RFMD Q1'FY15 revenues boost 23.6% to $316.3mn

25 Jul '14

3 min read

RF Micro Devices, Inc. a global leader in the design and manufacture of high-performance radio frequency solutions, reported financial results for the Company's fiscal 2015 first quarter, ended June 28, 2014.

Quarterly Highlights:

-Quarterly Revenue Increases 23.6% Sequentially To a Record $316.3 Million

-GAAP Gross Margin Expands 1,310 Basis Points Year-Over-Year To 45.0%, and Non--GAAP Gross Margin Expands 1,200 Basis Points Year-Over-Year To 47.1%

-GAAP Diluted EPS Is $0.13, Versus $0.01 in Q1 Fiscal 2014

-Non-GAAP Diluted EPS Is $0.24, Versus $0.09 in Q1 Fiscal 2014

June quarterly revenue was $316.3 million. GAAP gross margin for the quarter was 45%, GAAP operating income was $46.1 million, and GAAP net income was $38.6 million, or $0.13 per diluted share. On a non-GAAP basis, gross margin was 47.1%, operating income was a record $78.9 million, or 24.9% of sales, and net income was $71.3 million, or a record $0.24 per diluted share.

Strategic Highlights

-RFMD's Cellular Products Group (CPG) secured new customer engagements for RF Fusion, a complete RF front end solution for 4G world phones and tablets.

-CPG supported the ramp of multiple 3G/4G smartphones, and 3G/4G sales increased to greater than 90% of CPG revenue.

-CPG enabled the proliferation of envelope tracking (ET) power amplifiers across multiple smartphone platforms and anticipates ET power management integrated circuit (PMIC) revenue across multiple basebands later this year.

-RFMD's Multi-Market Products Group (MPG) grew 5% sequentially across multiple markets, supported primarily by 4G wireless infrastructure and high-performance Wi-Fi in smartphones and enterprise applications.

-RFMD announced the expiration of the HSR Act waiting period, satisfying one of the conditions required to complete the pending business combination between RFMD and TriQuint Semiconductor, Inc.; RFMD continues to expect a successful close this calendar year, subject to approval by both TriQuint's and RFMD's shareholders, other required regulatory approvals, and customary closing conditions.

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