income$4.4$13.4(67)%$26.5(83)%
--- -------- --------------------- ------------------
Net Income$4.1$13.3(69)%$26.1(84)%
--- -------- --------------------- ------------------
Diluted EPS$0.02$0.08$ (0.06)$0.15$ (0.13)
--- -------- -------- ----- ------ -------- ----- ---
AExcludes stock based compensation charges, non-cash tax expense,
certain entries 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 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 60103883. 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 2, 2012.
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 (loss)
that exclude equity compensation expense, non-cash tax 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 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:
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, non-GAAP gross margin and net loss and our bookings to revenue;
TriQuint's factory utilization and product mix; customer design wins; expected
litigation charges; the impact of our investments in increased capacity; the
opportunity to be at the leading edge of RF solutions; growth in demand for
TriQuint's products; improvement in the networks market; RF content expansion in
smartphones; challenges and opportunities in the mobile devices market; expected
market growth; and restructuring TriQuint's filter related operations. These
forward-looking statements are statements of management's opinion and are subject
to various assumptions, risks, uncertainties and changes in circumstances. 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. More detailed information
about risk factors that may affect actual results are set forth 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)
March 31,December 31,
20122011
----------------------------
Assets
Current assets:
Cash and cash equivalents$146,085$116,305
Investments in marketable securities48,82246,006
Accounts receivable, net104,837129,103
Inventories145,507151,577
Prepaid expenses8,7607,051
Deferred tax assets, net11,85711,857
Other current assets45,67535,756
------------------
Total current assets511,543497,655
Property, plant and equipment, net461,843469,943
Goodwill3,3763,376
Intangible assets, net21,16922,732
Deferred tax assets - noncurrent, net48,95748,957
Other noncurrent assets, net13,47212,605
------------------
Total assets$ 1,060,360$ 1,055,268
==== =============== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$57,933$67,812
Accrued payroll29,69728,519
Other accrued liabilities13,2479,901
------------------
Total current liabilities100,877106,232
Long-term liabilities:
Long-term income tax liability1,736735
Other long-term liabilities10,83711,013
------------------
Total liabilities113,450117,980
Stockholders' equity:
Common stock166166
Additional paid-in capital686,151678,412
Accumulated other comprehensive income140140
Retained earnings260,453258,570
------------------
Total stockholders' equity946,910937,288
------------------
Total liabilities and stockholders' equity$ 1,060,360$ 1,055,268
==== =============== =========
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands,
except per share amounts)
Three Months Ended
---------------------------------------------------
March 31,December 31,April 2,
201220112011
----------------------------------------
Revenues$ 216,730$ 226,987$ 224,323
Cost of goods sold154,141159,948136,929
-------------------------------------
Gross profit62,58967,03987,394
Operating expenses:
Research, development and engineering37,07435,99236,476
Selling, general and administrative25,22223,36425,229
Litigation expense3,8642,2565,399
-------------------------------------
Total operating expenses66,16061,61267,104
Operating (loss) income(3,571)5,42720,290
Other income (expense):
Interest income4944104
Interest expense(350)(460)(387)
Foreign currency gain (loss)3616(56)
Gain/recovery of investment6,953495151
Other, net741823
-------------------------------------
Other income (expense), net6,762113(165)
Income before income tax3,1915,54020,125
Income tax expense1,3081,2327,686
-------------------------------------
Net income$1,883$4,308$12,439
=== =========== ========== =======
Per Share Data:
Basic per share net income$0.01$0.03$0.08
Diluted per share net income$0.01$0.03$0.07
Weighted-average shares outstanding:
Basic166,237165,711162,413
Diluted170,566168,753172,822
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(% of revenue)
Three Months Ended
--------------------------------------
March 31,December 31,April 2,
201220112011
------------------------------
Revenues100.0 %100.0 %100.0 %
Cost of goods sold71.1 %70.5 %61.0 %
----- ---------- ----------- ----
Gross profit28.9 %29.5 %39.0 %
Operating expenses:
Research, development and engineering17.1 %15.9 %16.3 %
Selling, general and administrative11.6 %10.3 %11.3 %
Litigation expense1.8 %0.9 %2.4 %
----- ---------- ----------- ----
Total operating expenses30.5 %27.1 %30.0 %
Operating (loss) income(1.6)%2.4 %9.0 %
Other income (expense):
Interest income0.0 %0.0 %0.1 %
Interest expense(0.2)%(0.2)%(0.2)%
Foreign currency gain (loss)0.0 %0.0 %(0.0)%
Gain/recovery of investment3.2 %0.2 %0.1 %
Other, net0.1 %0.0 %0.0 %
----- ---------- ----------- ----
Other income (expense), net3.1 %0.0 %(0.0)%
Income before income tax1.5 %2.4 %9.0 %
Income tax expense0.6 %0.5 %3.5 %
----- ---------- ----------- ----
Net income0.9 %1.9 %5.5 %
===== ========== =========== ====
TriQuint Semiconductor, Inc.
SUPPLEMENTAL RECONCILIATION
OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(Dollars in
thousands, except per share amounts)
Three Months Ended
-----------------------------------------------------------------------
March 31, 2012December 31, 2011April 2, 2011
---------------------------------------------------
(% of revenues)(% of revenues)(% of revenues)
GAAP GROSS PROFIT$ 62,58928.9 %$ 67,03929.5 %$ 87,39439.0 %
Adjustment for stock based compensation charges2,1061.0 %2,2071.0 %1,2190.5 %
Adjustment for charges associated with acquisitions1,0950.5 %1,0790.5 %1,0650.5 %
--------------- ----------------- ----------------- --
NON-GAAP GROSS PROFIT$ 65,79030.4 %$ 70,32531.0 %$ 89,67840.0 %
GAAP OPERATING EXPENSES$ 66,16030.5 %$ 61,61227.1 %$ 67,10430.0 %
Adjustment for stock based compensation charges(4,591)(2.1)%(4,532)(2.0)%(3,686)(1.7)%
Adjustment for charges associated with acquisitions(202)(0.1)%(202)(0.1)%(216)(0.1)%
----------------- ------------------- ------------------- --
NON-GAAP OPERATING EXPENSES$ 61,36728.3 %$ 56,87825.0 %$ 63,20228.2 %
GAAP OPERATING INCOME$ (3,571)(1.6)%$5,4272.4 %$ 20,2909.0 %
Adjustment for stock based compensation charges6,6973.1 %6,7393.0 %4,9052.2 %
Adjustment for charges associated with acquisitions1,2970.6 %1,2810.6 %1,2810.6 %
--------------- ----------------- ----------------- --
NON-GAAP OPERATING INCOME$4,4232.1 %$ 13,4476.0 %$ 26,47611.8 %
GAAP NET INCOME$1,8830.9 %$4,3081.9 %$ 12,4395.5 %
Adjustment for stock based compensation charges6,6973.1 %6,7393.0 %4,9052.2 %
Adjustment for gain/recovery of investment(6,953)(3.2)%(495)(0.2)%(151)(0.1)%
Adjustment for non-cash tax expense1,1430.5 %1,3070.5 %7,6043.4 %
Adjustment for charges associated with acquisitions1,3230.6 %1,4020.6 %1,3210.6 %
--------------- ----------------- ----------------- --
NON-GAAP NET INCOME$4,0931.9 %$ 13,2615.8 %$ 26,11811.6 %
GAAP DILUTED EARNINGS PER SHARE$0.01$0.03$0.07
0.040.040.03
Adjustment for stock based compensation charges
(0.04)0.00(0.00)
Adjustment for gain/recovery of investment
0.000.000.04
Adjustment for non-cash tax expense
0.010.010.01
Adjustment for charges associated with acquisitions
------------------
NON-GAAP DILUTED EARNINGS PER SHARE$0.02$0.08$0.15
Our earnings release contains forward looking estimates of non-GAAP gross margin
and loss per share for the second quarter of 2012. We provide these non-GAAP
measures on a prospective basis for the same reasons that we provide them to
investors on a historical basis. The following table provides a reconciliation of
GAAP gross margin and loss per share to non-GAAP gross margin and loss per share
for the second quarter of 2012 based on the mid-point of guidance.
Forward Looking GAAP Gross Margin19.2 %
Adjustment for stock based compensation charges1.0 %
Adjustment for restructuring7.3 %
Adjustment for charges associated with acquisitions0.5 %
----- -
Forward Looking non-GAAP Gross Margin28.0 %
Forward Looking GAAP Loss per Share$ (0.28)
Adjustment for stock based compensation charges0.04
Adjustment for non-cash tax expense0.02
Adjustment for restructuring0.08
Adjustment for charges associated with acquisitions0.01
-----
Forward Looking non-GAAP Loss per Share$ (0.13)
SOURCE: TriQuint Semiconductor, Inc.
TriQuint Semiconductor, Inc.
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
steve.buhaly@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
brandi.frye@tqs.com |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: Savant | 5/1/2012 11:25:07 AM | | | | | | TriQuint Wins New $12.3M GaN DARPA Contract to Develop Ultra-Fast Power Switch
Technology
TriQuint's Leadership Developing Highly-Advanced, Mixed-Signal Digital / RF GaN
Circuits Led to New Opportunity in MPC Program
HILLSBORO, Ore. & RICHARDSON, Texas, May 01, 2012 (BUSINESS WIRE) -- TriQuint
Semiconductor, Inc. (TQNT), a leading RF solutions supplier and technology
innovator, today announced that it has been selected by the Defense Advanced
Research Projects Agency (DARPA) to lead a $12.3 million development program
focused on ultra-fast gallium nitride (GaN) switch technology for the Microscale
Power Conversion (MPC) program. TriQuint's revolutionary new GaN modulator has
the potential to enable highly-efficient RF transmitters substantially smaller
than current solutions.
TriQuint was selected by DARPA as the prime contractor for MPC Technical Area I,
which seeks to develop a high-speed, DC-to-DC switch (modulator) and related
process technology based on the company's innovative enhancement-mode GaN
transistors. TriQuint's technology aims to improve the integration of power
switches with advanced RF amplifiers to facilitate ultra-high efficiency,
reduced-size amplifiers for radar and communications applications.
TriQuint has been a pioneer in GaN development and research since 1999. TriQuint
currently leads multiple GaN process and manufacturing technology initiatives for
DARPA including the Nitride Electronic NeXt-Generation Technology (NEXT) program
as well as endeavors for the US Air Force, Army and Naval laboratories.
TriQuint is already exploring and bringing derivative devices to market made
possible by milestones achieved in its many GaN programs. "The break-through
performance demonstrated in 'NEXT' has helped us develop new devices, like our
GaN power switches, that will open up additional radar and communications
applications. We can substantially improve performance in these types of
systems," said TriQuint Vice President and General Manager for Defense Products
and Foundry Services, James L. Klein. "This work is also leading to lower voltage
GaN-based products. We see many exciting opportunities to develop more advanced
RF amplifiers with integrated power switches."
The enhancement mode power switching device for the MPC program will be designed
to have a blocking voltage of 200 volts, ultra-low dynamic on resistance of 1
ohm-mm and a slew rate of 500 volts per nanosecond. These capabilities will
provide state-of-the-art solid-state technology. RF amplifiers employing these
switches will target 75% system efficiency at X-band (8-12 GHz).
TriQuint is teamed with Rockwell Collins, the University of Colorado at Boulder
and Northrop Grumman--Technical Area II contractors--to create a new generation
of RF power amplifiers that use contour modulation for very high efficiency
performance that exceeds the capabilities of devices now available. Design
approaches focusing on miniature system-in-a-package or monolithic integration to
combine TriQuint's switch / modulator with the power amplifier micro-system will
be given preference.
TriQuint Gallium Nitride Product Innovation, Honors & Resources:
HeritageLeader in defense and commercial GaN research since 1999
----------------------------------------------------------------------------------------------------------
ResearchLeader in performance
and reliability GaN development
----------------------------------------------------------------------------------------------------------
University PartnersMassachusetts
Institute of Technology, University
of Notre Dame and
University
of Colorado at Boulder
----------------------------------------------------------------------------------------------------------
The Global GaN ImpactStrategy Analytics recognizes TriQuint's GaN
R&D / GaN Product Innovation
----------------------------------------------------------------------------------------------------------
Active R&D programsDARPA
NEXT program for highly complex, high frequency GaN MMICs
----------------------------------------------------------------------------------------------------------
Defense Production Act (DPA) Title
III program for GaN on SiC; Radar and
EW MMICs: Air Force and Navy sponsors
-------------------------------------------------------------------------------------
DARPA Microscale
Power Conversion program to develop ultra-fast GaN power
switch technology that is integrated into next-generation
amplifiers
-------------------------------------------------------------------------------------
DARPA Near Junction Thermal Transport (NJTT) GaN program to
increase
circuit power handling capabilities through enhanced thermal
management
-------------------------------------------------------------------------------------
Army
Research Laboratory (ARL) Cooperative Research and Development
Agreement (CRADA) to jointly develop advanced GaN circuits
-------------------------------------------------------------------------------------
Recent Honors2011 'Compound Semiconductor' CS
Industry Award for DARPA NEXT;
2012 CS
Industry Award for DARPA MPC program
----------------------------------------------------------------------------------------------------------
GaN ProductsWide
selection of innovative GaN amplifiers, transistors and
switches
----------------------------------------------------------------------------------------------------------
GaN Foundry0.25-micron
GaN on SiC; 100mm wafers; DC-18 GHz applications
----------------------------------------------------------------------------------------------------------
For more information about TriQuint defense / aerospace products and foundry
services, including GaN-based amplifiers, transistors, high-power switches and
integrated assembly capabilities, visit us at triquint.com, or
register to receive product updates and TriQuint's newsletter.
FORWARD LOOKING STATEMENTS |
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| From: Savant | 5/4/2012 11:47:00 AM | | | | | | TriQuint Announces $50 Million Stock Repurchase Program
HILLSBORO, Ore., May 03, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, today announced
a program authorizing the repurchase of up to $50 million of the Company's common
stock through May 2, 2013.
Under this program, stock repurchases may be made from time to time in the open
market at prevailing market prices or through privately negotiated transactions
at the discretion of Company management. The timing of open market and privately
negotiated purchases will be dependent on market conditions and other corporate
considerations, including price, corporate and regulatory requirements and
alternative investment opportunities. The program is expected to be funded from
existing cash balances and cash generated from operations. The Company is not
obligated to repurchase any particular amount of common stock during any period
and may choose to suspend or discontinue the repurchase program at any time.
Shares of common stock repurchased by the Company through the repurchase program
will become authorized but unissued shares. As of May 3, 2012, the Company has
approximately 168.2 million shares of common stock outstanding. |
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| From: Savant | 5/16/2012 11:28:37 AM | | | | | | Avago Technologies Limited and TriQuint Semiconductor, Inc. Agree to Confidential
Settlement of All Outstanding Claims
SAN JOSE, Calif. & SINGAPORE & HILLSBORO, Ore., May 15, 2012 (BUSINESS WIRE) --
Avago Technologies Limited (AVGO), a leading supplier of analog interface
components for communications, industrial and consumer applications, and TriQuint
Semiconductor, Inc. (TQNT), a leading RF solutions supplier and technology
innovator today announced that they have agreed to settle all claims between the
companies. The two parties have entered into patent cross licenses and have
agreed to dismiss all related litigation. The specific terms of the settlement
and the resulting licensing agreement are confidential.
"We are pleased to have reached an amicable resolution with TriQuint," said Hock
Tan, President and CEO of Avago Technologies Limited.
"We are happy to have successfully put this litigation behind us," added Ralph
Quinsey, CEO of TriQuint Semiconductor, Inc.
About Avago Technologies Limited
Avago Technologies Limited is a leading designer, developer and global supplier
of a broad range of analog semiconductor devices with a focus on III-V based
products. Our product portfolio is extensive and includes over 6,500 products in
four primary target markets: wireless communications, wired infrastructure,
industrial and automotive electronics and consumer and computing peripherals.
Facts About TriQuint
Founded in 1985, TriQuint Semiconductor (TQNT) is a leading global provider of
innovative RF solutions and foundry services 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)
SOURCE: TriQuint Semiconductor, Inc.
Avago Technologies Ltd.
Thomas Krause, VP Corporate Development, +1-408-435-7400
E-mail: investor.relations@avagotech.com
or
TriQuint Semiconductor, Inc.
Steve Buhaly, VP of Finance & Administration, CFO, +1-503-615-9401
E-mail: steve.buhaly@tqs.com
or
Roger Rowe, Director, Investor Relations, +1-503-615-9189
E-mail: roger.rowe@tqs.com
or
Media Contact:
Brandi Frye, Director, Marketing Communications, +1-503-615-9488
E-mail: brandi.frye@tqs.com |
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| From: Savant | 6/14/2012 11:20:06 AM | | | | | | TriQuint Introduces First 802.11ac Wi-Fi RF Module for Next-Generation
Smartphones and Tablets
Enables Greater Range and Performance for Video Streaming and Other Demanding
Multimedia Applications
HILLSBORO, Ore., Jun 14, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, has introduced
the industry's first 802.11ac Wi-Fi RF module for next-generation mobile devices.
In addition to supporting faster download speeds, TriQuint's TriConnect(TM)
TQP6M9017 high-performance WLAN module improves the wireless experience by
enabling connectivity from greater distances; it allows nearly 60% further range
than its award-winning predecessor, thanks to advances in output power
technology.
As demand for Wi-Fi proliferates worldwide, consumers have developed an
ever-growing appetite for faster mobile data rates to support video streaming and
other multimedia applications. With data rates up to 1.3 gigabits per second, the
new IEEE 802.11ac standard will deliver transfer rates three to four times faster
than current-generation 802.11n Wi-Fi. In-Stat predicts one billion devices with
802.11ac technology will ship by 2015.
"TriQuint is at the forefront of technology with the first 802.11ac-ready module
for mobile devices. A major manufacturer has selected our new high-performance
TriConnect(TM) component for its next-generation smartphone, and it's also
included on a reference design by a leading chipset supplier," said Shane Smith,
Vice President of Global Marketing for Mobile Devices at TriQuint. "Our 802.11ac
technology expertise also expands our future market opportunity for infotainment
applications such as in-home video distribution."
TriQuint's TriConnect TQP6M9017 is a highly integrated, dual-band WLAN module
that provides a complete solution for 802.11 a/b/g/n/ac Wi-Fi and Bluetooth
applications, thus simplifying RF design for device manufacturers. It integrates
two power amplifiers for the 2.4 and 5 GHz frequency bands with a switch,
filtering, baluns and other components -- all in an ultra small 4x4mm package.
Benefits of TriQuint's TriConnect(TM) 802.11ac Mobile Solution
TriQuint's integrated WLAN solutions take up less PCB space for mobile device
manufacturers, while providing several performance advantages over competitive
technologies:
-- Increased Operating Range -- Better amplification of weak signals extends
wireless connectivity over greater distances; offers as much as 2dB higher power
output than the previous generation
-- Better Efficiency -- Extended battery life means more hours of untethered
Wi-Fi connectivity for today's multi-tasking, on-the-go lifestyles
-- Faster Connectivity -- Rapid data transfers enable faster downloads, providing
a more enjoyable consumer experience for video streaming and other data-intensive
applications
The new TriConnect TQP6M9017 leverages the integration expertise and superior
performance that has fueled TriQuint's success in mobile devices. The company's
award-winning WLAN modules are found in smartphones and tablets from many of the
world's leading manufacturers. TriQuint has shipped nearly 300 million Wi-Fi
modules since 2009, and nearly doubled its WLAN revenues from 2010 to 2011.
TriQuint's TQP6M9002 dual-band Wi-Fi power amplifier -- the predecessor to the
TQP6M9017 -- was named the 2011 Best Product in the networks and
telecommunications category by Application of Electronic Techniques (AET) in
China.
The TriConnect TQP6M9017 utilizes TriQuint's E/D pHEMT and HBT technologies to
integrate active and passive components into a compact, high-performance module.
Volume production of the dual-band component is planned next month. Visit
TriQuint in Booth 1815 at the 2012 IMS MTT-S Symposium in Montreal on June 17-22
for more information about the company's connectivity products. To locate one of
TriQuint's distributors, resellers or local and field sales representatives,
please visit triquint.com.
FORWARD LOOKING STATEMENTS
This TriQuint Semiconductor, Inc. (TQNT) press release contains forward-looking
statements made pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned that forward-looking
statements involve risks and uncertainties. The cautionary statements made in
this press release should be read as being applicable to all related statements
wherever they appear. Statements containing such words as 'first,' 'greater,'
'further,' or similar terms are considered to contain uncertainty and are
forward-looking statements. A number of factors affect TriQuint's operating
results and could cause its actual future results to differ materially from any
results indicated in this press release or in any other forward-looking
statements made by, or on behalf of, TriQuint including, but not limited to:
those associated with the unpredictability and volatility of customer acceptance
of and demand for our products and technologies, the ability of our production
facilities and those of our vendors to meet demand, the ability of our production
facilities and those of our vendors to produce products with yields sufficient to
maintain profitability, as well as the other "Risk Factors" set forth in
TriQuint's most recent 10-Q report filed with the Securities and Exchange
Commission. This and other reports can be found on the SEC web site,
sec.gov. A reader of this release should understand that these and
other risks could cause actual results to differ materially from expectations
expressed / implied in forward-looking statements.
FACTS ABOUT TRIQUINT
Founded in 1985, TriQuint Semiconductor, Inc. (TQNT) is a leading global provider
of innovative RF solutions and foundry services 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. |
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| From: Savant | 7/11/2012 10:58:29 AM | | | | | | TriQuint Announces Date for Second Quarter 2012 Earnings Release
HILLSBORO, Ore., Jul 11, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, will announce
its second quarter results on July 25, 2012 at 1:00 p.m. PDT and will host a
conference call with the investment community on the same day at 2:00 p.m. PDT.
Conference Call Information:
Date:Wednesday, July 25, 2012
Time:2:00 p.m. (PDT)
Dial-in:888-813-6582 or 706-643-7082
Conference Call ID #: 91818717
A webcast of the conference call will be available from the Investors section of
the Company's website at invest.triquint.com. A replay of the conference
call will be available through August 1, 2012. To access the replay, please dial
855-859-2056 and enter Conference ID # 91818717.
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) |
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| From: Savant | 7/25/2012 5:01:53 PM | | | | | | TriQuint Announces Second Quarter 2012 Results
HILLSBORO, Ore., Jul 25, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, announces its
financial results for the quarter ended June 30, 2012, including the following
highlights:
-- Revenue for the quarter was $178.0 million
-- GAAP net loss for the quarter was $16.5 million, or $(0.10) per share
-- Non-GAAP net loss for the quarter was $15.0 million, or $(0.09) per share
-- Booked $13 million in orders for F-35 Lightning II Joint Strike Fighter and
TPQ-53 Army radar
-- Announced $12.3 million GaN DARPA contract to develop Ultra-Fast Power Switch
technology
-- Shipping MMPA & BAW content on new Galaxy* phone for Verizon
-- Introduced industry's first 802.11ac Wi-Fi RF module for next-generation
smartphones and tablets
-- Closed major design wins in Fiber-to-the-Home and optical networks
Commenting on the results for the quarter ended June 30, 2012, Ralph Quinsey,
President and Chief Executive Officer, stated, "TriQuint's second quarter
performance was in line with expectations. Mobile devices demand was soft in the
second quarter as the smartphone industry prepares for a seasonally strong second
half, and our Defense and Networks revenue was slightly up year-to-date with a
healthy outlook for the remainder of the year. We believe TriQuint is well
positioned for revenue growth and improved financial performance in the second
half of 2012."
Summary Financial Results for the Three and Six Months Ended June 30, 2012:
Revenues for the second quarter of 2012 were $178.0 million, down 22% from the
second quarter of 2011 and down 18% sequentially. Mobile Devices market revenue
declined 24%, Networks declined 5% and Defense was consistent sequentially.
Revenue for the six months ended June 30, 2012 was $394.7 million, down 13% from
the six months ended July 2, 2011.
GAAP
Gross margin for the second quarter of 2012 was 25.2%, down sequentially from
28.9%. Gross margin for the six months ended June 30, 2012 was 27.2%, down from
39.6% for the same period in 2011 due to low factory utilization.
Operating expenses for the second quarter of 2012 were $69.4 million, or 39% of
revenue, up from $66.2 million in the previous quarter due primarily to higher
medical and engineering expenses. Operating expenses for the six months ended
June 30, 2012 were $135.5 million compared to $138.0 million for the same period
in 2011.
Net loss for the second quarter of 2012 was $16.5 million or $(0.10) per share,
down from net income of $1.9 million, or $0.01 per diluted share, in the previous
quarter. Net loss for the six months ended June 30, 2012 was $14.6 million or
$(0.09) per share compared to a net income of $29.0 million or $0.17 per share
for the six months ended July 2, 2011.
Cash and investments decreased by $32.5 million to $162.4 million in the quarter
due primarily to the stock repurchase of nearly 4.9 million shares for
approximately $25 million.
Non-GAAP
Gross margin for the second quarter was 27.9%, down sequentially from 30.4%.
Gross margin for the six months ended June 30, 2012 was 29.2% down from 40.7% for
the same period in 2011.
Operating expenses for the quarter were $64.3 million, or 36% of revenue, up from
$61.4 million in the prior quarter. Operating expenses for the six months ended
June 30, 2012 was $125.7 million or 32% of revenue.
Net loss for the second quarter of 2012 was $15.0 million, or $(0.09) per share,
down sequentially from net income of $4.1 million or $0.02 per diluted share. Net
loss for the six months ended June 30, 2012 was $10.9 million or $(0.07) per
share compared to a net income of $55.0 million or $0.32 per diluted share for
the six months ended July 2, 2011.
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 third quarter 2012 revenues will be between $195 million and
$205 million and non-GAAP gross margin is expected to be between 30% and 32%.
Third quarter non-GAAP net income per share is expected to be about breakeven.
The Company is 90% booked to the midpoint of revenue guidance.
Additional Information Regarding June 30, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below (in
millions, except for percentage and per share information). Non-GAAP financial
measures are reconciled to the corresponding GAAP financial measures in the
financial statement portion of this press release.
GAAP RESULTS
--------------------------------------------------------------------------------------------------------------------------
Three Months EndedSix Months Ended
------------------------------------------------------------------------
Q2 2012Q1 2012ChangeQ2 2011ChangeQ2 2012Q2 2011Change
vs.vs. Q2vs.
Q12011Q2
20122011
------------------------------------------------------------------------
Revenue$ 178.0$ 216.7(18)%$ 228.8(22)%$ 394.7$ 453.1(13)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Profit$44.9$62.6(28)%$92.1(51)%$ 107.5$ 179.5(40)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Margin %25.2 %28.9 %(3.7)%40.3 %(15.1)%27.2 %39.6 %(12.4)%
----------------------------------------------------------------------------------------
Op (Loss) Income$ (24.4)$(3.6)578 %$21.3(215)%$ (28.0)$41.6(167)%
-- ----- ---- ----- --------------- ------------------ ----- ---- ----------------
Net (Loss) Income$ (16.5)$1.9(968)%$16.6(199)%$ (14.6)$29.0(150)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Diluted per share$ (0.10)$0.01$ (0.11)$0.10$ (0.20)$ (0.09)$0.17$ (0.26)
-- ----- ---- ------- ----- ---- ------- ----- ---- ----- ---- ------- ----- --
NON-GAAP RESULTS A
--------------------------------------------------------------------------------------------------------------------------
Three Months EndedSix Months Ended
------------------------------------------------------------------------
Q2 2012Q1 2012ChangeQ2 2011ChangeQ2 2012Q2 2011Change
vs.vs. Q2vs.
Q12011Q2
20122011
------------------------------------------------------------------------
Revenue$ 178.0$ 216.7(18)%$ 228.8(22)%$ 394.7$ 453.1(13)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Profit$49.7$65.8(24)%$94.8(48)%$ 115.4$ 184.5(37)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Margin %27.9 %30.4 %(2.5)%41.4 %(13.5)%29.2 %40.7 %(11.5)%
----------------------------------------------------------------------------------------
Op (Loss) Income$ (14.7)$4.4(434)%$29.2(150)%$ (10.3)$55.7(118)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Net (Loss) Income$ (15.0)$4.1(466)%$28.9(152)%$ (10.9)$55.0(120)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Diluted per share$ (0.09)$0.02$ (0.11)$0.17$ (0.26)$ (0.07)$0.32$ (0.39)
-- ----- ---- ------- ----- ---- ------- ----- ---- ----- ---- ------- ----- --
AExcludes stock based compensation charges, non-cash tax expense,
certain entries associated with acquisitions, restructuring 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 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 91818717. 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 August 1, 2012.
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 expense, certain entries associated with acquisitions, restructuring charges
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
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:
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
third quarter revenues, non-GAAP gross margin, net income and our bookings to
revenue; expected seasonality in the smartphone market; and revenue growth and
improved financial performance. These forward-looking statements are statements
of management's opinion and are subject to various assumptions, risks,
uncertainties and changes in circumstances. 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. More detailed information about risk factors that may affect
actual results are set forth 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.
TriQuint: Connecting the Digital World to the Global Network(R)
*Other names and brands may be claimed as the property of others
TQNT - F
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2012December 31,
2011
-----------------------------
Assets
Current assets:
Cash and cash equivalents$127,296$116,305
Investments in marketable securities35,10246,006
Accounts receivable, net98,367129,103
Inventories154,760151,577
Prepaid expenses9,5997,051
Deferred tax assets, net11,52611,857
Other current assets47,52735,756
---------------------------------
Total current assets484,177497,655
Property, plant and equipment, net456,303469,943
Goodwill3,3763,376
Intangible assets, net19,57622,732
Deferred tax assets - noncurrent, net58,45148,957
Other noncurrent assets, net32,26412,605
---------------------------------
Total assets$ 1,054,147$ 1,055,268
==== ================ =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$62,537$67,812
Accrued payroll31,25528,519
Other accrued liabilities11,6209,901
---------------------------------
Total current liabilities105,412106,232
Long-term liabilities:
Long-term income tax liability2,619735
Cross-licensing liability13,316--
Other long-term liabilities10,97611,013
---------------------------------
Total liabilities132,323117,980
Stockholders' equity:
Common stock164166
Additional paid-in capital677,584678,412
Accumulated other comprehensive income138140
Retained earnings243,938258,570
---------------------------------
Total stockholders' equity921,824937,288
---------------------------------
Total liabilities and stockholders' equity$ 1,054,147$ 1,055,268
==== ================ =========
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands,
except per share amounts)
Three Months EndedSix Months Ended
------------------------------------------------ -------------------------------
June 30,March 31,July 2,June 30,July 2,
20122012201120122011
-------------------------------------------------------------
Revenues$ 178,002$ 216,730$ 228,785$ 394,732$ 453,108
Cost of goods sold133,064154,141136,643287,205273,572
------------------------------------------------------------
Gross profit44,93862,58992,142107,527179,536
Operating expenses:
Research, development and engineering38,08437,07437,95575,15874,431
Selling, general and administrative27,58825,22225,38652,81050,615
Litigation expense3,6823,8647,5127,54612,911
------------------------------------------------------------
Total operating expenses69,35466,16070,853135,514137,957
Operating (loss) income(24,416)(3,571)21,289(27,987)41,579
Other (expense) income:
Interest income8949106138210
Interest expense(313)(350)(354)(663)(741)
Foreign currency (loss) gain(154)3687(118)31
Gain/recovery of investment46,9533566,957507
Other, net189747126394
------------------------------------------------------------
Other (expense) income, net(185)6,7622666,577101
(Loss) income before income tax(24,601)3,19121,555(21,410)41,680
Income tax (benefit) expense(8,086)1,3084,990(6,778)12,676
----------------------------------------------------------------
Net (loss) income$ (16,515)$1,883$16,565$ (14,632)$29,004
=== ======= ===== ========== ========== ======= ===== =======
Per Share Data:
Basic per share net (loss) income$(0.10)$0.01$0.10$(0.09)$0.18
Diluted per share net (loss) income$(0.10)$0.01$0.10$(0.09)$0.17
Weighted-average shares outstanding:
Basic165,355166,237164,110165,796163,257
Diluted165,355170,566173,518165,796173,222
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(% of revenue)
Three Months EndedSix Months Ended
---------------------------------- ----------------------
June 30,March 31,July 2,June 30,July 2,
20122012201120122011
-------------------------------------------
Revenues100.0 %100.0 %100.0 %100.0 %100.0 %
Cost of goods sold74.8 %71.1 %59.7 %72.8 %60.4 %
----- --------- --------- -------- --------- ---
25.2 %28.9 %40.3 %27.2 %39.6 %
Gross profit
Operating expenses:
Research, development and engineering21.4 %17.1 %16.6 %19.0 %16.4 %
Selling, general and administrative15.4 %11.6 %11.1 %13.4 %11.2 %
Litigation expense2.1 %1.7 %3.3 %1.9 %2.8 %
----- --------- --------- -------- --------- ---
Total operating expenses38.9 %30.4 %31.0 %34.3 %30.4 %
Operating (loss) income(13.7)%(1.5)%9.3 %(7.1)%9.2 %
Other (expense) income:
Interest income0.0 %0.0 %0.1 %0.0 %0.1 %
Interest expense(0.2)%(0.2)%(0.2)%(0.2)%(0.2)%
Foreign currency (loss) gain(0.1)%0.0 %0.0 %(0.0)%0.0 %
Gain/recovery of investment0.0 %3.2 %0.2 %1.8 %0.1 %
Other, net0.2 %0.0 %0.0 %0.1 %0.0 %
----- --------- --------- -------- --------- ---
Other (expense) income, net(0.1)%3.0 %0.1 %1.7 %0.0 %
(Loss) income before income tax(13.8)%1.5 %9.4 %(5.4)%9.2 %
Income tax (benefit) expense(4.5)%0.6 %2.2 %(1.7)%2.8 %
----- --------- --------- -------- --------- ---
Net (loss) income(9.3)%0.9 %7.2 %(3.7)%6.4 %
===== ========= ========= ======== ========= ===
TriQuint Semiconductor, Inc.
SUPPLEMENTAL RECONCILIATION
OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(Dollars in
thousands, except per share amounts)
Three Months EndedSix Months Ended
------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
June 30, 2012March 31, 2012July 2, 2011June 30, 2012July 2, 2011
------------------------- -------------------------------------- -------------------------------------- ------------------------ --------------------------------------
(% of revenues)(% of revenues)(% of revenues)(% of revenues)(% of revenues)
GAAP GROSS PROFIT$44,93825.2 %$62,58928.9 %$92,14240.3 %$ 107,52727.2 %$ 179,53639.6 %
Adjustment for stock based compensation charges1,8231.0 %2,1061.0 %1,5850.7 %3,9291.0 %2,8040.6 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for charges associated with acquisitions1,1260.7 %1,0950.5 %1,0790.4 %2,2210.5 %2,1440.5 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP GROSS PROFIT$49,65027.9 %$65,79030.4 %$94,80641.4 %115,44029.2 %184,48440.7 %
GAAP OPERATING EXPENSES$69,35438.9 %$66,16030.5 %$70,85331.0 %$ 135,51434.3 %$ 137,95730.4 %
Adjustment for stock based compensation charges(5,735)(3.2)%(4,591)(2.1)%(5,716)(2.5)%(10,326)(2.6)%(9,402)(2.1)%
Adjustment for charges associated with acquisitions7140.4 %(202)(0.1)%4730.2 %5120.1 %2570.2 %
----------------- ---------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP OPERATING EXPENSES$64,33336.1 %$61,36728.3 %$65,61028.7 %$ 125,70031.8 %$ 128,81228.4 %
GAAP OPERATING (LOSS) INCOME$ (24,416)(13.7)%$(3,571)(1.6)%$21,2899.3 %$ (27,987)(7.1)%$41,5799.2 %
Adjustment for stock based compensation charges7,5584.2 %6,6973.1 %7,3013.2 %14,2553.6 %12,2062.7 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for charges associated with acquisitions4120.3 %1,2970.6 %6060.3 %1,7090.4 %1,8870.4 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP OPERATING (LOSS) INCOME$ (14,683)(8.2)%$4,4232.1 %$29,19612.8 %$ (10,260)(2.6)%$55,67212.3 %
GAAP NET (LOSS) INCOME$ (16,515)(9.3)%$1,8830.9 %$16,5657.2 %$ (14,632)(3.7)%$29,0046.4 %
Adjustment for stock based compensation charges7,5584.2 %6,6973.1 %7,3013.2 %14,2553.6 %12,2062.7 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for gain/recovery of investment(4)0.0 %(6,953)(3.2)%(356)(0.2)%(6,957)(1.8)%(507)(0.1)%
Adjustment for non-cash tax expense(8,238)(4.6)%1,1430.5 %4,7342.1 %(7,095)(1.9)%12,3382.7 %
Adjustment for charges associated with acquisitions4120.3 %1,3230.6 %6280.3 %1,7350.5 %1,9490.4 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP NET (LOSS) INCOME$ (15,024)(8.4)%$4,0931.9 %$28,87212.6 %$ (10,931)(2.8)%$54,99012.1 %
GAAP DILUTED (LOSS) EARNINGS PER SHARE$(0.10)$0.01$0.10$(0.09)$0.17
Adjustment for stock based compensation charges0.050.040.040.090.07
Adjustment for restructuring charges0.010.000.000.010.00
Adjustment for gain/recovery of investment(0.00)(0.04)(0.00)(0.04)(0.00)
Adjustment for non-cash tax expense(0.05)0.000.03(0.05)0.07
Adjustment for charges associated with acquisitions0.000.010.000.010.01
------------------------------------------------------------------------
NON-GAAP DILUTED (LOSS) EARNINGS PER SHARE$(0.09)$0.02$0.17$(0.07)$0.32
Our earnings release contains forward looking estimates of non-GAAP gross margin
and earnings per share for the third quarter of 2012. We provide these non-GAAP
measures on a prospective basis for the same reasons that we provide them to
investors on a historical basis. The following table provides a reconciliation of
GAAP gross margin and loss per share to non-GAAP gross margin and earnings per
share for the third quarter of 2012 based on the mid-point of guidance.
Forward Looking GAAP Gross Margin29.5 %
Adjustment for stock based compensation charges1.0 %
Adjustment for charges associated with acquisitions0.5 %
------------------------
Forward Looking non-GAAP Gross Margin31.0 %
Forward Looking GAAP Loss per Share$(0.06)
Adjustment for stock based compensation charges0.05
Adjustment for non-cash tax expense--
Adjustment for charges associated with acquisitions0.01
-----------------------
Forward Looking non-GAAP Earnings per Share$ --
SOURCE: TriQuint Semiconductor, Inc.
TriQuint Semiconductor, Inc.
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
steve.buhaly@tqs.com
or
Media Contact:
Director, Marketing Comms
Brandi Frye, +1-503-615-9488
brandi.frye@tqs.com |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 7/26/2012 9:56:27 AM | | | | | | TriQuint Announces Second Quarter 2012 Results
HILLSBORO, Ore., Jul 25, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, announces its
financial results for the quarter ended June 30, 2012, including the following
highlights:
-- Revenue for the quarter was $178.0 million
-- GAAP net loss for the quarter was $16.5 million, or $(0.10) per share
-- Non-GAAP net loss for the quarter was $15.0 million, or $(0.09) per share
-- Booked $13 million in orders for F-35 Lightning II Joint Strike Fighter and
TPQ-53 Army radar
-- Announced $12.3 million GaN DARPA contract to develop Ultra-Fast Power Switch
technology
-- Shipping MMPA & BAW content on new Galaxy* phone for Verizon
-- Introduced industry's first 802.11ac Wi-Fi RF module for next-generation
smartphones and tablets
-- Closed major design wins in Fiber-to-the-Home and optical networks
Commenting on the results for the quarter ended June 30, 2012, Ralph Quinsey,
President and Chief Executive Officer, stated, "TriQuint's second quarter
performance was in line with expectations. Mobile devices demand was soft in the
second quarter as the smartphone industry prepares for a seasonally strong second
half, and our Defense and Networks revenue was slightly up year-to-date with a
healthy outlook for the remainder of the year. We believe TriQuint is well
positioned for revenue growth and improved financial performance in the second
half of 2012."
Summary Financial Results for the Three and Six Months Ended June 30, 2012:
Revenues for the second quarter of 2012 were $178.0 million, down 22% from the
second quarter of 2011 and down 18% sequentially. Mobile Devices market revenue
declined 24%, Networks declined 5% and Defense was consistent sequentially.
Revenue for the six months ended June 30, 2012 was $394.7 million, down 13% from
the six months ended July 2, 2011.
GAAP
Gross margin for the second quarter of 2012 was 25.2%, down sequentially from
28.9%. Gross margin for the six months ended June 30, 2012 was 27.2%, down from
39.6% for the same period in 2011 due to low factory utilization.
Operating expenses for the second quarter of 2012 were $69.4 million, or 39% of
revenue, up from $66.2 million in the previous quarter due primarily to higher
medical and engineering expenses. Operating expenses for the six months ended
June 30, 2012 were $135.5 million compared to $138.0 million for the same period
in 2011.
Net loss for the second quarter of 2012 was $16.5 million or $(0.10) per share,
down from net income of $1.9 million, or $0.01 per diluted share, in the previous
quarter. Net loss for the six months ended June 30, 2012 was $14.6 million or
$(0.09) per share compared to a net income of $29.0 million or $0.17 per share
for the six months ended July 2, 2011.
Cash and investments decreased by $32.5 million to $162.4 million in the quarter
due primarily to the stock repurchase of nearly 4.9 million shares for
approximately $25 million.
Non-GAAP
Gross margin for the second quarter was 27.9%, down sequentially from 30.4%.
Gross margin for the six months ended June 30, 2012 was 29.2% down from 40.7% for
the same period in 2011.
Operating expenses for the quarter were $64.3 million, or 36% of revenue, up from
$61.4 million in the prior quarter. Operating expenses for the six months ended
June 30, 2012 was $125.7 million or 32% of revenue.
Net loss for the second quarter of 2012 was $15.0 million, or $(0.09) per share,
down sequentially from net income of $4.1 million or $0.02 per diluted share. Net
loss for the six months ended June 30, 2012 was $10.9 million or $(0.07) per
share compared to a net income of $55.0 million or $0.32 per diluted share for
the six months ended July 2, 2011.
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 third quarter 2012 revenues will be between $195 million and
$205 million and non-GAAP gross margin is expected to be between 30% and 32%.
Third quarter non-GAAP net income per share is expected to be about breakeven.
The Company is 90% booked to the midpoint of revenue guidance.
Additional Information Regarding June 30, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below (in
millions, except for percentage and per share information). Non-GAAP financial
measures are reconciled to the corresponding GAAP financial measures in the
financial statement portion of this press release.
GAAP RESULTS
--------------------------------------------------------------------------------------------------------------------------
Three Months EndedSix Months Ended
------------------------------------------------------------------------
Q2 2012Q1 2012ChangeQ2 2011ChangeQ2 2012Q2 2011Change
vs.vs. Q2vs.
Q12011Q2
20122011
------------------------------------------------------------------------
Revenue$ 178.0$ 216.7(18)%$ 228.8(22)%$ 394.7$ 453.1(13)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Profit$44.9$62.6(28)%$92.1(51)%$ 107.5$ 179.5(40)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Margin %25.2 %28.9 %(3.7)%40.3 %(15.1)%27.2 %39.6 %(12.4)%
----------------------------------------------------------------------------------------
Op (Loss) Income$ (24.4)$(3.6)578 %$21.3(215)%$ (28.0)$41.6(167)%
-- ----- ---- ----- --------------- ------------------ ----- ---- ----------------
Net (Loss) Income$ (16.5)$1.9(968)%$16.6(199)%$ (14.6)$29.0(150)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Diluted per share$ (0.10)$0.01$ (0.11)$0.10$ (0.20)$ (0.09)$0.17$ (0.26)
-- ----- ---- ------- ----- ---- ------- ----- ---- ----- ---- ------- ----- --
NON-GAAP RESULTS A
--------------------------------------------------------------------------------------------------------------------------
Three Months EndedSix Months Ended
------------------------------------------------------------------------
Q2 2012Q1 2012ChangeQ2 2011ChangeQ2 2012Q2 2011Change
vs.vs. Q2vs.
Q12011Q2
20122011
------------------------------------------------------------------------
Revenue$ 178.0$ 216.7(18)%$ 228.8(22)%$ 394.7$ 453.1(13)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Profit$49.7$65.8(24)%$94.8(48)%$ 115.4$ 184.5(37)%
-- ------- ------------------ ------------------ ------- ----------------
Gross Margin %27.9 %30.4 %(2.5)%41.4 %(13.5)%29.2 %40.7 %(11.5)%
----------------------------------------------------------------------------------------
Op (Loss) Income$ (14.7)$4.4(434)%$29.2(150)%$ (10.3)$55.7(118)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Net (Loss) Income$ (15.0)$4.1(466)%$28.9(152)%$ (10.9)$55.0(120)%
-- ----- ---- ------------------ ------------------ ----- ---- ----------------
Diluted per share$ (0.09)$0.02$ (0.11)$0.17$ (0.26)$ (0.07)$0.32$ (0.39)
-- ----- ---- ------- ----- ---- ------- ----- ---- ----- ---- ------- ----- --
AExcludes stock based compensation charges, non-cash tax expense,
certain entries associated with acquisitions, restructuring 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 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 91818717. 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 August 1, 2012.
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 expense, certain entries associated with acquisitions, restructuring charges
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
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:
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
third quarter revenues, non-GAAP gross margin, net income and our bookings to
revenue; expected seasonality in the smartphone market; and revenue growth and
improved financial performance. These forward-looking statements are statements
of management's opinion and are subject to various assumptions, risks,
uncertainties and changes in circumstances. 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. More detailed information about risk factors that may affect
actual results are set forth 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.
TriQuint: Connecting the Digital World to the Global Network(R)
*Other names and brands may be claimed as the property of others
TQNT - F
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2012December 31,
2011
-----------------------------
Assets
Current assets:
Cash and cash equivalents$127,296$116,305
Investments in marketable securities35,10246,006
Accounts receivable, net98,367129,103
Inventories154,760151,577
Prepaid expenses9,5997,051
Deferred tax assets, net11,52611,857
Other current assets47,52735,756
---------------------------------
Total current assets484,177497,655
Property, plant and equipment, net456,303469,943
Goodwill3,3763,376
Intangible assets, net19,57622,732
Deferred tax assets - noncurrent, net58,45148,957
Other noncurrent assets, net32,26412,605
---------------------------------
Total assets$ 1,054,147$ 1,055,268
==== ================ =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$62,537$67,812
Accrued payroll31,25528,519
Other accrued liabilities11,6209,901
---------------------------------
Total current liabilities105,412106,232
Long-term liabilities:
Long-term income tax liability2,619735
Cross-licensing liability13,316--
Other long-term liabilities10,97611,013
---------------------------------
Total liabilities132,323117,980
Stockholders' equity:
Common stock164166
Additional paid-in capital677,584678,412
Accumulated other comprehensive income138140
Retained earnings243,938258,570
---------------------------------
Total stockholders' equity921,824937,288
---------------------------------
Total liabilities and stockholders' equity$ 1,054,147$ 1,055,268
==== ================ =========
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands,
except per share amounts)
Three Months EndedSix Months Ended
------------------------------------------------ -------------------------------
June 30,March 31,July 2,June 30,July 2,
20122012201120122011
-------------------------------------------------------------
Revenues$ 178,002$ 216,730$ 228,785$ 394,732$ 453,108
Cost of goods sold133,064154,141136,643287,205273,572
------------------------------------------------------------
Gross profit44,93862,58992,142107,527179,536
Operating expenses:
Research, development and engineering38,08437,07437,95575,15874,431
Selling, general and administrative27,58825,22225,38652,81050,615
Litigation expense3,6823,8647,5127,54612,911
------------------------------------------------------------
Total operating expenses69,35466,16070,853135,514137,957
Operating (loss) income(24,416)(3,571)21,289(27,987)41,579
Other (expense) income:
Interest income8949106138210
Interest expense(313)(350)(354)(663)(741)
Foreign currency (loss) gain(154)3687(118)31
Gain/recovery of investment46,9533566,957507
Other, net189747126394
------------------------------------------------------------
Other (expense) income, net(185)6,7622666,577101
(Loss) income before income tax(24,601)3,19121,555(21,410)41,680
Income tax (benefit) expense(8,086)1,3084,990(6,778)12,676
----------------------------------------------------------------
Net (loss) income$ (16,515)$1,883$16,565$ (14,632)$29,004
=== ======= ===== ========== ========== ======= ===== =======
Per Share Data:
Basic per share net (loss) income$(0.10)$0.01$0.10$(0.09)$0.18
Diluted per share net (loss) income$(0.10)$0.01$0.10$(0.09)$0.17
Weighted-average shares outstanding:
Basic165,355166,237164,110165,796163,257
Diluted165,355170,566173,518165,796173,222
TriQuint Semiconductor, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(% of revenue)
Three Months EndedSix Months Ended
---------------------------------- ----------------------
June 30,March 31,July 2,June 30,July 2,
20122012201120122011
-------------------------------------------
Revenues100.0 %100.0 %100.0 %100.0 %100.0 %
Cost of goods sold74.8 %71.1 %59.7 %72.8 %60.4 %
----- --------- --------- -------- --------- ---
25.2 %28.9 %40.3 %27.2 %39.6 %
Gross profit
Operating expenses:
Research, development and engineering21.4 %17.1 %16.6 %19.0 %16.4 %
Selling, general and administrative15.4 %11.6 %11.1 %13.4 %11.2 %
Litigation expense2.1 %1.7 %3.3 %1.9 %2.8 %
----- --------- --------- -------- --------- ---
Total operating expenses38.9 %30.4 %31.0 %34.3 %30.4 %
Operating (loss) income(13.7)%(1.5)%9.3 %(7.1)%9.2 %
Other (expense) income:
Interest income0.0 %0.0 %0.1 %0.0 %0.1 %
Interest expense(0.2)%(0.2)%(0.2)%(0.2)%(0.2)%
Foreign currency (loss) gain(0.1)%0.0 %0.0 %(0.0)%0.0 %
Gain/recovery of investment0.0 %3.2 %0.2 %1.8 %0.1 %
Other, net0.2 %0.0 %0.0 %0.1 %0.0 %
----- --------- --------- -------- --------- ---
Other (expense) income, net(0.1)%3.0 %0.1 %1.7 %0.0 %
(Loss) income before income tax(13.8)%1.5 %9.4 %(5.4)%9.2 %
Income tax (benefit) expense(4.5)%0.6 %2.2 %(1.7)%2.8 %
----- --------- --------- -------- --------- ---
Net (loss) income(9.3)%0.9 %7.2 %(3.7)%6.4 %
===== ========= ========= ======== ========= ===
TriQuint Semiconductor, Inc.
SUPPLEMENTAL RECONCILIATION
OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(Dollars in
thousands, except per share amounts)
Three Months EndedSix Months Ended
------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
June 30, 2012March 31, 2012July 2, 2011June 30, 2012July 2, 2011
------------------------- -------------------------------------- -------------------------------------- ------------------------ --------------------------------------
(% of revenues)(% of revenues)(% of revenues)(% of revenues)(% of revenues)
GAAP GROSS PROFIT$44,93825.2 %$62,58928.9 %$92,14240.3 %$ 107,52727.2 %$ 179,53639.6 %
Adjustment for stock based compensation charges1,8231.0 %2,1061.0 %1,5850.7 %3,9291.0 %2,8040.6 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for charges associated with acquisitions1,1260.7 %1,0950.5 %1,0790.4 %2,2210.5 %2,1440.5 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP GROSS PROFIT$49,65027.9 %$65,79030.4 %$94,80641.4 %115,44029.2 %184,48440.7 %
GAAP OPERATING EXPENSES$69,35438.9 %$66,16030.5 %$70,85331.0 %$ 135,51434.3 %$ 137,95730.4 %
Adjustment for stock based compensation charges(5,735)(3.2)%(4,591)(2.1)%(5,716)(2.5)%(10,326)(2.6)%(9,402)(2.1)%
Adjustment for charges associated with acquisitions7140.4 %(202)(0.1)%4730.2 %5120.1 %2570.2 %
----------------- ---------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP OPERATING EXPENSES$64,33336.1 %$61,36728.3 %$65,61028.7 %$ 125,70031.8 %$ 128,81228.4 %
GAAP OPERATING (LOSS) INCOME$ (24,416)(13.7)%$(3,571)(1.6)%$21,2899.3 %$ (27,987)(7.1)%$41,5799.2 %
Adjustment for stock based compensation charges7,5584.2 %6,6973.1 %7,3013.2 %14,2553.6 %12,2062.7 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for charges associated with acquisitions4120.3 %1,2970.6 %6060.3 %1,7090.4 %1,8870.4 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP OPERATING (LOSS) INCOME$ (14,683)(8.2)%$4,4232.1 %$29,19612.8 %$ (10,260)(2.6)%$55,67212.3 %
GAAP NET (LOSS) INCOME$ (16,515)(9.3)%$1,8830.9 %$16,5657.2 %$ (14,632)(3.7)%$29,0046.4 %
Adjustment for stock based compensation charges7,5584.2 %6,6973.1 %7,3013.2 %14,2553.6 %12,2062.7 %
Adjustment for restructuring charges1,7631.0 %---- %---- %1,7630.5 %---- %
Adjustment for gain/recovery of investment(4)0.0 %(6,953)(3.2)%(356)(0.2)%(6,957)(1.8)%(507)(0.1)%
Adjustment for non-cash tax expense(8,238)(4.6)%1,1430.5 %4,7342.1 %(7,095)(1.9)%12,3382.7 %
Adjustment for charges associated with acquisitions4120.3 %1,3230.6 %6280.3 %1,7350.5 %1,9490.4 %
----------------- -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP NET (LOSS) INCOME$ (15,024)(8.4)%$4,0931.9 %$28,87212.6 %$ (10,931)(2.8)%$54,99012.1 %
GAAP DILUTED (LOSS) EARNINGS PER SHARE$(0.10)$0.01$0.10$(0.09)$0.17
Adjustment for stock based compensation charges0.050.040.040.090.07
Adjustment for restructuring charges0.010.000.000.010.00
Adjustment for gain/recovery of investment(0.00)(0.04)(0.00)(0.04)(0.00)
Adjustment for non-cash tax expense(0.05)0.000.03(0.05)0.07
Adjustment for charges associated with acquisitions0.000.010.000.010.01
------------------------------------------------------------------------
NON-GAAP DILUTED (LOSS) EARNINGS PER SHARE$(0.09)$0.02$0.17$(0.07)$0.32
Our earnings release contains forward looking estimates of non-GAAP gross margin
and earnings per share for the third quarter of 2012. We provide these non-GAAP
measures on a prospective basis for the same reasons that we provide them to
investors on a historical basis. The following table provides a reconciliation of
GAAP gross margin and loss per share to non-GAAP gross margin and earnings per
share for the third quarter of 2012 based on the mid-point of guidance.
Forward Looking GAAP Gross Margin29.5 %
Adjustment for stock based compensation charges1.0 %
Adjustment for charges associated with acquisitions0.5 %
------------------------
Forward Looking non-GAAP Gross Margin31.0 %
Forward Looking GAAP Loss per Share$(0.06)
Adjustment for stock based compensation charges0.05
Adjustment for non-cash tax expense--
Adjustment for charges associated with acquisitions0.01
-----------------------
Forward Looking non-GAAP Earnings per Share$ --
SOURCE: TriQuint Semiconductor, Inc.
TriQuint Semiconductor, Inc.
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
steve.buhaly@tqs.com
or
Media Contact:
Director, Marketing Comms
Brandi Frye, +1-503-615-9488
brandi.frye@tqs.com |
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| From: Savant | 9/22/2012 1:17:06 AM | | | | | | TriQuint Introduces Integrated Multi-band, Multi-mode Power Amplifier for
Next-Gen Global 3G / 4G Smartphones
The compact, high-efficiency MMPA simplifies design, speeds time to market and
delivers more user operating time
HILLSBORO, Ore., Sep 20, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, today announced
a new Multi-band, Multi-mode Power Amplifier (MMPA) that simplifies the
increasingly complex RF front-end for next-generation global 3G / 4G smartphones
and other mobile devices. The compact, highly integrated TRIUMF(TM) MMPA achieves
best-in-class power-added efficiency, providing up to 15 percent more browsing
time.
"As LTE networks roll out, next-generation smartphones have to incorporate a
growing number of frequency bands. This means device manufacturers must support
the rapidly growing RF content within very small form factors -- without
compromising performance," explained Shane Smith, Vice President of Global
Marketing for Mobile Devices. "Our customers confirm that our new TRIUMF
TQM7M9053 MMPA is optimized for these demanding applications. This integrated
solution consumes 13 percent less PCB space than discrete components and
simplifies routing to enhance system performance and time to market."
Increasing device complexity is driving demand for integrated RF solutions such
as MMPAs. "Multimode, multiband PAs mark the rise of a new high-growth segment
that will alter the course of the RF components industry," said Christopher
Taylor, an analyst with Strategy Analytics. He predicts that the market for MMPAs
will reach more than $700 million in 2016. "The biggest opportunity for MMPAs is
mid- to high-end smartphones, which use the largest number of bands and modes to
ensure availability of voice and data services when roaming."
TriQuint's new second-generation TRIUMF(TM) MMPA TQM7M9053 is drop-in,
pin-compatible with the company's highly successful TQM7M9023 MMPA, which is
found in some of the world's most sought after smartphones and included on a
leading chipset supplier's reference design. TriQuint's new TQM7M9053 offers
higher efficiency at a lower cost, which already has resulted in several
smartphone design wins.
The versatile 5 x 7.5mm TQM7M9053 is a fully matched MMPA that offers quad-band
GSM/EDGE and WCDMA/LTE bands 1, 2, 5 and 8 to support the 3G/4G market in North
America, Europe and Asia. The company's family of TRIUMF(TM) MMPAs combines with
TriQuint's SAW and BAW filters to deliver a complete RF front-end solution for
smartphones and other mobile devices.
The TQM7M9053 TRIUMF(TM) MMPA is shipping now. For more information, contact
TriQuint's distributors, resellers or local and field sales representatives, or
visit triquint.com.
FORWARD-LOOKING STATEMENTS
This TriQuint Semiconductor, Inc. (TQNT) press release contains forward-looking
statements made pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned that forward-looking
statements involve risks and uncertainties. The cautionary statements made in
this press release should be read as being applicable to all related statements
wherever they appear. Statements containing such words as 'best-in-class',
'less', 'more' or similar terms are considered to contain uncertainty and are
forward-looking statements. A number of factors affect TriQuint's operating
results and could cause its actual future results to differ materially from any
results indicated in this press release or in any other forward-looking
statements made by, or on behalf of, TriQuint including, but not limited to:
those associated with the unpredictability and volatility of customer acceptance
of and demand for our products and technologies, the ability of our production
facilities and those of our vendors to meet demand, the ability of our production
facilities and those of our vendors to produce products with yields sufficient to
maintain profitability, as well as the other "Risk Factors" set forth in
TriQuint's most recent 10-Q report filed with the Securities and Exchange
Commission. This and other reports can be found on the SEC web site,
sec.gov. A reader of this release should understand that these and
other risks could cause actual results to differ materially from expectations
expressed / implied in forward-looking statements.
FACTS ABOUT TRIQUINT
Founded in 1985, TriQuint Semiconductor (TQNT) is a leading global provider of
innovative RF solutions and foundry services 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.
TriQuint: Connecting the Digital World to the Global Network(R)
Photos/Multimedia Gallery Available:
businesswire.com
SOURCE: TriQuint Semiconductor, Inc.
TriQuint Semiconductor, Inc.
Brandi Frye, +1-503-615-9488
Director, Marketing Comms
brandi.frye@tqs.com |
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