| 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 |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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. |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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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) |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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 |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| 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 |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 1/3/2013 3:22:39 PM | | | | | | TriQuint's High-Performance Filters Capture 4G Smartphone Design Wins in
Fast-Growing Market
Advanced acoustic wave technology delivers superior filter performance for
multiband smartphones
HILLSBORO, Ore., Dec 11, 2012 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc.
(TQNT), a leading RF solutions supplier and technology innovator, has gained
design wins for its new high-performance acoustic wave filters in sought-after 4G
smartphones from manufacturers including Samsung, LG, HTC and Motorola Mobility.
Now shipping in volume, the new filters leverage the company's broad technology
portfolio to deliver the superior filter performance required for the most
challenging LTE frequency bands.
LTE deployments are driving demand for high-performance filters in today's
multiband smartphones. High-end smartphones house a growing number of cellular
and Wi-Fi bands to support 2G/3G/4G voice and data services, as well as global
roaming. In addition, the global spectrum crunch is leading governments around
the world to squeeze new bands for 4G wireless services next to pre-existing
bands, often with minimal guard bands. Advanced filter technology is needed to
mitigate the resulting interference issues.
"Our customers count on TriQuint to solve their toughest filtering challenges,"
said Tim Dunn, Vice President of Mobile Devices. "We've achieved significant
advancements in acoustic wave technology, thanks to three decades of filter
innovation and our extensive manufacturing expertise. We're one of the very few
high-volume suppliers that can meet the demanding performance requirements for
the most stringent LTE filter bands. In the years ahead, deployments of
next-generation LTE Advanced will spur even more demand for TriQuint's
high-performance filters to reap the benefits of carrier aggregation."
Filters, duplexers and switches already account for nearly half of the total $6.4
billion RF market*. As LTE networks continue to deploy, passive content in
smartphones, tablets and other mobile devices will continue to grow. "TriQuint is
well positioned to win more business in this important market segment -- with our
technology leadership, unmatched integration expertise, chipset reference designs
and continuing investments in capacity," Dunn stated. TriQuint increased
manufacturing capacity by 40 percent in 2011 to support customer demand for its
growing mobile device portfolio.
Exploding Demand for Smartphone Filters
"The market for RF duplexers alone will reach $2.5 billion in 2016," said
Yoshiyasu Andoh, president of market research firm Navian. "The wide use of WCDMA
and increasing number of LTE bands is driving demand for duplexers at a
significant rate. As RF complexity increases, we expect to see further
integration of passives components such as filters and duplexers with active
components like power amplifiers and switches."
High-Performance 4G Filtering
The demand for high-performance filters is exploding as LTE networks deploy and
Wi-Fi becomes ubiquitous. New 4G frequency bands are usually assigned next to
pre-existing bands for Wi-Fi and Bluetooth services, often with minimal guard
bands. TriQuint's bulk acoustic wave (BAW) and temperature-compensated (TC-SAW)
technologies are instrumental in enabling simultaneous voice and data for 4G
smartphones that operate on many different frequency bands, often in multiple
regions of the world. Since 2006, TriQuint has shipped more than 2 billion SAW
filters and nearly 1 billion BAW filters.*
Besides mobile devices, TriQuint innovations in SAW, TC-SAW and BAW devices have
become the bedrock of the world's most advanced radar and communications systems,
through R&D with partners like the Defense Advanced Research Projects Agency
(DARPA). TriQuint is the only high-volume RF supplier that offers all three
filter technologies, either as stand-alone devices or integrated modules. By
combining active and passive components into tiny modules, TriQuint uses
innovations like CuFlip(TM) and its new wafer level packaging (WLP) process to
deliver size, cost and performance advantages.
TC-SAW and BAW: Enabling 4G Smartphones
SAW filters are well suited for most frequencies up through 1.9 GHz, such as
standard GSM, CDMA, and 3G bands. Some new 3G and 4G WCDMA duplexers and filters
are best served by TC-SAW, which reduces temperature drift for more challenging
specifications. For example, TriQuint uses TC-SAW to support Band 13, Band 20 and
Band 26 duplexers.
BAW is ideal for many of the new LTE bands above 1.9 GHz, delivering superior
performance with lower insertion loss, steeper slopes and excellent rejection.
BAW excels in applications where the uplink and downlink separation is minimal
and when attenuation is required in tightly-packed adjacent bands. TriQuint
harnesses the advantages of BAW technology to serve the following bands: Band 3,
Band 7, Band 25, Band 38, Band 40 and Band 41, as well as Wi-Fi co-existence
filters.
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 'leading', 'unmatched',
'smallest', 'high performance', 'superior performance', 'best in class', 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 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)
*Based on internal company estimates
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 |
| | Triquint Semiconductor (TQNT) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 2/7/2013 12:03:04 PM | | | | | | TriQuint Announces Fourth Quarter and Full Year 2012 Results
HILLSBORO, Ore., Feb 06, 2013 (BUSINESS WIRE) -- TriQuint Semiconductor, Inc
(TQNT), a leading RF solutions supplier and technology innovator, announces its
financial results for the quarter and year ended December 31, 2012, including the
following highlights:
-- Revenue for the quarter was $233.6 million, up 16% from Q3 2012
-- Mobile Devices market revenue grew 19% sequentially from Q3 2012
-- Strong demand for 5GHz WLAN drove 66% sequential growth in connectivity in
smartphones
-- Ramping high-performance LTE filters for Samsung, LG, HTC and Motorola
Mobility smartphones
-- Record Optical sales in 2012 fueled by industry leading 40/100G modulator
drivers
-- VSAT revenue up 40% sequentially with production launch of major Ka band
program
-- Set industry record for gallium nitride (GaN) reliability performance
Commenting on the Company's financial results, Ralph Quinsey, President and Chief
Executive Officer, stated "TriQuint's revenue for Q4 was $233.6 million and
non-GAAP earnings per share was $0.04, both above our guidance. We are continuing
to expand capacity for high performance filters in anticipation of stronger
demand in the second half of 2013 and beyond. I believe these investments will
lead to improved financial results for the company."
Summary Financial Results for the Quarter and Year Ended December 31, 2012:
Revenue for the fourth quarter of 2012 was $233.6 million, up 3% from the fourth
quarter of 2011 and up 16% sequentially. Mobile Devices revenue grew 19%,
Networks revenue grew 1% and Defense & Aerospace grew 36%, in each case,
sequentially. Revenue for 2012 was $829.2 million, down 7% from 2011 due to a
decrease in Mobile Devices revenue.
GAAP
Gross margin for the fourth quarter of 2012 was 29.3%, down from 30.7% in the
prior quarter. Gross margin for the year ended December 31, 2012 was 28.7%, down
from 35.9% for 2011. Lower factory utilization drove the year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $72.0 million, or 31% of
revenue, up from $67.1 million in the prior quarter. Operating expenses for 2012
were $274.7 million, up from $262.9 million in 2011. The increase in the fourth
quarter and for 2012 was due to higher engineering expenses.
Net loss for the fourth quarter of 2012 was $3.8 million, or $(0.02) per diluted
share. Net loss for 2012 was $26.2 million or $(0.16) per diluted share.
Non-GAAP
Gross margin for the fourth quarter of 2012 was 31.7%, down from 32.5% in the
prior quarter. Gross margin for 2012 was 30.7%, down from 37.2% for 2011. Lower
factory utilization drove the year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $66.6 million or 29% of
revenue, up $4.6 million from the prior quarter. Operating expenses for 2012 were
$254.4 million or 31% of revenue, up from $244.4 million in 2011. The increase in
the fourth quarter and for 2012 was due to higher engineering expenses.
Net income for the fourth quarter of 2012 was $6.2 million, or $0.04 per diluted
share. Net loss for 2012 was $2.2 million, or $(0.01) 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 first quarter 2013 revenue will be between $180 million and
$190 million. First quarter 2013 non-GAAP net loss is expected to be between
$0.12 and $0.14 per share. The Company is 98% booked to the midpoint of revenue
guidance.
Additional Information Regarding December 31, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below (in
millions, except for percentage and per share information). Non-GAAP financial
measures are reconciled to the corresponding GAAP financial measures in the
financial statement portion of this press release.
GAAP RESULTS
----------------------------------------------------------------------------------------------------------------------
Three Months EndedYear Ended
-----------------------------------------------------------------------
Q4 2012Q3 2012ChangeQ4 2011Change20122011Change
vs. Q3vs. Q4vs. 2011
20122011
-----------------------------------------------------------------------
Revenue$ 233.6$ 200.816 %$ 227.03 %$ 829.2$ 896.1(7)%
-- ------- ----------------- ------------------ ------- ----------------
Gross Profit$68.5$61.611 %$67.02 %$ 237.6$ 321.9(26)%
------- ----------------- ------------------ ------- ----------------
Gross Margin %29.3 %30.7 %(1.4)%29.5 %(0.2)%28.7 %35.9 %(7.2)%
---------------------------------------------------------------------------------------
Op (loss)/Inc$(3.6)$(5.5)(35)%$5.4(167)%$ (37.1)$59.0(163)%
-- ----- ---- ----- -------------- ------------------ ----- ---- ----------------
Net (loss)/Inc$(3.8)$ (11.2)(66)%$4.3(188)%$ (26.2)$48.2(154)%
-- ----- ---- ----- -------------- ------------------ ----- ---- ----------------
Diluted EPS$ (0.02)$ (0.07)$ 0.05$0.03$ (0.05)$ (0.16)$0.28$ (0.44)
---------------- ----- ---- ----- ---- ------ ------- ----- ---- ----- ---- ------- ----- --
NON-GAAP RESULTS A
-------------------------------------------------------------------------------------
Three Months EndedYear Ended
-----------------------------------------------------------------------
Q4 2012Q3 2012ChangeQ4 2011Change20122011Change
vs. Q3vs. Q4vs. 2011
20122011
-----------------------------------------------------------------------
Revenue$ 233.6$ 200.816 %$ 227.03 %$ 829.2$ 896.1(7)%
-- ------- ----------------- ------------------ ------- ----------------
Gross Profit$74.1$65.313 %$70.35 %$ 254.9$ 333.2(23)%
-- ------- ----------------- ------------------ ------- ----------------
Gross Margin %31.7 %32.5 %(0.8)%31.0 %0.7 %30.7 %37.2 %(6.5)%
---------------------------------------------------------------------------------------
Op Income$7.5$3.3127 %$13.4(44)%$0.5$88.7(99)%
-- ------- ----------------- ------------------ ------- ----------------
Net Income$6.2$2.5148 %$13.3(53)%$(2.2)$87.3(103)%
-- ------- ----------------- ------------------ ----- ---- ----------------
Diluted EPS$0.04$0.02$ 0.02$0.08$ (0.04)$ (0.01)$0.51$ (0.52)
---------------- ------- ------- ------ ------- ----- ---- ----- ---- ------- ----- --
AExcludes stock based compensation charges, non-cash tax (benefit)
expense, certain charges associated with acquisitions, and other
specifically identified non-routine transactions.
Conference Call:
TriQuint will host a conference call this afternoon at 1:30 p.m. PST to discuss
the results for the quarter as well as our future expectations for the Company.
To access the conference call, please dial (888) 813-6582 domestically, or (706)
643-7082 internationally, approximately ten minutes prior to the beginning of the
call, using passcode 88651773. 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 February 13, 2013.
Non-GAAP Financial Measures:
This press release provides financial measures for non-GAAP net income, diluted
earnings per share, gross profit, gross margin, operating expenses and operating
income that exclude equity compensation expense, non-cash tax (benefit) expense,
certain charges associated with acquisitions, and other specifically identified
non-routine items, and are therefore not calculated in accordance with accounting
principles generally accepted in the United States ("GAAP"). The non-cash tax
(benefit) expense includes certain deferred tax charges and benefits that do not
result in a tax payment or tax refund. Management believes that these non-GAAP
financial measures provide meaningful supplemental information regarding our
performance that enhances management's and investors' ability to evaluate
TriQuint's operating results.
These non-GAAP financial measures are not intended to be used in isolation and
should not be considered a substitute for any other performance measure
determined in accordance with GAAP. Investors and potential investors are
cautioned that there are material limitations associated with the use of non-GAAP
financial measures as an analytical tool, including that other companies may
calculate similar non-GAAP financial measures differently than we do, limiting
their usefulness as a comparative tool. The Company compensates for these
limitations by providing specific information regarding the GAAP amount excluded
from the non-GAAP financial measures. The Company further compensates for the
limitations of our use of non-GAAP financial measures by presenting comparable
GAAP measures more prominently. Investors and potential investors are encouraged
to review the reconciliation of non-GAAP financial measures contained within this
press release with our GAAP net income and net income per share.
Forward-Looking Statements:
This press release contains forward-looking statements made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements regarding TriQuint's anticipated
revenues and non-GAAP net income per share, and strong demand in the second half
of 2013 and beyond. Actual results may vary materially from those expressed or
implied in the statements herein or from historical results, due to changes in
economic, business, competitive, technological and/or regulatory factors,
including TriQuint's performance; demand for TriQuint's products; TriQuint's
ability to develop new products, improve yields, maintain product pricing and
reduce costs; the impact on our costs and customers of product reliability and
scrap levels; TriQuint's ability to win customers, increase market share and
continue to provide expected levels of inventory to customers; inventory levels
in TriQuint's markets and market conditions. Additional considerations and
important risk factors are described in TriQuint's reports on Form 10-K and 10-Q
and other filings with the Securities and Exchange Commission. These reports can
be accessed at the SEC web site, sec.gov. Except as required by law,
TriQuint undertakes no obligation to revise or publicly release the results of
any revision to these forward-looking statements.
A reader of this release should understand that it is not possible to predict or
identify all risk factors and should not consider the risk factors described in
TriQuint's filings with the Securities and Exchange Commission to be a complete
statement of all potential risks and uncertainties.
Facts About TriQuint
Founded in 1981, 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: Reach Further, Reach Faster(TM)
TQNT-F
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31,December 31,
20122011
---------------------------------
Assets
Current assets:
Cash and cash equivalents$116,653$116,305
Investments in marketable securities22,30546,006
Accounts receivable, net132,729129,103
Inventories138,246151,577
Prepaid expenses8,9387,051
Deferred tax assets, net12,53011,857
Other current assets48,38235,756
---------------------------------
Total current assets479,783497,655
Property, plant and equipment, net448,741469,943
Goodwill4,3913,376
Intangible assets, net23,16322,732
Deferred tax assets - noncurrent, net57,18548,957
Other noncurrent assets, net40,41512,605
---------------------------------
Total assets$ 1,053,678$ 1,055,268
==== ================ =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$65,388$67,812
Accrued payroll33,25428,519
Other accrued liabilities15,1329,901
---------------------------------
Total current liabilities113,774106,232
Long-term liabilities:
Long-term income tax liability2,809735
Cross-licensing liability12,818--
Other long-term liabilities15,87811,013
---------------------------------
Total liabilities145,279117,980
Stockholders' equity:
Common stock161166
Additional paid-in capital676,203678,412
Accumulated other comprehensive income(366)140
Retained earnings232,401258,570
---------------------------------
Total stockholders' equity908,399937,288
---------------------------------
Total liabilities and stockholders' equity$ 1,053,678$ 1,055,268
==== ================ =========
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months EndedYear Ended
-------------------------------------------------------------- -------------------------------------
December 31,September 29,December 31,December 31,December 31,
20122012201120122011
---------------------------------------------------------------------------------
Revenues$ 233,621$ 200,821$ 226,987$ 829,174$ 896,083
Cost of goods sold165,165139,208159,948591,578574,152
-----------------------------------------------------------------------
Gross profit68,45661,61367,039237,596321,931
Operating expenses:
Research, development and engineering44,45340,87135,992160,483146,902
Selling, general and administrative27,56926,26423,364106,64296,779
Litigation expense----2,2567,54719,224
-----------------------------------------------------------------------
Total operating expenses72,02267,13561,612274,672262,905
Operating (loss) income(3,566)(5,522)5,427(37,076)59,026
Other (expense) income:
Interest income455844241293
Interest expense(784)(666)(460)(2,112)(1,567)
Recovery of investment----4956,9571,363
Other, net(53)2335116(143)
-------------------------------------------------------------------------------
Other (expense) income, net(792)(585)1145,202(54)
(Loss) income before income tax(4,358)(6,107)5,541(31,874)58,972
Income tax (benefit) expense(602)5,1391,232(5,705)10,822
-------------------------------------------------------------------------------
Net (loss) income$(3,756)$ (11,246)$4,309$ (26,169)$48,150
======= ======= =========== ======= ======== =========== ======= ======== =======
.
Per Share Data
Basic per share net (loss) income$(0.02)$(0.07)$0.03$(0.16)$0.29
Diluted per share net (loss) income$(0.02)$(0.07)$0.03$(0.16)$0.28
Weighted-average shares outstanding:
Basic162,083163,838165,711164,366164,256
Diluted162,083163,838168,753164,366172,510
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(% of revenue)
Three Months EndedYear Ended
---------------------------------------------------------------------------
December 31,September 29,December 31,December 31,December 31,
20122012201120122011
----------------------------------------------------------------------------
Revenues100.0 %100.0 %100.0 %100.0 %100.0 %
Cost of goods sold70.7 %69.3 %70.5 %71.3 %64.1 %
-------------- -------------------- ------------ ------------ ------------ ------
Gross profit29.3 %30.7 %29.5 %28.7 %35.9 %
Operating expenses:
Research, development and engineering19.0 %20.3 %15.9 %19.4 %16.4 %
Selling, general and administrative11.8 %13.1 %10.3 %12.9 %10.8 %
Litigation expense----0.9 %0.9 %2.1 %
---------------------------------- ------------ ------------ ------
Total operating expenses30.8 %33.4 %27.1 %33.2 %29.3 %
Operating (loss) income(1.5)%(2.7)%2.4 %(4.5)%6.6 %
Other income (expense):
Interest income0.0 %0.0 %0.0 %0.1 %0.0 %
Interest expense(0.3)%(0.3)%(0.2)%(0.2)%(0.2)%
Recovery of investment----0.2 %0.8 %0.2 %
Other, net(0.1)%0.0 %0.0 %0.0 %0.0 %
-------------- -------------------- ------------ ------------ ------------ ------
Other (expense) income, net(0.4)%(0.3)%0.0 %0.7 %(0.0)%
(Loss) income before income tax(1.9)%(3.0)%2.4 %(3.8)%6.6 %
Income tax (benefit) expense(0.3)%2.6 %0.5 %(0.6)%1.2 %
-------------- -------------------- ------------ ------------ ------------ ------
Net (loss) income(1.6)%(5.6)%1.9 %(3.2)%5.4 %
============== ==================== ============ ============ ============ ======
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts and percentages)
Three Months EndedYear Ended
-------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
December 31,September 29,December 31,December 31,December 31,
20122012201120122011
-------------------------------------------------------------------------------------------------------------------------------------------------------
(% of revenues)(% of revenues)(% of revenues)(% of revenues)(% of revenues)
GAAP GROSS PROFIT$68,45629.3 %$61,61330.7 %$67,03929.5 %$ 237,59628.7 %$ 321,93135.9 %
Adjustment for stock based compensation charges2,5441.1 %2,5491.3 %2,2071.0 %9,0211.1 %6,9180.8 %
Adjustment for restructuring charges------------1,7630.2 %----
Adjustment for accelerated depreciation of certain machinery and2,0180.9 %--------2,0180.2 %----
equipment
Adjustment for charges associated with acquisitions1,1260.4 %1,1850.5 %1,0790.5 %4,5310.5 %4,3030.5 %
------------------------------ -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP GROSS PROFIT$74,14431.7 %$65,34732.5 %$70,32531.0 %$ 254,92930.7 %$ 333,15237.2 %
GAAP OPERATING EXPENSES$72,02230.8 %$67,13533.4 %$61,61227.1 %$ 274,67233.2 %$ 262,90529.3 %
Adjustment for stock based compensation charges(5,062)(2.2)%(4,815)(2.4)%(4,532)(2.0)%(20,204)(2.5)%(18,164)(2.0)%
Adjustment for charges associated with acquisitions(312)(0.1)%(257)(0.1)%(202)(0.1)%(56)(0.1)%(326)--
------------------- -------------- --------------------- -------------- --------------------- -------------- ----------------- ---- --------------------- --------------
NON-GAAP OPERATING EXPENSES$66,64828.5 %$62,06330.9 %$56,87825.0 %$ 254,41230.6 %$ 244,41527.3 %
GAAP OPERATING (LOSS) INCOME$(3,566)(1.5)%$(5,522)(2.7)%$5,4272.4 %$ (37,076)(4.5)%$59,0266.6 %
Adjustment for stock based compensation charges7,6063.3 %7,3643.7 %6,7393.0 %29,2253.6 %25,0822.8 %
Adjustment for restructuring charges------------1,7630.2 %----
Adjustment for accelerated depreciation of certain machinery and2,0180.9 %--------2,0180.2 %----
equipment
Adjustment for charges associated with acquisitions1,4380.5 %1,4420.6 %1,2810.6 %4,5870.6 %4,6290.5 %
------------------------------ -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP OPERATING INCOME$7,4963.2 %$3,2841.6 %$13,4476.0 %$5170.1 %$88,7379.9 %
GAAP NET (LOSS) INCOME$(3,756)(1.6)%$ (11,246)(5.6)%$4,3091.9 %$ (26,169)(3.2)%$48,1505.4 %
Adjustment for stock based compensation charges7,6063.3 %7,3643.7 %6,7393.0 %29,2253.6 %25,0822.8 %
Adjustment for restructuring charges------------1,7630.2 %----
Adjustment for accelerated depreciation of certain machinery and2,0180.9 %--------2,0180.2 %----
equipment
Adjustment for recovery of investment--------(495)(0.2)%(6,957)(0.9)%(1,363)(0.2)%
Adjustment for non-cash tax (benefit) expense(1,196)(0.5)%4,9552.6 %1,3070.5 %(6,801)(0.8)%10,5521.2 %
Adjustment for charges associated with acquisitions1,5400.6 %1,4420.6 %1,4020.6 %4,7150.6 %4,8330.5 %
------------------------------ -------------------------------- -------------------------------- ------------------ -------------------------------- --
NON-GAAP NET INCOME (LOSS)$6,2122.7 %$2,5151.3 %$13,2625.8 %$(2,206)(0.3)%$87,2549.7 %
GAAP DILUTED (LOSS) EARNINGS PER SHARE$(0.02)$(0.07)$0.03$(0.16)$0.28
Adjustment for stock based compensation charges0.050.040.040.180.15
Adjustment for restructuring charges------0.01--
Adjustment for accelerated depreciation of certain machinery and0.01----0.01--
equipment
Adjustment for recovery of investment----0.00(0.04)(0.01)
Adjustment for non-cash tax (benefit) expense(0.01)0.040.00(0.04)0.06
Adjustment for charges associated with acquisitions0.010.010.010.030.03
----------------------------------------------------------------------------
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE$0.04$0.02$0.08$(0.01)$0.51
Our earnings release contains forward looking estimates of non-GAAP diluted
earnings per share for the first quarter of 2013. We provide these non-GAAP
measures on a prospective basis for the same reasons that we provide them to
investors on a historical basis. The following table provides a reconciliation of
GAAP diluted earnings per share to non-GAAP diluted earnings per share for Q1
2013 based on the mid-point of guidance.
Forward Looking GAAP Loss per Share$ (0.10)
Adjustment for stock based compensation charges0.05
Adjustment for non-cash tax (benefit) expense(0.09)
Adjustment for charges associated with acquisitions0.01
---------
Forward Looking non-GAAP Diluted Loss per Share$ (0.13)
cts.businesswire.com
SOURCE: TriQuint Semiconductor, Inc.
TriQuint Semiconductor, Inc
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
sbuhaly@tqs.com
or
Media Contact:
TriQuint Semiconductor, Inc.
Sr Director, Marketing Comms
Brandi Frye, +1-503-615-9488
bfrye@tqs.com |
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| To: Savant who wrote (955) | 4/25/2013 2:13:55 PM | | From: Savant | | | | TriQuint Announces First Quarter 2013 Results
HILLSBORO, Ore.--(BUSINESS WIRE)--April 24, 2013-- TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended March 30, 2013, including the following highlights: -- Revenue for the quarter was $184.2 million
-- GAAP net loss for the quarter was $27.9 million, or $(0.17) per share
-- Non-GAAP net loss for the quarter was $27.2 million, or $(0.17) per share
-- Received the 2013 CS Industry Award for GaN thermal management
breakthroughs
-- Released 5 new Transimpedance Amplifiers for Optical market
-- Launched premium TC-SAW and BAW filters to support 4G and Wi-Fi
Coexistence
-- Healthy design win traction with highly efficient MMPAs at major OEMs Commenting on the results for the quarter ended March 30, 2013, Ralph Quinsey, President and Chief Executive Officer, stated, "Q1 results, while disappointing, should be our low quarter for 2013. We have healthy design win traction and I expect strong second half revenue will improve utilization and push us back into profitability for the full year. We are well positioned in each of our markets to regain growth and margin momentum." Summary Financial Results for the Three Months Ended March 30, 2013: Revenue for the first quarter of 2013 was $184.2 million, down 15% from the first quarter of 2012 and down 21% sequentially. Mobile Device market revenue declined 30%, Networks grew 2% and Defense was down 16%, in each case sequentially. GAAP Gross margin for the first quarter of 2013 was 21.0%, down sequentially from 29.3% in the fourth quarter of 2012 and down 28.9% from the first quarter of 2012 due to lower revenue and about $5 million in charges from a now resolved quality issue. Operating expenses for the first quarter of 2013 were $73.3 million, or 40% of revenue, up from $72.0 million in the previous quarter and $66.2 million for the same period in 2012. Increased R&D spending drove the change. Net loss for the first quarter of 2013 was $27.9 million or $(0.17) per share, compared with a net loss of $3.8 million, or $(0.02) per share, in the previous quarter and net income of $1.9 million or $0.01 per diluted share for the three months ended March 31, 2012. Cash and investments increased by $2.2 million to $141.1 million in the quarter. Non-GAAP Gross margin for the first quarter was 22.8%, down sequentially from 31.7% and down from 30.4% for the same period in 2012. Lower revenue and about $5 million in charges from a now resolved quality issue drove the decline. Operating expenses for the quarter were $68.0 million, up $1.4 million sequentially. Increased R&D spending drove the change. Net loss for the first quarter of 2013 was $27.2 million, or $(0.17) per share, down sequentially from net income of $6.2 million or $0.04 per diluted share, and down from net income of $4.1 million or $0.02 per diluted share for the three months ended March 31, 2012. Please see the discussion of non-GAAP financial measures below and the attached supplemental schedule for a reconciliation of GAAP to non-GAAP financial measures. Outlook: The Company believes second quarter 2013 revenue will be between $185 million and $190 million. Non-GAAP gross margin is expected to be between 27% and 29% with higher factory utilization and the absence of the first quarter quality issue driving the expected sequential improvement. Second quarter non-GAAP net loss per share is expected to be between $(0.10) and $(0.12) per share. The Company is 92% booked to the midpoint of revenue guidance. Additional Information regarding March 30, 2013 Results: GAAP and non-GAAP financial measures are presented in the tables below (in millions, except for percentage and per share information). Non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.
GAAP RESULTS
--------------------------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------------
Change Change
vs. vs.
Q1 2013 Q4 2012 Q4 2012 Q1 2012 Q1 2012
------------ ------------ ------------ ------------ ------------
Revenue $184.2 $233.6 (21)% $216.7 (15)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Profit $ 38.8 $ 68.5 (43)% $ 62.6 (38)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Margin % 21.0% 29.3% (8.3)% 28.9% (7.9)%
------ --- ------ --- ------ ------ --- ------
Operating
Loss $(34.5) $ (3.6) (858)% $ (3.6) (858)%
----- --- ----- --- ------ ----- --- ------
Net (Loss)
Income $(27.9) $ (3.8) (634)% $ 1.9 (1,568)%
----- --- ----- --- ------ ----- ---- ------
Diluted
per
share $(0.17) $(0.02) $(0.15) $ 0.01 $(0.18)
----- --- ----- --- ----- --- ----- ---- ----- ---
NON-GAAP RESULTS (A)
--------------------------------------------------------------------------------
Three Months Ended
--------------------------------------------------------------------
Change Change
vs. vs.
Q1 2013 Q4 2012 Q4 2012 Q1 2012 Q1 2012
------------ ------------ ------------ ------------ ------------
Revenue $184.2 $233.6 (21)% $216.7 (15)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Profit $ 42.0 $ 74.1 (43)% $ 65.8 (36)%
----- ---- ----- ---- ------ ----- ---- ------
Gross
Margin % 22.8% 31.7% (8.9)% 30.4% (7.6)%
------ --- ------ --- ------ ------ --- ------
Op (Loss)
Income $(26.0) $ 7.5 (447)% $ 4.4 (691)%
----- --- ----- ---- ------ ----- ---- ------
Net (Loss)
Income $(27.2) $ 6.2 (539)% $ 4.1 (763)%
----- --- ----- ---- ------ ----- ---- ------
Diluted
per
share $(0.17) $ 0.04 $(0.21) $ 0.02 $(0.19)
----- --- ----- ---- ----- --- ----- ---- ----- ---
A Excludes stock based compensation charges, non-cash tax (benefit)
expense, certain entries associated with acquisitions and other
specifically identified non-routine transactions.
Conference Call: TriQuint will host a conference call this afternoon at 1:30 p.m. PDT to discuss the results for the quarter and our future expectations for the company. To access the conference call, please dial (888) 813-6582 domestically, or (706) 643-7082 internationally, approximately ten minutes prior to the beginning of the call, using passcode 24313821. The call can also be heard via webcast accessed through the "Investors" section of TriQuint's web site at: invest.triquint.com. A replay of the conference call will be available until May 1, 2013. Non-GAAP Financial Measures: This press release provides financial measures for non-GAAP net income (loss), diluted earnings (loss) per share, gross profit, gross margin, operating expenses and operating income (loss) that exclude equity compensation expense, non-cash tax (benefit) expense, certain entries associated with acquisitions and other specifically identified non-routine items, and are therefore not calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). The charges associated with acquisitions reflect the amortization of intangible and tangible assets recorded in connection with acquisition accounting and charged to the income statement. The non-cash tax (benefit) expense excludes certain deferred tax charges and benefits that do not result in a tax payment or tax refund. Management believes that these non-GAAP financial measures provide meaningful supplemental information that enhances management's and investors' ability to evaluate TriQuint's operating results. These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for any other performance measure determined in accordance with GAAP. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, including that other companies may calculate similar non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool. The company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net income and net income per share. Forward-Looking Statements: |
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| From: Savant | 5/1/2013 12:24:25 AM | | | | | | TriQuint Achieves Breakthrough GaN-on-Diamond Results
Enables high performance, low heat operation, significantly smaller transistors HILLSBORO, Ore. & RICHARDSON, Texas--(BUSINESS WIRE)--April 30, 2013-- TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, today announced that it has produced the industry's first gallium nitride (GaN) transistors using GaN-on-diamond wafers that substantially reduce semiconductor temperatures while maintaining high RF performance. TriQuint's breakthrough technology enables new generations of RF amplifiers up to three times smaller or up to three times the power of today's GaN solutions. TriQuint received a Compound Semiconductor Industry Award in March commending its new GaN-on-diamond achievements. TriQuint's James L. Klein, Vice President and General Manager for Infrastructure and Defense Products, remarked that unlocking the true potential of high-efficiency GaN circuits will depend on achievements like those of TriQuint's advanced research and development program. Operating temperature largely determines high performance semiconductor reliability. It's especially critical for GaN devices that are capable of very high power densities. "By increasing the thermal conductivity and reducing device temperature, we are enabling new generations of GaN devices that may be much smaller than today's products. This gives significant RF design and operational benefits for our commercial and defense customers," he said. TriQuint demonstrated its new GaN-on-diamond, high electron mobility transistors (HEMT) in conjunction with partners at the University of Bristol, Group4 Labs and Lockheed Martin under the Defense Advanced Research Projects Agency's (DARPA) Near Junction Thermal Transport (NJTT) program. NJTT is the first initiative in DARPA's new 'Embedded Cooling' program that includes the ICECool Fundamentals and ICECool Applications research and development engagements. NJTT focuses on device thermal resistance 'near the junction' of the transistor. Thermal resistance inside device structures can be responsible for more than 50% of normal operational temperature increases. TriQuint research has shown that GaN RF devices can operate at a much higher power density and in smaller sizes, through its highly effective thermal management techniques. TriQuint's New GaN Achievement in Detail TriQuint's breakthrough involves the successful transfer of a semiconductor epitaxial overlay onto a synthetic diamond substrate, providing a high thermal conductivity and low thermal boundary resistance, while preserving critical GaN crystalline layers. This achievement is the first to demonstrate the feasibility of GaN-on-diamond HEMT devices. Results to date indicate TriQuint achieved the primary NJTT goal of a three-fold improvement in heat dissipation while preserving RF functionality; this achievement supports reducing power amplifier size or increasing output power by a factor of three. Additional fabrication improvements and extensive device testing are underway to optimize the epitaxial layer transfer process and fully characterize enhancements that can be achieved in these new HEMT devices.
TriQuint Gallium Nitride Product Innovation, Honors and Resources
Heritage Leader in defense and commercial GaN research since
1999
--------------------- -------------------------------------------------------
Research Leader in performance and reliability GaN development
--------------------- -------------------------------------------------------
University Partners Massachusetts Institute of Technology, University of
Notre Dame, University of Colorado at Boulder, and
University of Bristol
--------------------- -------------------------------------------------------
The Global GaN Impact Strategy Analytics recognizes TriQuint's GaN R&D / GaN
Product Innovation
--------------------- -------------------------------------------------------
Active R&D programs DARPA 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 Honors 2013 CS Industry Award for DARPA NJTT program; 2012 CS
Industry Award for DARPA MPC program; 2011 CS Industry
Award for DARPA NEXT
--------------------- -------------------------------------------------------
GaN Products Wide selection of innovative GaN amplifiers,
transistors and switches
--------------------- -------------------------------------------------------
GaN Foundry 0.25-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 www.triquint.com/defense, or register to receive product updates and TriQuint's newsletter. FORWARD-LOOKING STATEMENTS This TriQuint Semiconductor, Inc. (NASDAQ: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 'leading', 'exceptional', 'high efficiency', 'key role', 'leading supplier', 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, www.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 (NASDAQ: 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 www.triquint.com. TriQuint: Reach Further, Reach Faster(TM) Distribution Statement "A" (Approved for Public Release, Distribution Unlimited)
CONTACT: TriQuint Semiconductor, Inc. Media Contact: Strategic Marketing Communications Mgr. Mark W. Andrews, +1-407-884-3404 Mobile: +1-407-353-8727 mark.andrews@triquint.com or Infrastructure & Defense Products: Research Sr. Director Douglas H. Reep, PhD, +1-972-994-8323 douglas.reep@triquint.com
SOURCE: TriQuint Semiconductor, Inc. |
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