TriQuint Semiconductor Revenues Increase by 10.9% to $78.8 Million
10/24/2003 - TriQuint Semiconductor, Inc. (Nasdaq: TQNT) reported its financial results for the quarter ended September 30, 2003.
Highlights for the Quarter Ended September 30, 2003:
- Strong seasonal demand in the wireless handset market - revenue improved 30% sequentially.
- Gross margin improved 410 basis points sequentially.
- Optoelectronics revenue increased 7.6% sequentially.
- Record number of SAW filters shipped in the quarter.
- Book-to-bill ratio for the quarter increased to 1.1 to 1 - Q4 outlook improved.
Summary Financial Results for the Quarter:
- The revenue, gross margin and EPS are all above the Company’s guidance given on September 10, 2003, due to exceptionally strong results in the month of September.
- Revenue in the quarter was $78.8 million, up 10.9% compared to the third quarter of 2002 and up 8.2% compared to the second quarter of 2003.
- Gross margin improved to 29.8% compared to 25.7% in the second quarter of 2003.
- Recurring engineering, sales and administration expenses declined from $32.1 million in the second quarter of 2003 to $27.4 million due to recently enacted expense reduction initiatives.
- The net loss for the quarter of $5.8 million equal to a loss of $0.04 per share is substantially improved compared to a pro forma loss of $15.0 million or $0.11 per share for the second quarter of 2003. Please see the attached supplemental pro forma disclosures for a reconciliation of GAAP results to pro forma results.
- Cash, short-term investments, and long-term marketable securities total $378 million at September 30, 2003. All of these investments are high quality corporate and government securities such as commercial paper, money market funds, notes and short-term bonds.
Commenting on the results for the quarter ended September 30, 2003, Ralph Quinsey, President and CEO, stated, “The third quarter marked a significant turning point for TriQuint. We are seeing the benefits of our new product effort ramping into revenue. We have improved our operating results through an increased gross profit margin and reduced operating expenses. Our bookings are improved and our outlook for the fourth quarter of 2003 is bullish.”
Outlook for the Fourth Quarter of 2003
TriQuint is forecasting revenue for the quarter ending December 31, 2003, to be up compared to the revenue for the quarter ended September 30, 2003, with a projected range of $80 million to $83 million. The gross margin for the fourth quarter of 2003 is also expected to be up compared to the third quarter with a range of 30% to 32%. Operating expenses are projected to be between $27 million and $29 million for the fourth quarter. TriQuint projects a loss per share of between $0.02 and $0.04 for the fourth quarter.
A summary table of financial guidance for 2003 is available on the “Investors” section of TriQuint’s web site.
Conference Call
TriQuint will host a conference call this afternoon at 2:00 PM PDT to discuss the results for the quarter as well as future expectations of the Company. The call can be heard via webcast accessed through the “Investors” section of TriQuint’s web site: www.tqs.com, or through www.Vcall.com. A replay will be available for 7 days by dialing (303) 590-3000, passcode 555550#.
About TriQuint
TriQuint Semiconductor, Inc. (Nasdaq: TQNT) is a leading supplier of high performance products for communications applications. The Company focuses on the specialized expertise, materials and know-how for RF/IF and optical applications. The Company enjoys diversity in its markets, applications, products, technology and customer base. Markets include wireless phones, base stations, optical networks, broadband and microwave equipment, and aerospace and defense. TriQuint provides customers with standard and custom product solutions as well as foundry services. Products are based on advanced process technologies including gallium arsenide, indium phosphide, silicon germanium, and surface acoustic wave (SAW). TriQuint customers include major communications companies worldwide. TriQuint has manufacturing facilities in Oregon, Texas, Pennsylvania and Florida, production plants in Costa Rica and Mexico, and design centers in New England, Germany and Taiwan. All manufacturing and production facilities are certified to the ISO9001 international quality standard.
TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached at (503) 615-9000 (fax (503) 615-8900). Visit the TriQuint web site at http://www.tqs.com.
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. Readers are cautioned that forward-looking statements such as statements of TriQuint’s anticipated revenue, operating results and projected earnings per share involve risks and uncertainties. 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 those related to its respective markets, the demand for its components for applications such as optical networks and wireless communications, the demand for products utilizing SAW technology, and the utilization and performance of its manufacturing facilities. TriQuint cannot provide any assurance that future results will meet expectations. Results could differ materially based on various factors, including TriQuint’s performance and market conditions. In addition, historical information should not be considered an indicator of future performance. 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 also be accessed at the SEC web site, www.sec.gov.
The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing such words as “anticipates,” “believes,” “estimates,” “expects,” “hopeful,” “intends,” “plans,” “projects,” or similar terms are considered to contain uncertainty and are 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 list to be a complete statement of all potential risks and uncertainties. We do not assume the obligation to update any forward-looking statements.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on:
If you are familiar with RSS feeds, you can also sign up for our free blog feed. Our RSS feed is updated in real-time while our newsletter is updated daily.
