| From: Savant | 10/1/2013 12:42:55 PM | | | | | | | TriQuint Expands Industry's Largest SMT Optical Modulator Driver Portfolio with New 100-200 Gb/s Solutions | See TriQuint at ECOC, the Largest European Optical Communications Event
HILLSBORO, Ore.--(BUSINESS WIRE)--September 24, 2013--
TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, today announced four new optical network products that expand the company's industry-leading portfolio with miniaturized and integrated modules. TriQuint high performance optical components reduce overall system costs, simplify RF design and shrink board space for today's 100 Gb/s optical fiber networks and future 200/400G systems.
In a market once dominated by connectorized modules four or five times the size of TriQuint's surface mount technology (SMT) modulator drivers, it's easy to see why smaller, more economical solutions continue to win market share. While legacy 'gold brick' modules once met needs, they were complex to assemble, burdened by high cost and power dissipation, while also demanding substantial PCB real-estate.
TriQuint introduced the first SMT modulator drivers for high-capacity optical networks, and has since built the industry's largest product portfolio. TriQuint solutions offer higher performance, ease of manufacturing, greater efficiency and integrated functionality. TriQuint's unique semiconductor passivation technology enables modulator drivers and other products to endure harsh conditions better than any other, which lowers maintenance and extends operational lifetimes.
"As we expand our optical product portfolio, we remain committed to improving the performance and lowering system costs for our customers. TriQuint solutions continue to set RF performance and reliability standards for current 100G and next-generation high capacity networks required to support the exponential growth in video and data demand," remarked James L. Klein, Vice President and General Manager for Infrastructure and Defense Products.
Infonetics Research forecasts continued growth for 100G networks and components, particularly for lower cost formats such as CFP2. "Operators no longer view 100G as an exotic technology and the market is entering a new stage of growth where lower equipment cost is a critical catalyst to wider adoption. Lower cost 100G networks will accelerate adoption of the technology into higher volume parts of the market, such as the metro. High performance, surface-mount solutions like TriQuint's continue to play key roles in the transition to 100G systems and beyond," said Infonetics' Andrew Schmitt, Principal Analyst, Optical.
New TriQuint Solutions
TGA4894-SL -- TriQuint's new lead-less SMT dual-channel linear driver reduces part counts by half compared to single-channel devices while meeting the higher order 16 QAM (quadrature amplitude modulation) requirements for 200/400G systems; it is based on TriQuint's proven single-channel solutions. The new TGA4894-SL exhibits high gain, low Total Harmonic Distortion (THD) and high channel-to-channel isolation. The TGA4894-SL's high gain (33dB) is a key benefit. When paired with commonly utilized / low-power DACs, it provides sufficient gain to deliver more than 7Vpp to industry-standard modulators; this results in low THD (3%), a key requirement for 200/400G systems.
TGA4957-SM -- TriQuint's TGA4957-SM is designed for 40/100G long-haul and regional markets as well as ultra-long haul (1000-4000+km) systems employing DP-BPSK modulation. It reduces the device footprint by 50% compared to prior generations.
TGA4840-SM -- This new modulator driver provides world-class power dissipation not exceeding 165mW for 32G baud rates in a miniaturized form factor. This enables TriQuint to grow its portfolio into short-reach / access network applications including those connecting smartphones and tablets. The TGA4840-SM is ideal for 'hot pluggable' modules supporting the CFP2/CFP4 standards that are one-half to one-quarter the size of standard CFP modules.
TGA2565-SM -- TriQuint's new SMT wideband clock driver covers three key frequencies: 11.3, 14.5 and 16.5 GHz. The TGA2565-SM integrates analog gain control (AGC) that eliminates an off-chip component and utilizes industry standard plastic encapsulated SMT packaging. This solution reduces part counts while covering three frequencies with one product.
TriQuint representatives will be available at ECOC in London on September 25 in Meeting Room 9. Contact TriQuint to discover ways TriQuint's latest RF optical solutions can reduce costs and improve performance in your design. TriQuint modulator drivers, clock drivers and transimpedance amplifiers deliver industry-leading solutions. Visit us online for complete optical RF portfolio details and register to receive product updates and TriQuint's newsletter.
Product Solutions Technical Details: Contact TriQuint for additional information.
Optical Drivers -------------- -------------- ------------- ------ ---- ------ --- ---- Frequency Gain IQ Part Description (GHz) Vpp (dB) 3dB BW +V (mA) -------------- -------------- ------------- ------ ---- ------ --- ---- TGA4957-SM 28 Gb/s 6 Vpp DC-28 4-8 22 25 4-5 450 Differential Driver; 6x6mm(2) -------------- -------------- ------------- ------ ---- ------ --- ---- CFP2 / CFP4 TGA4840-SM Pkg'd DC-32 1.5 10 28 3.3 50 Driver; 4x3mm(2) -------------- -------------- ------------- ------ ---- ------ --- ---- 100 Gb/s TGA4894-SL Linear Dual DC-34 5-8 35 25 5-7 650 Driver, 2 Internal Bias-T's -------------- -------------- ------------- ------ ---- ------ --- ---- Optical Clock 11.3, 14.5 TGA2565-SM Driver 16.5 27 dBm 27 17 6 210 with Integrated AGC (11-17) ----------------------------- ------------- ------ ---- ------ --- ----
FORWARD-LOOKING STATEMENTS
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| From: Savant | 10/24/2013 7:06:56 AM | | | | | | | TriQuint Announces Third Quarter 2013 Results |
HILLSBORO, Ore.--(BUSINESS WIRE)--October 23, 2013--
TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended September 28, 2013, including the following highlights:
-- Revenue for the quarter grew 32% sequentially to $250.8 million -- GAAP net income for the quarter was $13.6 million, or $0.08 per diluted share -- Non-GAAP net income for the quarter was $26.3 million, or $0.16 per diluted share -- Mobile Devices market revenue grew 53% sequentially and 42% over the same period a year ago -- Acquired CAP Wireless and its Spatium(TM) technology -- Won business with multiple customers with new BAW products -- Announced 5G Wi-Fi reference designs with Broadcom -- Introduced industry's most integrated small cell power amplifier for increasing network capacity -- Released new 100-200 Gb/s solutions to support the worldwide build-out of optical fiber networks
Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, "I am pleased with the strong growth and substantially improved earnings we achieved this quarter. Strong mobile demand drove improved factory utilization while expenses were managed closely. RF content growth is being fueled by next-generation smartphones operating in a more crowded spectrum with expanding frequency requirements. TriQuint is uniquely positioned to supply high-performance solutions for the most challenging and complex RF front end requirements."
Summary Financial Results for the Three Months Ended September 28, 2013:
Revenue for the third quarter of 2013 was $250.8 million, up 25% from the third quarter of 2012 and up 32% sequentially. Revenue grew 53% and 11% in the mobile devices and defense end markets respectively, but declined 11% in the networks end market sequentially. The decline in networks was largely driven by a reduction in non-strategic foundry business.
Cash and investments decreased by $62.4 million to $26.9 million in the quarter. Growth in accounts receivable and repayment of debt drove the decline.
GAAP
Gross margin for the third quarter of 2013 was 36.8%, up sequentially from 29.8% due primarily to higher revenue and factory utilization. Operating expenses for the third quarter of 2013 were $73.4 million, consistent with the previous quarter.
Net income for the third quarter of 2013 was $13.6 million or $0.08 per diluted share, compared with a net loss of $14.9 million, or $(0.09) per share, in the previous quarter.
Non-GAAP
Gross margin for the third quarter was 38.0%, up sequentially from 31.3% due to higher revenue and improved factory utilization. Operating expenses for the quarter were $68.6 million, down 1% sequentially.
Net income for the third quarter of 2013 of $26.3 million, or $0.16 per diluted share, improved sequentially from a net loss of $10.9 million or $(0.07) per 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 fourth quarter 2013 revenue will be between $260 million and $270 million. Fourth quarter revenue is currently 88% booked to the midpoint of this guidance. Non-GAAP gross margin is expected to be between 35% and 36%. Fourth quarter non-GAAP net income is expected to be between $0.12 and $0.14 per diluted share.
Additional Information regarding September 28, 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 table later in this press release.
GAAP RESULTS ------------------------------------------------------------------------------ ---------- ---------- ---------- Three Months Ended Nine Months Ended ================================================================== ================================== Change Change ----------- ---------- Change vs. vs. Q2 Q3 vs. Q3 ----------- ----------- ---------- Q3 2013 Q2 2013 2013 Q3 2012 2012 Q3 2013 Q3 2012 2012 ============ ============ =========== ============ =========== ========== ========== ========== Revenue $250.8 $190.1 32% $200.8 25% $625.1 $595.6 5% ----- ---- ----- ---- ----- --- ----- ---- ----- --- ----- ----- ------ Gross Profit $ 92.2 $ 56.7 63% $ 61.6 50% $187.7 $169.1 11% ----- ---- ----- ---- ----- --- ----- ---- ----- --- ----- ----- ------ Gross Margin % 36.8% 29.8% 7.0% 30.7% 6.1% 30.0% 28.4% 1.6% ------ --- ------ --- ----- --- ------ --- ----- --- ------ ------ ------ Op Income (loss) $ 18.8 $(16.4) 215% $ (5.5) 442% $(32.1) $(33.5) 4% ----- ---- ----- --- ----- --- ----- --- ----- --- ----- ----- ------ Net Income (loss) $ 13.6 $(14.9) 191% $(11.2) 221% $(29.3) $(22.4) (31)% ----- ---- ----- --- ----- --- ----- --- ----- --- ----- ----- ------ Inc(loss) per share $ 0.08 $(0.09) $0.17 $(0.07) $0.15 $(0.18) $(0.14) $(0.04) ----- ---- ----- --- ---- ---- ----- --- ---- ---- ----- ----- ----- NON-GAAP RESULTS (A) ------------------------------------------------------------------------------ ---------- ---------- ---------- Three Months Ended Nine Months Ended ------------------------------------------------------------------ ---------------------------------- Change Change ----------- ---------- Change vs. vs. Q2 Q3 vs. Q3 ----------- ----------- ---------- Q3 2013 Q2 2013 2013 Q3 2012 2012 Q3 2013 Q3 2012 2012 ============ ============ =========== ============ =========== ========== ========== ========== Revenue $250.8 $190.1 32% $200.8 25% $625.1 $595.6 5% ----- ---- ----- ---- ----- --- ----- ---- ----- --- ----- ----- ------ Gross Profit $ 95.2 $ 59.5 60% $ 65.3 46% $196.7 $180.8 9% ----- ---- ----- ---- ----- --- ----- ---- ----- --- ----- ----- ------ Gross Margin % 38.0% 31.3% 6.7% 32.5% 5.5% 31.5% 30.4% 1.1% ------ --- ------ --- ----- --- ------ --- ----- --- ------ ------ ------ Op Income (loss) $ 26.7 $(10.1) 364% $ 3.3 709% $ (9.4) $ (7.0) (34)% ----- ---- ----- --- ----- --- ----- ---- ----- --- ----- ----- ------ Net Income (loss) $ 26.3 $(10.9) 341% $ 2.5 952% $(11.9) $ (8.4) (42)% ----- ---- ----- --- ----- --- ----- ---- ----- --- ----- ----- ------ Inc(loss) per share $ 0.16 $(0.07) $0.23 $ 0.02 $0.14 $(0.07) $(0.05) $(0.02) ----- ---- ----- --- ---- ---- ----- ---- ---- ---- ----- ----- ----- 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 77085822. 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 November 6, 2013.
Non-GAAP Financial Measures:
Adjustment for charges associated with acquisitions 0.01 ------ Forward Looking Q4 non-GAAP Net Earnings per Share $ 0.13 CONTACT: TriQuint Semiconductor, Inc.
Steve Buhaly, +1-503-615-9401
VP of Finance & Administration, CFO
steve.buhaly@triquint.com
or
Grant Brown, +1-503-615-9413
Director, Investor Relations
grant.brown@triquint.com
or
Media Contact:
Brandi Frye, +1-503-615-9488
Sr. Director, Corporate Communications
brandi.frye@triquint.com
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 (benefit), 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 and changes to the earnout liability estimates recorded in connection with acquisition accounting and charged to the income statement. The non-cash tax expense (benefit) excludes certain deferred tax charges and benefits that do not currently 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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| To: Savant who wrote (963) | 10/24/2013 10:03:42 AM | | From: robert b furman | | | | Triquint down 16% to 6.97.
What a reward for turning a profit eh?
Bob
Edit just sold 50 2015 5.00 puts @ 45 cents.
If put to me my net cost would be 4.55 cents strong support at 4.35 and the company is now profitable and has 5G mobile phone solutions.
Military is probably to be impacted by sequester but their chips will be put off at the end vs the beginning imho.
Bob |
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| To: Savant who wrote (965) | 10/24/2013 10:39:43 AM | | From: robert b furman | | | | I sold 50 2015 5's for 45 cents.
I always give up some premium just so I buy at a good entry - 4.55 is about 20 cents over solid support over the last 2 years.
Putting up some cash as collateral and getting better than my broker gives.LOL
Thanks for the great idea.
Bob |
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| From: Savant | 10/28/2013 9:06:53 PM | | | | | | | TriQuint Announces Details of Investor and Analyst Day | HILLSBORO, Ore.--(BUSINESS WIRE)--October 28, 2013--
TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, will hold its Investor and Analyst Day in New York on October 31, 2013 from 8:00 a.m. to approximately 11:30 a.m. EDT. The link to the audio webcast along with the presentation materials will be made available prior to the event on the Investors' section of the company's website at invest.triquint.com.
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.
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| From: Savant | 10/30/2013 2:55:49 AM | | | | | | | Starboard Delivers Letter to TriQuint CEO and Board of Directors | Outlines the Significant Opportunities for Value Creation at TriQuint Highlights Strong Profitability and Growth of TriQuint's Networks & Defense and BAW Filter Businesses, Which Together May Be Worth Far More Than Where the Company Currently Trades Cites TriQuint's Underperforming, Underutilized Mobile Power Amplifier (PA) Business and its Excessive Operating Expenses as Primary Reasons TriQuint's Performance Has Significantly Lagged Peers Urges TriQuint to Explore Ways to Create Value for Shareholders, Including Restructuring of the Mobile PA Business Seeks to Immediately Begin Discussions with the Board Regarding Board Composition and Alternatives to Unlock Shareholder Value
NEW YORK, Oct. 29, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), owning securities representing beneficial ownership of approximately 8% of the outstanding common stock of TriQuint Semiconductor, Inc. ("TriQuint" or the "Company") (NASDAQ: TQNT), today announced that it has delivered a letter to the Company's CEO, Ralph G. Quinsey, and the Company's Board of Directors.
The full text of the letter is available for viewing at the following link: tinyurl.com
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Investor contacts:
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com
SOURCE Starboard Value LP
/Web site: starboardvalue.com |
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| To: Savant who wrote (968) | 10/30/2013 3:01:28 AM | | From: Savant | | | | | Starboard Asks TriQuint to Make Changes to Mobile Power Amplifier Unit -- Update | (Adds TriQuint response and updates share performance.)
By Ben Fox Rubin
Activist investor Starboard Value LP called on TriQuint Semiconductor Inc. (TQNT) to make changes or consider selling its mobile power amplifier business, claiming the division is a drag on the chip maker.
Starboard, which owns about 8% of the company's stock, said TriQuint has two "strong, growing and highly profitable" segments--the networks and defense unit and bulk acoustic wave filter business--adding those two units alone are worth more than where the company currently trades.
The investor argued those businesses, though, have been overshadowed by the mobile PA business, where "significant utilization issues and missed design cycles have led to large losses and significantly reduced consolidated gross margins."
Starboard asked TriQuint whether it could restructure the mobile PA business so it can operate more profitably or if it should seek to sell its mobile PA business and focus on the other two businesses.
TriQuint, for its part, said it "welcomes constructive input from all shareholders, including Starboard Value LP." The company said it regularly reviews its strategy and has taken "meaningful steps" increase value for its shareholders.
The company's mobile-device business faces intense competition in the sector. On Tuesday, the company reiterated that it has invested in premium filters, among other complementary products. Though the investments presented financial headwinds for the company in the last year and half, TriQuint has said these investments have positioned the company ahead of its competition.
Earlier this month, the company said it swung to a third-quarter profit as it posted improving revenue.
Shares closed Tuesday up 5.7% at $7.76. The stock is up 61% so far this year.
-Michael Calia contributed to this article. |
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| From: Savant | 10/31/2013 10:51:03 AM | | | | | | | TriQuint Acknowledges Receipt of Starboard Value Letter | HILLSBORO, Ore.--(BUSINESS WIRE)--October 29, 2013--
TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, has issued the following response to the letter received from Starboard Value LP dated October 29(th) , 2013.
TriQuint welcomes constructive input from all shareholders including Starboard Value LP. TriQuint's Board of Directors and management regularly review the business strategy and have taken meaningful steps to increase shareholder value including the sale of underutilized equipment, share buybacks, as well as the withdrawal from unattractive businesses over time. Given the investments that have been made over the past few years in premium filters combined with a comprehensive suite of complementary products, manufacturing technologies, and packaging options, TriQuint is uniquely positioned to address the current and future trends in the RF industry.
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.
TQNT-F
TriQuint: Reach Further, Reach Faster(TM)
CONTACT: TriQuint Semiconductor
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
sbuhaly@triquint.com
or
Director, Investor Relations
Grant Brown, +1-503-615-9413
gbrown@triquint.com
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| To: Savant who wrote (965) | 10/31/2013 11:42:51 AM | | From: Savant | | | | | *correction...I just noticed...I meant Dec 20*13* $7 puts...(OA is getting me)..were 55c bid, now 10c x 15c. |
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