12/12/2003 - TriQuint Semiconductor, Inc. (Nasdaq: TQNT) will discuss updated financial guidance during its previously scheduled mid-quarter conference call today at 2:00 p.m. Pacific time.
Outlook for Q4 2003
The Company previously forecast its revenue for the quarter ending December 31, 2003, to be in the range of $80 million to $83 million, its gross margin to be in the range of 30% to 32% and a loss per share of between $0.02 and $0.04.
Based on the Company’s current shipments in this quarter, the current backlog and anticipated shipments for the balance of the quarter, the Company is revising its forecast upward for the quarter ending December 31, 2003. The Company now expects its revenue to be between $85 million and $87 million for the fourth quarter of 2003, with a gross margin between 32% and 33%, operating income at breakeven to a slight profit, and a net profit after tax of between $4 million and $5 million. The Company expects to record a one-time gain of approximately $6 million resulting from the proceeds of a payment of a previously impaired note from an investment in a non-public company, net of other impairments. The net result will be an earnings per share on the basis of accounting principles generally accepted in the U.S. (GAAP) estimated at $0.03 to $0.04.
Ralph Quinsey, President and CEO, stated, “We are updating and raising our guidance for Q4 2003 because our shipments and bookings have been very strong so far this quarter. End market demand for our products for wireless phone applications has been extremely strong. We continue to gain share with our new products and continue to execute our plan to reduce costs and improve profitability.”
The Company is expecting revenue for the first quarter of 2004 to be seasonally down from the fourth quarter of 2003 due to the holiday selling season for wireless phones. At this time, the Company is projecting revenue for Q1 2004 to be in the range of $77 million to $80 million.
The Company will host its regularly scheduled mid-quarter conference call today, Wednesday, December 10, 2003, at 2:00 p.m. PST. Ralph Quinsey will host the call. The call will be simultaneously webcast and investors are invited to listen on the investor relations page of the Company’s web site, www.triquint.com. Listeners should go to the web site at least 15 minutes early to register, download and install any necessary audio software.
During the call, TriQuint executives will review topics including but not limited to:
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 www.triquint.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.
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