Published: October 27, 2010
TriQuint Announces Third Quarter 2010 Results
HILLSBORO, Ore. - (BUSINESS WIRE) - TriQuint Semiconductor, Inc. (NASDAQ:TQNT), a leading RF front-end
product and foundry services provider, announces its financial results
for the quarter ended October 2, 2010, including the following
highlights:
-
Revenue was $237.0 million, up 14% from Q2'10 and 37% from Q3'09
-
Mobile Devices quarterly revenue grew 28% from Q2'10 and 37% from Q3'09
-
Net Income was $110.9 million or $0.68 per diluted share which
includes a tax benefit of $72.1 million
-
Non-GAAP Net Income was $44.2 million or $0.27 per diluted share
-
Named to Forbes.com "Most
Trustworthy Companies" list
-
Released TQP15
Foundry process for mmWave applications: VSAT, satellite and point to
point radios
-
Announced integration strategy for Base Station products - four
levels of integration
-
Launched heat spreading capability for high power die sales - Die
on Tab
-
Awarded a $17.5 million Title III gallium nitride manufacturing
development contract by the US Air Force Research Laboratory
Commenting on the results for the quarter ended October 2, 2010, Ralph
Quinsey, President and Chief Executive Officer, stated, "I am very
pleased with our results this quarter and am excited about our long term
opportunities. We've turned in record third quarter revenue and, not
including favorable non cash tax effects, generated more non-GAAP net
income in Q3 than we did in either of the preceding 2 years. Our
strategy of RF integration, multi-market innovation, and growth for
scale has been effective. Looking forward I expect that the RF market
will remain healthy and TriQuint will benefit from a strong product
roadmap built on industry leading technology platforms."
Summary Financial Results for the Quarter Ended October 2, 2010:
Revenue for the third quarter of 2010 was $237.0 million, up 37% from
the third quarter of 2009 and 14% sequentially. Networks continued to
enjoy a strong rebound from the lows of 2009, with revenue growing 61%
compared to the third quarter of 2009. Mobile Devices showed robust
growth, with revenue increasing 28% sequentially and 37% compared to the
third quarter of 2009.
Net income for the third quarter of 2010 was $110.9 million, or $0.68
per diluted share. Non-GAAP net income for the third quarter was $44.2
million, or $0.27 per diluted share. The company recognized a tax
benefit of $72.1 million during the third quarter primarily due to the
reversal of a valuation allowance previously placed on our net deferred
tax assets which are mostly net operating loss carryforwards (NOLs).
This reversal is a non-cash event that indicates strengthened conviction
in the company's ability to generate sufficient profits to fully utilize
these NOLs. 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.
Gross margin for the third quarter of 2010 was 41.3%, up from 33.8% in
the third quarter of 2009. On a non-GAAP basis, gross margin was 42.3%,
up from 35.0% in the third quarter of 2009.
Operating expenses for the third quarter of 2010 were $59.1 million, or
24.9% of revenue, up from $47.7 million in the third quarter of 2009.
Non-GAAP operating expenses for the quarter were $56.0 million or 23.6%
of revenue.
Outlook:
The company believes fourth quarter revenue will be between $245 million
and $255 million. At the midpoint, this implies revenue growth in 2010
of 33% over the prior year. Looking to 2011, the company believes
continued robust growth in demand should lead to revenue growth of about
20%. For the fourth quarter of 2010, the company expects that strong
growth in the mobile devices market will lead to a non-GAAP gross margin
between 41% and 42%. Non-GAAP operating expenses are expected to grow to
about $59 million, or 24% of revenue. Fourth quarter net income is
expected to be between $0.26 and $0.28 per share on a non-GAAP basis.
The company is 91% booked to the midpoint of revenue guidance.
Additional Information Regarding October 2, 2010 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
|
|
Nine Months Ended
|
|
|
|
Q3 2010
|
|
Q2 2010
|
|
Change vs.
Q2
2010
|
|
Q3 2009
|
|
Change vs.
Q3
2009
|
|
Q3 2010
|
|
Q3 2009
|
|
Change vs.
Q3
2009
|
|
Revenue
|
|
$
|
237.0
|
|
|
$
|
207.5
|
|
|
|
14
|
%
|
|
$
|
173.0
|
|
|
|
37
|
%
|
|
$
|
625.3
|
|
|
$
|
461.0
|
|
|
|
36
|
%
|
|
GM
|
|
|
41.3
|
%
|
|
|
41.2
|
%
|
|
|
0.1
|
%
|
|
|
33.8
|
%
|
|
|
7.5
|
%
|
|
|
40.3
|
%
|
|
|
29.6
|
%
|
|
|
10.7
|
%
|
|
Op Income (Loss)
|
|
$
|
38.9
|
|
|
$
|
26.7
|
|
|
|
46
|
%
|
|
$
|
10.7
|
|
|
|
264
|
%
|
|
$
|
78.8
|
|
|
$
|
(1.7
|
)
|
|
|
4735
|
%
|
|
Net Income (Loss)
|
|
$
|
110.9
|
|
|
$
|
22.5
|
|
|
|
393
|
%
|
|
$
|
10.5
|
|
|
|
956
|
%
|
|
$
|
147.1
|
|
|
$
|
(1.2
|
)
|
|
|
12358
|
%
|
|
Diluted EPS
|
|
$
|
0.68
|
|
|
$
|
0.14
|
|
|
$
|
0.54
|
|
|
$
|
0.07
|
|
|
$
|
0.61
|
|
|
$
|
0.91
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.92
|
|
|
|
|
NON-GAAP RESULTS A
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
Q3 2010
|
|
Q2 2010
|
|
Change vs.
Q2
2010
|
|
Q3 2009
|
|
Change vs.
Q3
2009
|
|
Q3 2010
|
|
Q3 2009
|
|
Change vs.
Q3
2009
|
|
Revenue
|
|
$
|
237.0
|
|
|
$
|
207.5
|
|
|
|
14
|
%
|
|
$
|
173.0
|
|
|
|
37
|
%
|
|
$
|
625.3
|
|
|
$
|
461.0
|
|
|
|
36
|
%
|
|
GM
|
|
|
42.3
|
%
|
|
|
42.3
|
%
|
|
|
0.0
|
%
|
|
|
35.0
|
%
|
|
|
7.3
|
%
|
|
|
41.3
|
%
|
|
|
30.7
|
%
|
|
|
10.6
|
%
|
|
Op Income
|
|
$
|
44.3
|
|
|
$
|
33.0
|
|
|
|
34
|
%
|
|
$
|
15.8
|
|
|
|
180
|
%
|
|
$
|
95.4
|
|
|
$
|
15.2
|
|
|
|
528
|
%
|
|
Net Income
|
|
$
|
44.2
|
|
|
$
|
33.1
|
|
|
|
34
|
%
|
|
$
|
16.0
|
|
|
|
176
|
%
|
|
$
|
94.9
|
|
|
$
|
15.4
|
|
|
|
516
|
%
|
|
Diluted EPS
|
|
$
|
0.27
|
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.10
|
|
|
$
|
0.17
|
|
|
$
|
0.58
|
|
|
$
|
0.10
|
|
|
$
|
0.48
|
|
|
A
|
|
Excludes stock based compensation charges, non-cash tax expense,
certain charges associated with acquisitions, and other specifically
identified non-routine transactions.
|
|
|
Conference Call:
TriQuint will host a conference call this afternoon at 2:00 p.m. PDT 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 93960016.
The call can also be heard via webcast accessed through the "Investors"
section of TriQuint's web site. A replay of the conference call will be
available until midnight on November 3, 2010 from the Investors section
of the company's website at: www.triquint.com/investors/events.
Non-GAAP Financial Measures:
This press release provides financial measures for net income, diluted
earnings per share, gross profit, operating expenses, and operating
income that exclude equity compensation expense, non-cash tax 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 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. For more information, see the
consolidated operating statements and reconciliation of non-GAAP
measurements contained in this press release.
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 gross margins,
operating expenses and net income. 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; TriQuint's ability to win customers, increase market share
and continue to provide expected levels of inventory to customers;
inventory levels in our 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, 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
TriQuint Semiconductor (NASDAQ: TQNT) celebrates its 25th anniversary in
2010 as a leading global provider of innovative RF solutions and foundry
services for the world's leading 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: Connecting the Digital World to the Global Network
TQNT-F
|
|
|
TriQuint Semiconductor, Inc.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
October 2,
|
|
July 3,
|
|
December 31,
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash, cash equivalents and investments
|
|
$
|
187,170
|
|
$
|
175,122
|
|
$
|
153,935
|
|
Accounts receivable, net
|
|
|
141,795
|
|
|
120,968
|
|
|
88,090
|
|
Inventories
|
|
|
103,346
|
|
|
99,728
|
|
|
89,964
|
|
Other current assets
|
|
|
95,112
|
|
|
37,052
|
|
|
26,695
|
|
Total current assets
|
|
|
527,423
|
|
|
432,870
|
|
|
358,684
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
309,914
|
|
|
289,451
|
|
|
275,985
|
|
Other, net
|
|
|
62,365
|
|
|
41,388
|
|
|
45,372
|
|
Total assets
|
|
$
|
899,702
|
|
$
|
763,709
|
|
$
|
680,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
112,826
|
|
$
|
97,392
|
|
$
|
70,547
|
|
Other accrued liabilities
|
|
|
13,453
|
|
|
12,253
|
|
|
12,176
|
|
Total current liabilities
|
|
|
126,279
|
|
|
109,645
|
|
|
82,723
|
|
|
|
|
|
|
|
|
|
Long term income tax liability
|
|
|
9,247
|
|
|
9,067
|
|
|
10,077
|
|
Other long-term liabilities
|
|
|
8,878
|
|
|
8,033
|
|
|
10,079
|
|
Total liabilities
|
|
|
144,404
|
|
|
126,745
|
|
|
102,879
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
755,298
|
|
|
636,964
|
|
|
577,162
|
|
Total liabilities and stockholders' equity
|
|
$
|
899,702
|
|
$
|
763,709
|
|
$
|
680,041
|
|
|
|
|
|
TriQuint Semiconductor, Inc.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
October 2,
|
|
July 3,
|
|
September 26,
|
|
October 2,
|
|
September 26,
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
236,998
|
|
|
$
|
207,478
|
|
|
$
|
172,955
|
|
|
$
|
625,314
|
|
|
$
|
460,965
|
|
|
Cost of goods sold
|
|
|
139,039
|
|
|
|
121,995
|
|
|
|
114,513
|
|
|
|
373,373
|
|
|
|
324,654
|
|
|
Gross profit
|
|
|
97,959
|
|
|
|
85,483
|
|
|
|
58,442
|
|
|
|
251,941
|
|
|
|
136,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research, development and engineering
|
|
|
32,978
|
|
|
|
32,640
|
|
|
|
28,282
|
|
|
|
96,397
|
|
|
|
78,971
|
|
|
Selling, general and administrative
|
|
|
26,115
|
|
|
|
26,131
|
|
|
|
19,422
|
|
|
|
76,727
|
|
|
|
56,089
|
|
|
Settlement of lawsuit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,950
|
|
|
Total operating expenses
|
|
|
59,093
|
|
|
|
58,771
|
|
|
|
47,704
|
|
|
|
173,124
|
|
|
|
138,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
38,866
|
|
|
|
26,712
|
|
|
|
10,738
|
|
|
|
78,817
|
|
|
|
(1,699
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
85
|
|
|
|
112
|
|
|
|
139
|
|
|
|
308
|
|
|
|
677
|
|
|
Interest expense
|
|
|
(189
|
)
|
|
|
(167
|
)
|
|
|
(179
|
)
|
|
|
(559
|
)
|
|
|
(721
|
)
|
|
Foreign currency (loss) gain
|
|
|
(202
|
)
|
|
|
7
|
|
|
|
60
|
|
|
|
(411
|
)
|
|
|
(54
|
)
|
|
Other, net
|
|
|
248
|
|
|
|
63
|
|
|
|
9
|
|
|
|
316
|
|
|
|
439
|
|
|
Other (expense) income, net
|
|
|
(58
|
)
|
|
|
15
|
|
|
|
29
|
|
|
|
(346
|
)
|
|
|
341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax
|
|
|
38,808
|
|
|
|
26,727
|
|
|
|
10,767
|
|
|
|
78,471
|
|
|
|
(1,358
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax(benefit) expense
|
|
|
(72,083
|
)
|
|
|
4,268
|
|
|
|
256
|
|
|
|
(68,588
|
)
|
|
|
(126
|
)
|
|
Net income (loss)
|
|
$
|
110,891
|
|
|
$
|
22,459
|
|
|
$
|
10,511
|
|
|
$
|
147,059
|
|
|
$
|
(1,232
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Basic per share net income (loss)
|
|
$
|
0.71
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.95
|
|
|
$
|
(0.01
|
)
|
|
Diluted per share net income (loss)
|
|
$
|
0.68
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.91
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
155,734
|
|
|
|
154,938
|
|
|
|
150,878
|
|
|
|
154,737
|
|
|
|
148,789
|
|
|
Diluted
|
|
|
162,653
|
|
|
|
161,562
|
|
|
|
157,344
|
|
|
|
161,146
|
|
|
|
148,789
|
|
|
|
|
|
|
TriQuint Semiconductor, Inc.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(% of revenue)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
October 2,
|
|
July 3,
|
|
September 26,
|
|
October 2,
|
|
September 26,
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Cost of goods sold
|
|
58.7
|
%
|
|
58.8
|
%
|
|
66.2
|
%
|
|
59.7
|
%
|
|
70.4
|
%
|
|
Gross profit
|
|
41.3
|
%
|
|
41.2
|
%
|
|
33.8
|
%
|
|
40.3
|
%
|
|
29.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research, development and engineering
|
|
13.9
|
%
|
|
15.7
|
%
|
|
16.4
|
%
|
|
15.4
|
%
|
|
17.1
|
%
|
|
Selling, general and administrative
|
|
11.0
|
%
|
|
12.6
|
%
|
|
11.2
|
%
|
|
12.3
|
%
|
|
12.2
|
%
|
|
Settlement of lawsuit
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.6
|
%
|
|
Total operating expenses
|
|
24.9
|
%
|
|
28.3
|
%
|
|
27.6
|
%
|
|
27.7
|
%
|
|
29.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
16.4
|
%
|
|
12.9
|
%
|
|
6.2
|
%
|
|
12.6
|
%
|
|
-0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.0
|
%
|
|
0.1
|
%
|
|
Interest expense
|
|
-0.1
|
%
|
|
-0.1
|
%
|
|
-0.1
|
%
|
|
-0.1
|
%
|
|
-0.2
|
%
|
|
Foreign currency (loss) gain
|
|
-0.1
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
-0.1
|
%
|
|
-0.0
|
%
|
|
Other, net
|
|
0.1
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
Other (expense) income, net
|
|
-0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
-0.1
|
%
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax
|
|
16.4
|
%
|
|
12.9
|
%
|
|
6.2
|
%
|
|
12.5
|
%
|
|
-0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit)
|
|
-30.4
|
%
|
|
2.1
|
%
|
|
0.1
|
%
|
|
-11.0
|
%
|
|
0.0
|
%
|
|
Net income (loss)
|
|
46.8
|
%
|
|
10.8
|
%
|
|
6.1
|
%
|
|
23.5
|
%
|
|
-0.3
|
%
|
|
|
|
|
|
TriQuint Semiconductor, Inc.
|
|
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
|
|
(Unaudited)
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
October 2,
2010
|
|
July 3,
2010
|
|
September 26,
2009
|
|
October 2,
2010
|
|
September 26,
2009
|
|
|
|
(% of revenues)
|
|
(% of revenues)
|
|
(% of revenues)
|
|
(% of revenues)
|
|
(% of revenues)
|
|
GAAP GROSS PROFIT
|
|
$
|
97,959
|
|
|
41.3
|
%
|
|
$
|
85,483
|
|
|
41.2
|
%
|
|
$
|
58,442
|
|
|
33.8
|
%
|
|
$
|
251,941
|
|
|
40.3
|
%
|
|
$
|
136,311
|
|
|
29.6
|
%
|
|
Adjustment for stock based compensation charges
|
|
|
1,321
|
|
|
0.6
|
%
|
|
|
1,129
|
|
|
0.5
|
%
|
|
|
1,268
|
|
|
0.7
|
%
|
|
|
3,407
|
|
|
0.5
|
%
|
|
|
2,531
|
|
|
0.5
|
%
|
|
Adjustment for charges associated with acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
1,039
|
|
|
0.4
|
%
|
|
|
1,026
|
|
|
0.5
|
%
|
|
|
869
|
|
|
0.5
|
%
|
|
|
3,086
|
|
|
0.5
|
%
|
|
|
2,471
|
|
|
0.5
|
%
|
|
Writeoff IPR&D for abandoned product lines
|
|
|
-
|
|
|
0.0
|
%
|
|
|
38
|
|
|
0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
38
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
Increase in value of inventory
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
338
|
|
|
0.1
|
%
|
|
NON-GAAP GROSS PROFIT
|
|
$
|
100,319
|
|
|
42.3
|
%
|
|
$
|
87,676
|
|
|
42.3
|
%
|
|
|
60,579
|
|
|
35.0
|
%
|
|
$
|
258,472
|
|
|
41.3
|
%
|
|
$
|
141,651
|
|
|
30.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING EXPENSES
|
|
$
|
59,093
|
|
|
24.9
|
%
|
|
$
|
58,771
|
|
|
28.3
|
%
|
|
|
47,704
|
|
|
27.6
|
%
|
|
$
|
173,124
|
|
|
27.7
|
%
|
|
$
|
138,010
|
|
|
29.9
|
%
|
|
Adjustment for stock based compensation charges
|
|
|
(3,336
|
)
|
|
-1.4
|
%
|
|
|
(3,501
|
)
|
|
-1.7
|
%
|
|
|
(2,702
|
)
|
|
-1.6
|
%
|
|
|
(9,532
|
)
|
|
-1.5
|
%
|
|
|
(7,978
|
)
|
|
-1.7
|
%
|
|
Adjustment for settlement of lawsuit
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
(2,950
|
)
|
|
-0.6
|
%
|
|
Adjustment for restructuring expense
|
|
|
(11
|
)
|
|
0.0
|
%
|
|
|
(395
|
)
|
|
-0.2
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
(406
|
)
|
|
-0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
Adjustment for charges associated with acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
(202
|
)
|
|
-0.1
|
%
|
|
|
(202
|
)
|
|
0.0
|
%
|
|
|
(214
|
)
|
|
-0.1
|
%
|
|
|
(605
|
)
|
|
-0.1
|
%
|
|
|
(621
|
)
|
|
-0.1
|
%
|
|
Change in estimate of earnout liability
|
|
|
467
|
|
|
0.2
|
%
|
|
|
-
|
|
|
0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
467
|
|
|
0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
NON-GAAP OPERATING EXPENSES
|
|
$
|
56,011
|
|
|
23.6
|
%
|
|
$
|
54,673
|
|
|
26.5
|
%
|
|
|
44,788
|
|
|
25.9
|
%
|
|
$
|
163,048
|
|
|
26.1
|
%
|
|
$
|
126,461
|
|
|
27.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING INCOME (LOSS)
|
|
$
|
38,866
|
|
|
16.4
|
%
|
|
$
|
26,712
|
|
|
12.9
|
%
|
|
|
10,738
|
|
|
6.2
|
%
|
|
$
|
78,817
|
|
|
12.6
|
%
|
|
$
|
(1,699
|
)
|
|
-0.3
|
%
|
|
Adjustment for stock based compensation charges
|
|
|
4,657
|
|
|
2.0
|
%
|
|
|
4,630
|
|
|
2.2
|
%
|
|
|
3,970
|
|
|
2.3
|
%
|
|
|
12,939
|
|
|
2.1
|
%
|
|
|
10,508
|
|
|
2.3
|
%
|
|
Adjustment for restructuring expense
|
|
|
11
|
|
|
0.0
|
%
|
|
|
395
|
|
|
0.2
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
406
|
|
|
0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
Adjustment for settlement of lawsuit
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
2,950
|
|
|
0.6
|
%
|
|
Adjustment for charges associated with acquisitions
|
|
|
774
|
|
|
0.3
|
%
|
|
|
1,266
|
|
|
0.6
|
%
|
|
|
1,083
|
|
|
0.6
|
%
|
|
|
3,262
|
|
|
0.5
|
%
|
|
|
3,430
|
|
|
0.7
|
%
|
|
NON-GAAP OPERATING INCOME
|
|
$
|
44,308
|
|
|
18.7
|
%
|
|
$
|
33,003
|
|
|
15.9
|
%
|
|
|
15,791
|
|
|
9.1
|
%
|
|
$
|
95,424
|
|
|
15.3
|
%
|
|
$
|
15,189
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME (LOSS)
|
|
$
|
110,891
|
|
|
46.8
|
%
|
|
$
|
22,459
|
|
|
10.8
|
%
|
|
|
10,511
|
|
|
6.1
|
%
|
|
$
|
147,059
|
|
|
23.5
|
%
|
|
$
|
(1,232
|
)
|
|
-0.3
|
%
|
|
Adjustment for stock based compensation charges
|
|
|
4,657
|
|
|
2.0
|
%
|
|
|
4,630
|
|
|
2.2
|
%
|
|
|
3,970
|
|
|
2.3
|
%
|
|
|
12,939
|
|
|
2.1
|
%
|
|
|
10,508
|
|
|
2.3
|
%
|
|
Adjustment for restructuring expense
|
|
|
11
|
|
|
0.0
|
%
|
|
|
395
|
|
|
0.2
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
406
|
|
|
0.1
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
Adjustment for settlement of lawsuit
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
-
|
|
|
0.0
|
%
|
|
|
2,950
|
|
|
0.6
|
%
|
|
Adjustment for non-cash tax (benefit) expense
|
|
|
(72,223
|
)
|
|
-30.5
|
%
|
|
|
4,211
|
|
|
2.0
|
%
|
|
|
284
|
|
|
0.2
|
%
|
|
|
(69,054
|
)
|
|
-11.1
|
%
|
|
|
(804
|
)
|
|
-0.2
|
%
|
|
Adjustment for charges associated with acquisitions
|
|
|
862
|
|
|
0.3
|
%
|
|
|
1,355
|
|
|
0.7
|
%
|
|
|
1,207
|
|
|
0.7
|
%
|
|
|
3,590
|
|
|
0.6
|
%
|
|
|
3,991
|
|
|
0.8
|
%
|
|
NON-GAAP NET INCOME
|
|
$
|
44,198
|
|
|
18.6
|
%
|
|
$
|
33,050
|
|
|
15.9
|
%
|
|
|
15,972
|
|
|
9.2
|
%
|
|
$
|
94,940
|
|
|
15.2
|
%
|
|
$
|
15,413
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS (LOSS) PER SHARE
|
|
$
|
0.68
|
|
|
|
|
$
|
0.14
|
|
|
|
|
$
|
0.07
|
|
|
|
|
$
|
0.91
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
Adjustment for stock based compensation charges
|
|
|
0.02
|
|
|
|
|
|
0.03
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.08
|
|
|
|
|
|
0.07
|
|
|
|
|
Adjustment for restructuring expense
|
|
|
0.00
|
|
|
|
|
|
0.00
|
|
|
|
|
|
-
|
|
|
|
|
|
0.00
|
|
|
|
|
|
-
|
|
|
|
|
Adjustment for settlement of lawsuit
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
0.02
|
|
|
|
|
Adjustment for non-cash tax expense
|
|
|
(0.44
|
)
|
|
|
|
|
0.02
|
|
|
|
|
|
0.00
|
|
|
|
|
|
(0.42
|
)
|
|
|
|
|
(0.01
|
)
|
|
|
|
Adjustment for charges associated with acquisitions
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.03
|
|
|
|
|
NON-GAAP DILUTED EARNINGS PER SHARE
|
|
$
|
0.27
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.10
|
|
|
|
|
$
|
0.58
|
|
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP COMMON SHARES ASSUMING DILUTION
|
|
$
|
162,653
|
|
|
|
|
$
|
161,562
|
|
|
|
|
$
|
157,344
|
|
|
|
|
$
|
161,146
|
|
|
|
|
$
|
148,789
|
|
|
|
|
Adjustment for equity compensation charges
|
|
|
1,607
|
|
|
|
|
|
1,323
|
|
|
|
|
|
1,691
|
|
|
|
|
|
1,424
|
|
|
|
|
|
950
|
|
|
|
|
COMMON SHARES ASSUMING DILUTION EXCLUDING EQUITY COMPENSATION
|
|
$
|
164,260
|
|
|
|
|
$
|
162,885
|
|
|
|
|
$
|
159,035
|
|
|
|
|
$
|
162,570
|
|
|
|
|
$
|
149,739
|
|
|
|
|
|
TriQuint Semiconductor, Inc.
VP of Finance & Administration, CFO
Steve
Buhaly, +1-503-615-9401
sbuhaly@tqs.com
or
Fi.
Comm
Investor Relations Counsel
Heidi A. Flannery,
+1-541-322-0230
heidi.flannery@ficomm.com
or
Media
Contact:
TriQuint Semiconductor, Inc.
Director, Marketing
Comms
Brandi Frye, +1-503-615-9488
bfrye@tqs.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
Search News
