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   Technology StocksTriquint Semiconductor (TQNT)


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From: Savant7/24/2014 12:55:06 PM
   of 995
 
TriQuint Announces Second Quarter 2014 Results

HILLSBORO, Ore.--(BUSINESS WIRE)--July 23, 2014--

TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended June 28, 2014, including the following highlights:

-- Revenue grew 30% sequentially to $230.8 million -- GAAP gross margin was 40.2% and net income was $0.03 per share -- Non-GAAP gross margin was up 640 basis points sequentially to 41.7% -- Non-GAAP net income was well above guidance at $0.13 per share -- Sold premium filters to over 50 unique customers with discrete filter revenue on track to more than double in 2014 -- 5 GHz WLAN front-end modules winning chipset reference design -- Completed GaN performance, cost and capacity goals as part of the Defense Production Act Title III program -- Expected merger with RFMD on track for second half of 2014

Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, "Revenue and earnings in the second quarter exceeded the high end of our previous guidance and our full year outlook remains strong. We continue to see robust demand in our infrastructure and mobile markets as worldwide demand for 4G LTE services ramp up with very strong demand for LTE base station products and premium filters for smartphones. We expect to exceed our goal of 500 basis points of gross margin improvement year over year and are now targeting 2014 full year non-GAAP gross margins to be greater than 40%. Additionally, we expect full year non-GAAP EPS to be up more than 6 times our 2013 results."

Summary Financial Results for the Three Months Ended June 28, 2014:

Revenue for the second quarter of 2014 was $230.8 million, up 21% from the second quarter of 2013 and 30% sequentially.

Cash and investments increased by $60.0 million this quarter to $223.5 million driven by operating results and cash proceeds from employee stock option exercises.

GAAP

Gross margin for the second quarter of 2014 was 40.2%, up sharply from 29.8% in the second quarter of 2013 due to higher revenue, product mix and better factory execution. Operating expenses for the second quarter of 2014 were $85.3 million, up sequentially due to merger and integration related costs.

Net income for the second quarter of 2014 was $5.2 million or $0.03 per diluted share, compared with a net loss of $14.9 million or $(0.09) per share in the second quarter of 2013.

Non-GAAP

Gross margin for the second quarter was 41.7%, up sharply from 31.3% in the second quarter of 2013. Operating expenses for the quarter were $72.0 million, up slightly sequentially.

Net income for the second quarter of 2014 was $23.6 million, or $0.13 per diluted share, compared with a net loss of $10.9 million or $(0.07) per share in the second quarter of 2013.

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 half revenue will be between $550 million and $600 million, up 11% at the midpoint from the prior year. While the split of this revenue between the third and fourth quarters depends on major program timing, the company currently expects third quarter revenue to range between $255 million and $265 million. Third quarter non-GAAP gross margin is expected to be between 43% and 45%, driven by strong execution, higher factory utilization and product mix. Non-GAAP operating expenses are expected to be approximately $70 million. Third quarter non-GAAP net income per diluted share is expected to be between $0.23 and $0.25. As of today, the company is 93% booked to the midpoint of Q3 revenue guidance.

Additional Information Regarding Results for the Three and Six Months Ended June 28, 2014:

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 Six Months Ended ============================================================== =================================== Change vs. Change vs. Change vs. Q2 2014 Q1 2014 Q1 2014 Q2 2013 Q2 2013 Q2 2014 Q2 2013 Q2 2013 ----------- ----------- ----------- ---------- ----------- ---------- ---------- ----------- Revenue $230.8 $177.6 30% $190.1 21% $408.4 $374.3 9% ----- --- ----- --- ----- --- ----- ----- --- ----- ----- ----- --- Gross Profit $ 92.7 $ 59.1 57% $ 56.7 63% $151.8 $ 95.5 59% ----- --- ----- --- ----- --- ----- ----- --- ----- ----- ----- --- Gross Margin % 40.2% 33.2% 7.0% 29.8% 10.4% 37.2% 25.5% 11.7% ------ ------ ----- --- ------ ----- --- ------ ------ ----- --- Op Income (Loss) $ 7.4 $(20.0) 137% $(16.4) 145% $(12.6) $(50.9) 75% ----- --- ----- ----- --- ----- ----- --- ----- ----- ----- --- Net Income (Loss) $ 5.2 $(19.1) 127% $(14.9) 135% $(13.9) $(42.8) 68% ----- --- ----- ----- --- ----- ----- --- ----- ----- ----- --- Inc (Loss) per share $ 0.03 $(0.12) $0.15 $(0.09) $0.12 $(0.08) $(0.27) $0.19 ----- --- ----- ---- ---- ----- ---- ---- ----- ----- ---- ---- NON-GAAP RESULTS (A) --------------------------------------------------------------------------------------------------------------- Three Months Ended Six Months Ended -------------------------------------------------------------- ----------------------------------- Change vs. Change vs. Change vs. Q2 2014 Q1 2014 Q1 2014 Q2 2013 Q2 2013 Q2 2014 Q2 2013 Q2 2013 ----------- ----------- ----------- ---------- ----------- ---------- ---------- ----------- Revenue $230.8 $177.6 30% $190.1 21% $408.4 $374.3 9% ----- --- ----- --- ----- --- ----- ----- --- ----- ----- ----- --- Gross Profit $ 96.2 $ 62.6 54% $ 59.5 62% $158.8 $101.5 56% ----- --- ----- --- ----- --- ----- ----- --- ----- ----- ----- --- Gross Margin % 41.7% 35.3% 6.4% 31.3% 10.4% 38.9% 27.1% 11.8% ------ ------ ----- --- ------ ----- --- ------ ------ ----- --- Op Income (Loss) $ 24.3 $ (8.3) 393% $(10.1) 341% $ 15.9 $(36.1) 144% ----- --- ----- ----- --- ----- ----- --- ----- ----- ----- --- Net Income (Loss) $ 23.6 $ (9.4) 351% $(10.9) 317% $ 14.2 $(38.2) 137% ----- --- ----- ----- --- ----- ----- --- ----- ----- ----- --- Inc (Loss) per share $ 0.13 $(0.06) $0.19 $(0.07) $0.20 $ 0.08 $(0.24) $0.32 ----- --- ----- ---- ---- ----- ---- ---- ----- ----- ---- ---- (A) Excludes stock based compensation charges, non-cash tax benefit, certain entries associated with mergers and 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 59055508. The call can also be heard via webcast accessed through the "Investors" section of TriQuint's web site at: invest.triquint.com. A replay of the conference call will be available until August 6, 2014.

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From: Savant7/29/2014 10:55:48 AM
   of 995
 
TriQuint Becomes First Manufacturer to Achieve MRL 9 for GaN
Reaches Manufacturing Readiness Level 9 for GaN Technology

HILLSBORO, Ore.--(BUSINESS WIRE)--July 29, 2014--

TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announced that it is the first gallium nitride (GaN) RF chip manufacturer to achieve Manufacturing Readiness Level (MRL) 9. This achievement means TriQuint's GaN manufacturing processes have met full performance, cost and capacity goals, and that the company has the capability in place to support full rate production.

To benchmark MRL 9, TriQuint applied the U.S. Air Force Research Laboratory's rigorous manufacturing readiness assessment tool and criteria to its high frequency, high power GaN production line. TriQuint's ongoing development of GaN-based devices is leading to smaller, more efficient power amplifiers, typically used for military radar and electronic warfare programs as well as commercial wireless communications and infrastructure.

"TriQuint recently completed its Defense Production Act Title III GaN on silicon carbide (SiC) program and now we've proven that we provide the GaN maturity needed to support full-rate production programs," said Vice President and General Manager James Klein, Infrastructure and Defense Products. "This has been a great team effort utilizing our partnerships across the industry including US DoD, domestic and international customers, and a great supply base."

Key to the company's assessment, TriQuint has shipped more than 170,000 0.25 um GaN power amplifier devices in support of an ongoing international radar production program. During phased array radar field testing, approximately 15,000 devices have accumulated more than 3.67 million device hours, with no reported device failures. TriQuint continues to demonstrate industry-leading reliability with a mean time to failure (MTTF) of greater than 70 million hours at 200 degrees Celsius, substantially greater than the industry standard of 1 million hours MTTF.

As an established GaN provider for domestic and international defense programs, TriQuint explored the potential of GaN beginning in 1999, and released its first GaN on silicon carbide (SiC) production process in 2008. Since that point, the company has continued to make significant investments towards maturing the technology. Today, GaN wafers are manufactured with yields that match our conventional GaAs technologies. Leading GaN research and product development for both defense and commercial applications, TriQuint continues to provide record-setting GaN circuit reliability and compact, high efficiency products, paving the way for more robust performance, lower maintenance and longer operational lifetimes. TriQuint is also accredited by the Department of Defense as a Microelectronics Trusted Source (Category 1A) for its foundry; post-processing; packaging and assembly; and RF test services.

The Department of Defense's Manufacturing Readiness Assessment (MRA) ensures that manufacturing, production and quality assurance can meet operational mission needs. This MRA tool assesses science and technology companies on criteria that provide guidance about the maturity and risk of a given technology -- reviewing the industrial base readiness; technology development; and quality and manufacturing management. This process ensures that the product or system transitions successfully from the factory to the field, providing the best value for the customer. TriQuint demonstrated that its manufacturing processes met full performance, cost and capacity goals, with the capability in place to support full rate production.

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)

CONTACT: TriQuint Semiconductor, Inc.

Brandi Frye, +1-503-615-9488

Senior Director, Marketing Communications

brandi.frye@triquint.com

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From: Savant9/5/2014 5:10:29 PM
   of 995
 
TriQuint Shareholders Approve Merger-of-Equals with RF Micro Devices

HILLSBORO, Ore.--(BUSINESS WIRE)--September 05, 2014--

TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, today announced the preliminary results of its special meeting of shareholders held earlier this afternoon to approve its agreement and plan of merger and reorganization with RF Micro Devices, Inc. and Rocky Holding, Inc.

TriQuint shareholders voted to approve the following:

-- the merger agreement; -- the absence of a provision in Rocky Holding's amended and restated certificate of incorporation that would provide for the election of directors of Rocky Holding by majority vote, which provision is instead located in Rocky Holding's amended and restated bylaws; -- the compensation arrangements, by non-binding advisory vote, for TriQuint's named executive officers in connection with the merger; and -- the amended TriQuint 2013 Incentive Plan.

Earlier today, RFMD's shareholders voted to approve the merger agreement and other matters.

Ralph Quinsey, President and CEO of TriQuint, said, "TriQuint's shareholders today endorsed an industry-shaping event. We are combining two industry pioneers and recognized innovators to create a diversified market leader with the scale to better serve the increasingly complex needs of our customers."

TriQuint and RFMD anticipate the closing of the transaction will occur in the second half of calendar 2014 subject to the receipt of required regulatory approval and other customary closing conditions.

TQNT-F

TriQuint: Reach Further, Reach Faster(TM)

Forward-Looking Statements

This communication contains forward-looking statements, including but not limited to those regarding the proposed business combination between RF Micro Devices, Inc. ("RFMD") and TriQuint Semiconductor, Inc. ("TriQuint") (the "Business Combination") and the transactions related thereto. These statements may discuss the anticipated manner, terms and conditions upon which the Business Combination will be consummated, the future performance and trends of the combined businesses, the synergies expected to result from the Business Combination, and similar statements. Forward-looking statements may contain words such as "expect, " "believe," "may," "can," "should," "will," "forecast," "anticipate" or similar expressions, and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the ability of the parties to consummate the Business Combination in a timely manner or at all; satisfaction of the conditions precedent to consummation of the Business Combination, including the ability to secure regulatory approvals in a timely manner or at all, and approval by RFMD's shareholders and TriQuint's shareholders; the possibility of litigation (including related to the transaction itself); RFMD and TriQuint's ability to successfully integrate their operations, product lines, technology and employees and realize synergies from the Business Combination; unknown, underestimated or undisclosed commitments or liabilities; the level of demand for the combined companies' products, which is subject to many factors, including uncertain global economic and industry conditions, demand for electronic products and semiconductors, and customers' new technology and capacity requirements; RFMD's and TriQuint's ability to (i) develop, deliver and support a broad range of products, expand their markets and develop new markets, (ii) timely align their cost structures with business conditions, and (iii) attract, motivate and retain key employees; and other risks described in RFMD's and TriQuint's Securities and Exchange Commission ("SEC") filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. Neither RFMD nor TriQuint undertakes any obligation to update any forward-looking statements.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed Business Combination, Rocky Holding, Inc., a newly-formed holding company under RFMD ("HoldCo"), has filed with the SEC a Form S-4 (the "Registration/Joint Proxy Statement"), which was declared effective on July 30, 2014 and which includes a registration statement and a prospectus with respect to HoldCo's shares to be issued in the Business Combination and a joint proxy statement of TriQuint and RFMD in connection with the Business Combination. The Registration/Joint Proxy Statement contains important information about the proposed Business Combination and related matters. SECURITY HOLDERS ARE URGED AND ADVISED TO READ THE REGISTRATION/JOINT PROXY STATEMENT CAREFULLY. The Registration/Joint Proxy Statement and other relevant materials and any other documents filed by HoldCo, RFMD or TriQuint with the SEC may be obtained free of charge at the SEC's website, at www.sec.gov. In addition, security holders of TriQuint will be able to obtain free copies of the Registration/Joint Proxy Statement from TriQuint by contacting Investor Relations by mail at TriQuint Semiconductor, Inc., 2300 N.E. Brookwood Parkway, Hillsboro, Oregon 97124, Attn: Investor Relations Department, by telephone at (503) 615-9413, or by going to TriQuint's Investor Relations page on its corporate website at www.triquint.com; and security holders of RFMD will be able to obtain free copies of the Registration/Joint Proxy Statement from RFMD by contacting Investor Relations by mail at RF Micro Devices, Inc., 7628 Thorndike Road Greensboro, North Carolina 27409-9421, Attn: Investor Relations Department, by telephone at (336) 678-7088, or by going to RFMD's Investor Relations page on its corporate web site at www.rfmd.com.

Participants in the Solicitation

RFMD, TriQuint and HoldCo and their respective directors, executive officers and various other members of management and employees may be deemed to be participants in the solicitation of proxies from RFMD's shareholders in connection with the proposed Business Combination. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of TriQuint or RFMD security holders in connection with the proposed Business Combination is set forth in the Registration/Joint Proxy Statement. Information about TriQuint's directors and executive officers is set forth in TriQuint's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the SEC on February 21, 2014, and its Amendment No. 1 to Annual Report on Form 10-K/A, which was filed with the SEC on April 10, 2014. These documents are available free of charge at the SEC's web site at www.sec.gov, and from TriQuint by contacting Investor Relations by mail at TriQuint Semiconductor, Inc., 2300 N.E. Brookwood Parkway, Hillsboro, Oregon 97124, Attn: Investor Relations Department, by telephone at (503) 615-9413, or by going to TriQuint's Investor Relations page on its corporate web site at www.triquint.com. Information about RFMD's directors and executive officers is set forth in RFMD's Annual Report on Form 10-K for the fiscal year ended March 29, 2014, which was filed with the SEC on May 21, 2014. These documents are available free of charge at the SEC's web site at www.sec.gov, and from RFMD by contacting Investor Relations by mail at RF Micro Devices, Inc., 7628 Thorndike Road Greensboro, North Carolina 27409-9421, Attn: Investor Relations Department, by telephone at (336) 678-7088, or by going to RFMD's Investor Relations page on its corporate web site at www.rfmd.com. Additional information regarding the interests of these potential participants in the solicitation of proxies in connection with the proposed Business Combination is included in the Registration/Joint Proxy Statement and the other relevant documents filed with the SEC.

CONTACT: TriQuint Semiconductor, Inc.

Investors:

Steve Buhaly, +1-503-615-9401

VP of Finance & Administration, CFO

steve.buhaly@triquint.com

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From: Savant9/17/2014 10:44:41 AM
   of 995
 
TriQuint's Award-Winning TQP9059 MMPA Secures 2014 China ACE Award
Global Sources honors TriQuint for outstanding RF/Wireless/Microwave Product of the Year

HILLSBORO, Ore.--(BUSINESS WIRE)--September 17, 2014--

TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, today announced its TQP9059, a versatile multi-mode, multi-band power amplifier (MMPA) module with envelope tracking, earned an award in the Outstanding RF/Wireless/Microwave Products of the Year category at the 2014 China Annual Creativity in Electronics (ACE) Awards.

The highly integrated module not only prolongs battery life with new envelope tracking technology, but also simplifies complex RF design for multi-band smartphones with a new mobile chip interface used by multiple chipset partners. It is designed on TriQuint's GaAs HBT technology with CuFlip(R) assembly offering state-of-the-art reliability, temperature stability and ruggedness. Its RF performance meets the stringent linearity, noise and harmonics requirements for multi-mode operation while simultaneously offering a system current consumption lower by 50mA than the nearest competitor, thus improving battery life.

"For a second year in a row, TriQuint has been recognized by China ACE for our continuing contributions to China's electronics industry," said Locker Jiang, China Sales Director for Mobile Products. "The TQP9059's designation as one of the top products in the semiconductor space is a direct reflection of TriQuint's ongoing commitment to drive innovation and simplify RF design for our customers."

The TQP9059 is one of the earliest envelope tracking MMPAs to be in mass production supporting a leading smartphone. The high-performance product is included on reference designs by multiple chipset manufacturers and is being designed into next-generation smartphones from multiple OEMs.

The China ACE Awards 2014 is presented by Global Sources' (GSOL) leading electronics industry titles: EE Times-China, ESM-China and EDN-China.

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.

TriQuint: Reach Further, Reach Faster(TM)

CONTACT: TriQuint Semiconductor, Inc.

Ann Jansen, +1-503-615-9127

Strategic MarCom Manager

ann.jansen@triquint.com

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From: Savant11/3/2014 10:44:38 AM
   of 995
 
riQuint Announces Third Quarter 2014 Results

HILLSBORO, Ore.--(BUSINESS WIRE)--October 28, 2014--

TriQuint Semiconductor, Inc. (NASDAQ: TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter ended September 27, 2014, including the following highlights:

-- Revenue grew 18% sequentially to $272.1 million -- GAAP gross margin was 45.5%; non-GAAP was 46.6%, up 8.6% year-on-year -- GAAP net income was $0.14 per diluted share, non-GAAP net income was $0.28 per share -- Premium filter revenue grew rapidly, supporting over 50 unique customers -- Base station revenue up 54% year to date compared to 2013 on continued LTE build out -- GaN performance, cost and capacity goals completed as part of the DARPA Title III program -- Expected merger with RFMD anticipated to close this year; Qorvo name announced

Commenting on the results, Ralph Quinsey, President and Chief Executive Officer, stated, "Our financial results in the third quarter were well above expectations due to strong demand and an improved product mix driven by a strategic focus on delivering high performance solutions in each of our markets. The success we are seeing today is due to years of investment in BAW/SAW and high performance GaAs/GaN technologies. We continue to see robust demand and are raising our outlook for the fourth quarter. We remain on track to launch a new combined company, Qorvo, with the merger of TriQuint and RFMD expected to close by year end."

Summary Financial Results for the Three Months Ended September 27, 2014:

Revenue for the third quarter of 2014 was $272.1 million, up 8% from the third quarter of 2013 and 18% sequentially.

Cash and investments increased by $24.4 million this quarter to $247.9 million, driven by operating results and cash proceeds from employee stock option exercises and partially offset by continued investment in premium filter capacity.

GAAP

Gross margin for the third quarter of 2014 was 45.5%, up sharply from 40.2% in the second quarter of 2014 and from 36.8% in the third quarter of 2013 due to product mix and strong factory execution. Operating expenses for the third quarter of 2014 were $87.8 million, up sequentially due to merger and integration related costs.

Net income for the third quarter of 2014 was $26.2 million or $0.14 per diluted share, compared with net income of $5.2 million or $0.03 per diluted share in the second quarter of 2014 and $0.08 per diluted share in the third quarter of 2013.

Non-GAAP

Gross margin for the third quarter was 46.6%, up sharply from 41.7% in the second quarter of 2014 and 38.0% in the prior year. Operating expenses for the quarter were $74.7 million, up slightly sequentially.

Earnings per diluted share for the third quarter of 2014 was $0.28, compared with $0.13 per share in the second quarter of 2014 and $0.16 per diluted share in the third quarter in 2013.

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 expects fourth quarter revenue to range between $330 million and $340 million, up 23% sequentially at the midpoint. Fourth quarter non-GAAP gross margin is expected to be between 46% and 48%, driven by strong factory execution and product mix. Fourth quarter non-GAAP net income per diluted share is expected to be between $0.40 and $0.45. As of today, the company is fully booked to the midpoint of revenue guidance.

Additional Information Regarding Results for the Three and Nine Months Ended September 27, 2014:

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. Q2 vs. Q3 vs. Q3 ---------- --------- --------- Q3 2014 Q2 2014 2014 Q3 2013 2013 Q3 2014 Q3 2013 2013 =========== =========== ========== ========== ========= ========== ========== ========= Revenue $272.1 $230.8 18% $250.8 8% $680.5 $625.1 9% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Gross Profit $123.7 $ 92.7 33% $ 92.2 34% $275.5 $187.7 47% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Gross Margin % 45.5% 40.2% 5.3% 36.8% 8.7% 40.5% 30.0% 10.5% ------ ------ ----- ------ ----- ------ ------ ----- Op Income (Loss) $ 35.9 $ 7.4 385% $ 18.8 91% $ 23.3 $(32.1) 173% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Net Income (Loss) $ 26.2 $ 5.2 404% $ 13.6 93% $ 12.3 $(29.3) 142% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Inc (Loss) per share $ 0.14 $ 0.03 $0.11 $ 0.08 $0.06 $ 0.07 $(0.18) $0.25 ----- --- ----- --- ---- --- ----- ---- ----- ----- ---- NON-GAAP RESULTS (A) -------------------------------------------------------------------------------------------------------------- Three Months Ended Nine Months Ended ----------------------------------------------------------- --------------------------------- Change Change Change ---------- --------- --------- vs. Q2 vs. Q3 vs. Q3 ---------- --------- --------- Q3 2014 Q2 2014 2014 Q3 2013 2013 Q3 2014 Q3 2013 2013 =========== =========== ========== ========== ========= ========== ========== ========= Revenue $272.1 $230.8 18% $250.8 8% $680.5 $625.1 9% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Gross Profit $126.8 $ 96.2 32% $ 95.2 33% $285.6 $196.7 45% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Gross Margin % 46.6% 41.7% 4.9% 38.0% 8.6% 42.0% 31.5% 10.5% ------ ------ ----- ------ ----- ------ ------ ----- Op Income (Loss) $ 52.1 $ 24.3 114% $ 26.7 95% $ 68.0 $ (9.4) 823% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Net Income (Loss) $ 51.4 $ 23.6 118% $ 26.3 95% $ 65.6 $(11.9) 651% ----- --- ----- --- ----- ----- ----- ----- ----- ----- Inc (Loss) per share $ 0.28 $ 0.13 $0.15 $ 0.16 $0.12 $ 0.36 $(0.07) $0.43 ----- --- ----- --- ---- --- ----- ---- ----- ----- ---- A Excludes stock based compensation charges, non-cash tax benefit, certain entries associated with mergers and acquisitions, including expenses associated with the planned merger with RFMD 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 98159203. 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 10, 2014.

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From: Savant11/24/2014 3:02:16 PM
   of 995
 
GREENSBORO, N.C. and HILLSBORO, Ore., Nov. 24, 2014 /PRNewswire/ -- RF Micro Devices, Inc. (Nasdaq: RFMD) and TriQuint Semiconductor, Inc. (Nasdaq: TQNT) today announced the two companies have received all necessary shareholder and regulatory approvals to move forward with their previously announced merger of equals and have set Wednesday, December 31, 2014, as the anticipated closing date for the transaction. Trading in the common stock of the new combined company, Qorvo, Inc., is expected to commence on the NASDAQ Global Select Market on January 2, 2015, under the stock ticker symbol "QRVO."

TriQuint shareholders will receive 1.675 shares of Qorvo and RFMD shareholders will receive 1 share of Qorvo for each TriQuint or RFMD share held. At the closing of the transaction, the Company will execute a one-for-four reverse stock split.

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.

About RFMD

RFMD (Nasdaq: RFMD) is a global leader in the design and manufacture of high-performance radio frequency solutions. RFMD's products enable worldwide mobility, provide enhanced connectivity, and support advanced functionality in the mobile device, wireless infrastructure, wireless local area network (WLAN or Wi-Fi), cable television (CATV)/broadband, Smart Energy/advanced metering infrastructure (AMI), and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises, and communications equipment providers. RFMD is an ISO 9001-, ISO 14001-, and ISO/TS 16949-certified manufacturer with worldwide engineering, design, sales and service facilities. For more information, please visit RFMD's web site at www.rfmd.com.

Forward-Looking Statements

This communication contains forward-looking statements, including but not limited to those regarding the proposed business combination between RF Micro Devices, Inc. ("RFMD") and TriQuint Semiconductor, Inc. ("TriQuint") (the "Business Combination") and the transactions related thereto. These statements discuss the anticipated closing of the Business Combination, expected trading of the combined company's common stock, and similar statements. Forward-looking statements may contain words such as "expect," "believe," "may," "can," "should," "will," "forecast," "anticipate" or similar expressions, and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: satisfaction of the conditions precedent to consummation of the Business Combination, in a timely manner or at all; and other risks described in RFMD's and TriQuint's Securities and Exchange Commission ("SEC") filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. Neither RFMD nor TriQuint undertakes any obligation to update any forward-looking statements.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed Business Combination, Qorvo, Inc., a newly-formed holding company under RFMD ("Qorvo"), has filed with the SEC a Form S-4 (the "Registration Statement"), which was declared effective on July 30, 2014 and which includes a registration statement and a prospectus with respect to Qorvo's shares to be issued in the Business Combination. The Registration Statement contains important information about the proposed Business Combination and related matters. SECURITY HOLDERS ARE URGED AND ADVISED TO READ THE REGISTRATION STATEMENT CAREFULLY. The Registration Statement and other relevant materials and any other documents filed by Qorvo, RFMD or TriQuint with the SEC may be obtained free of charge at the SEC's website, at www.sec.gov. In addition, security holders of TriQuint will be able to obtain free copies of the Registration Statement from TriQuint by contacting Investor Relations by mail at TriQuint Semiconductor, Inc., 2300 N.E. Brookwood Parkway, Hillsboro, Oregon 97124, Attn: Investor Relations Department, by telephone at (503) 615-9413, or by going to TriQuint's Investor Relations page on its corporate website at www.triquint.com; and security holders of RFMD will be able to obtain free copies of the Registration Statement from RFMD by contacting Investor Relations by mail at RF Micro Devices, Inc., 7628 Thorndike Road Greensboro, North Carolina 27409-9421, Attn: Investor Relations Department, by telephone at (336) 678-7088, or by going to RFMD's Investor Relations page on its corporate web site at www.rfmd.com.

RFMD

TQNT-F

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To: Savant who wrote (987)11/25/2014 8:50:12 AM
From: robert b furman
   of 995
 
HI Savant,

Let's hope this merger of equals starts a semi sector lift off,much like the merger of KLA and Tencor did back in the 1990's.

Merging and gaining synergies is so much smarter than duking out margin wars and losing profitability for market share.

More evidence this sector has matured far beyond most peoples awareness.

1 for 4 reverse split - still don't like the name - sounds like a drink from Mexico.<smile>

Bob

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To: robert b furman who wrote (988)11/25/2014 7:20:16 PM
From: Savant
   of 995
 
The old adage about rev splits is.....run, run, run...however...if the fundies are okay, and it's not a desperation move....it can work out...I can think of *2* off hand...lol.

What it sounds like to me, is...a tricky gymnastics move...and I'm certain there'll be some of that....in the HR and Acctng depts.

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To: Savant who wrote (989)11/26/2014 7:34:30 AM
From: robert b furman
   of 995
 
Yup,

I'm afraid its called pink slips.

Not in the brain power buy accounting,payables shipping - look out below.

Always synergies to be had or at least cut out the bad attitudes and dead weight.

Bob

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To: robert b furman who wrote (990)11/26/2014 9:02:19 AM
From: The Ox
   of 995
 
Based on the current stock prices, where do you think the new stock will start trading? $80/share?

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