| 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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| From: Savant | 5/16/2013 1:38:29 AM | | | | | | TriQuint Announces $75 Million Stock Repurchase Program
HILLSBORO, Ore.--(BUSINESS WIRE)--May 15, 2013-- TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, today announced a program authorizing the repurchase of up to $75 million of the Company's common stock. Under this program, stock repurchases may be made from time to time in the open market at prevailing market prices or through privately negotiated transactions at the discretion of Company management. The timing of open market and privately negotiated purchases will be dependent on market conditions and other corporate considerations, including price, corporate and regulatory requirements and alternative investment opportunities. The Company is not obligated to repurchase any particular amount of common stock during any period and may choose to suspend or discontinue the repurchase program at any time. Shares of common stock repurchased by the Company through the repurchase program will become authorized but unissued shares. As of May 14, 2013, the Company has approximately 163.3 million shares of common stock outstanding. 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 intent to implement a program to repurchase shares of its common stock, the manner in which such program will be implemented, and the level of investment and sources of funding for the program. Actual results may vary materially from those expressed or implied in the statements herein. Risks that may cause these forward-looking statements to be inaccurate include, among others, termination or suspension of the repurchase program, which may occur at any time, changes in the manner in which we implement the program, we may use substantially less than the full $75 million allocated under this repurchase program, fluctuations in the market price of our common stock and other risk factors 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, www.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 (NASDAQ: 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 www.triquint.com. TriQuint: Reach Further, Reach Faster(TM) TQNT-F
CONTACT: TriQuint Semiconductor, Inc. VP of Finance & Administration, CFO Steve Buhaly, +1-503-615-9401 steve.buhaly@triquint.com or Media Contact: TriQuint Semiconductor, Inc. Sr. Director, Corporate Communications Brandi Frye, +1-503-615-9488 brandi.frye@triquint.com |
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| From: Savant | 7/24/2013 11:32:12 AM | | | | | | TriQuint Announces Date for Second Quarter 2013 Earnings Release
HILLSBORO, Ore.--(BUSINESS WIRE)--July 10, 2013-- TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, will announce its second quarter 2013 results on July 24, 2013 at 1:00 p.m. PDT. The company will host a conference call with the investment community on the same day at 1:30 p.m. PDT. Conference Call Information: Date: July 24, 2013 Time: 1:30 p.m. (PDT) Dial-in: 888.813.6582 or 706.643.7082 Conference Call ID #: 14965216 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 July 30, 2013. To access the replay, please dial (855) 859-2056 and enter Conference ID # 14965216. 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, Inc. Steve Buhaly, +1-503-615-9401 VP of Finance & Administration, CFO sbuhaly@triquint.com or Grant Brown, +1-503-615-9413 Director, Investor Relations gbrown@triquint.com |
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| From: Savant | 9/16/2013 12:06:03 PM | | | | | | TriQuint Innovation Powers Broadcom 5G Wi-Fi Reference Designs
Broadcom's 5G Wi-Fi reference designs include TriQuint's high-efficiency WLAN modules and premium 4G / Wi-Fi coexistence filters, providing more speed, range and power savings for consumer devices
HILLSBORO, Ore.--(BUSINESS WIRE)--September 16, 2013--
TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, today announced that its TriConnect(R) 5 GHz WLAN front-end modules and premium LTE / Wi-Fi coexistence filters are being leveraged by Broadcom Corporation for use in the company's 5G Wi-Fi reference designs. The 5G Wi-Fi (IEEE 802.11ac) technology delivers faster throughput, longer operating range and extended battery life for smartphones, tablets and other consumer devices.
Broadcom's 5G Wi-Fi reference designs are widely used by engineers developing next-generation consumer devices. Broadcom's highly integrated combo chips offer a complete dual-band 5G Wi-Fi system with Bluetooth, FM radio and software on a single, compact silicon die. TriQuint's ultra-small, high-performance RF components deliver the demanding RF performance required to fully realize the speed, range and power saving benefits of 802.11ac, the latest evolution of Wi-Fi.
"We are proud to be strategically aligned with Broadcom, a well-recognized innovator in wireless communications," said Tim Dunn, Vice President of Mobile Devices. "Broadcom and TriQuint are leaders in delivering 802.11ac-based products. We're enabling gigabit Wi-Fi speeds and solving Wi-Fi / LTE coexistence problems to provide a superior consumer experience."
Analysts expect more than 100 million 802.11ac-enabled devices to ship by the end of 2013, growing to nearly half of all Wi-Fi chipset shipments for the consumer electronics market by 2017, a CAGR of 430%*. TriQuint's TriConnect(R) WLAN products already have captured multiple design wins with leading smartphone manufacturers. Its TQP887051 5GHz WLAN front-end module has been approved for Broadcom reference design BCM4335, while its LTE / Wi-Fi coexistence filter is included on reference designs BCM4335 and BCM4339.
TriQuint introduced the industry's first 802.11ac-ready module for mobile devices last year. "Since then, we have leveraged TriQuint's advanced in-house technology portfolio, the industry's largest, to develop our next-generation Wi-Fi products," Dunn added. "Our 802.11ac technology expertise also expands our future market opportunity for consumer electronics applications such as in-home video distribution."
To learn more about TriQuint's high-performance TriConnect(R) WLAN front-end modules and premium 4G / Wi-Fi coexistence filters announced at the 2013 Mobile World Congress, visit triquint.com or locate TriQuint's distributors, resellers or field sales representatives at www.triquint.com/sales.
By creating more reliable whole-home coverage, Broadcom's 5G Wi-Fi technology overcomes the digital content and wireless device challenge. Broadcom's family of 5G Wi-Fi solutions dramatically improves the wireless range in the home, allowing consumers to watch HD-quality video from more devices, in more places, simultaneously. The increased speed enables consumers to download web content from a mobile device faster and quickly synch large files, such as videos, in a fraction of the time. Visit www.broadcom.com to learn more.
============
New High-Performance TriQuint Filters Capture Design Wins in Next-Generation 4G Smartphones
With 4G connections expected to explode nine-fold to 1 billion by 2017, demand is growing for advanced BAW filter technology to solve challenging interference issues
HILLSBORO, Ore.--(BUSINESS WIRE)--September 09, 2013--
TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, has captured design wins with its new high-performance filters in next-generation 4G smartphones from multiple manufacturers. These devices utilize TriQuint's advanced bulk acoustic wave (BAW) technology to solve the toughest interference problems in today's increasingly crowded RF spectrum.
"Today's announcement of three new filters will be followed by more products to meet stringent 4G performance requirements around the world. As carriers roll out 4G networks, demand is surging for premium filters, " said Tim Dunn, Vice President of Mobile Devices. "TriQuint offers the industry's broadest portfolio of filters based on BAW, SAW and TC-SAW technology. Our BAW filter production has increased significantly, based on multiple new smartphone design wins." According to analysts, 4G connections are expected to explode to 1 billion by 2017*.
Some 4G bands are being squeezed right next to existing Wi-Fi spectrum, with little or no band guards. Mobile device manufacturers rely on TriQuint's high-performance filters to keep RF signals in the crowded spectrum isolated from one another, thereby preventing problems such as dropped calls. TriQuint has begun shipping several new BAW filters in high-volume smartphones and continues to expand its product portfolio to address the most vexing filtering challenges.
Product Details
Part # Description Bands Size (mm) Features ------ ------------------ ------------------- --------- ------------------ 885026 LTE Filter with 38 1.4 x 1.2 40dB minimum advanced BAW rejection in WLAN technology band; 10dB minimum rejection for Band 7 Rx 885041 2.4GHz Wi-Fi / LTE 7/38/40 & 2.4 GHz 1.7 x 1.3 15dB minimum Diplexer Filter Wi-Fi rejection in WLAN with advanced BAW band; diplexing technology enables use of single antenna for cellular and Wi-Fi 885049 LTE Filter with 40 1.4 x 1.2 40dB minimum advanced BAW rejection in WLAN technology band with best-in-class insertion loss
For more information about the company's high-performance filter and duplexer products, visit www.triquint.com/applications/mobile-devices/passive-products. To locate one of TriQuint's distributors, resellers or field sales representatives, please visit www.triquint.com/sales.
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,' 'high-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 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.
*Based on data from Mobile Experts and ABI Research
TriQuint: Reach Further, Reach Faster(TM)
CONTACT: TriQuint Semiconductor, Inc.
Ann Jansen, +1-503-615-9127
Marketing Comms Manager
ann.jansen@triquint.com |
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| From: Savant | 10/1/2013 12:42:03 PM | | | | | | | TriQuint Introduces Industry's Most Integrated Small Cell Power Amplifier: Reduces Board Space 50% | HILLSBORO, Ore. & RICHARDSON, Texas--(BUSINESS WIRE)--September 26, 2013--
TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, today introduced its first integrated power amplifier solution for 'small cell' and active antenna base stations that dramatically reduces board space while delivering high efficiency. Small cell solutions are key components in 3G/4G mobile networks including LTE.
TriQuint's integrated small cell power amplifier, the TGA2450-SM, is the first in a family serving all key mobile infrastructure frequency bands. The new power amplifier and other integrated solutions for base station, networks and defense applications will be displayed during the European Microwave Week exhibition, October 8-10, 2013 (Nuremberg, Germany).
As the name implies, 'small cell' radio systems have deliberately-defined coverage areas that can improve connectivity where it is most needed. The radio transceivers in these systems are smaller by design to support indoor or outdoor deployment as required. By significantly reducing board space, network infrastructure OEMs can reduce the size of radio systems and their bills of materials.
"The market trend is towards more densely-packed, smaller radio links--small cells. TriQuint's highly-integrated solution offers the flexibility to support our customers' emerging designs. Our product family uses only half the space of traditional discrete parts," says Infrastructure and Defense Products Vice President and General Manager, James L. Klein.
Noted infrastructure researcher Earl J. Lum reports that small cell and active antenna solutions will be a growing part of infrastructure and future heterogeneous networks supporting faster 3G/4G data rates.
"Highly integrated power amplifier solutions such as the TGA2450-SM and filtering technology offered by TriQuint support additional network capacity, higher efficiency systems and reduced system BOMs. The overall LTE outdoor microcell market is expected to begin high volume shipments in 2014 and reach USD $1.8 billion by 2017," said Earl J. Lum, President of EJL Wireless Research.
New Base Station Product Details:
Average Frequency Output PAR / P3dB Vcc Range Power (dBm) / Gain / Linearity Package Part Description (GHz) (W) (W) (dB) PAE (dBc) Style Number ------------ ---------- ------- ---------- ---- --- --------- ------- ---------- PA Module 18 with & 5 Integrated / Doherty 2.11-2.17 2.5 7.5-8 / 18 35 35% -55 ACLR SMP TGA2450-SM ------------ ---------- ------- ---------- ---- --- --------- ------- ----------
Visit TriQuint during European Microwave Week in Stand 130/141, October 8-10 in the Nuremberg Convention Center. Contact TriQuint to arrange a meeting. Samples and evaluation fixtures of the new power amplifier are available. Register to receive product updates and TriQuint's newsletter. Visit us online for complete base station solutions.
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| 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) ----------------------------- ------------- ------ ---- ------ --- ----
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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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