***RF Micro Devices Announces Third Quarter Results
(January 19)
RF Micro Devices, a provider of proprietary radio frequency
integrated circuits (RFICs) for wireless communications
applications, today reported financial results for its third
quarter of fiscal 2000.
Revenues for the quarter ended December 31, 1999 were
approximately $73.2 million, an increase of 76.4% over revenues
of $41.5 million for the corresponding quarter of fiscal 1999 and
an increase of 6.2% from revenues of $68.9 million for the
quarter ended September 30, 1999. An increase in orders during
the quarter, particularly for CDMA cellular and PCS power
amplifiers, resulted in a book to bill ratio above one.
Gross profit rose to $35.6 million, versus $14.6 million for the
corresponding quarter of fiscal 1999, an increase of 144%.
Compared sequentially, gross profit rose $3.5 million versus
$32.1 million for the quarter ended September 30, 1999, an
increase of 10.9%. The gross profit margin for the quarter
increased sequentially from the preceding quarter by 210 basis
points to 48.7% from 46.6%. An increase in the percentage of
revenues attributable to lower cost output from the Company's
GaAs HBT wafer fab facility was the primary reason for the gross
margin expansion.
Net income for the quarter was $12.6 million, or $0.15 per
diluted share, compared to net income of $5.6 million, or $0.08
per diluted share, for the third quarter of fiscal 1999, and net
income of $12.5 million, or $0.15 per diluted share, for the
second quarter of fiscal 2000. Diluted shares outstanding for the
three months ended December 31, 1999 were 86.1 million compared
to 85.4 million for the three months ended September 30, 1999.
Wave Issue 2003 1/19/00 Article 10-01