RF Micro Devices Inc. (RFMD, Greensboro, NC), a provider of radio frequency integrated circuits for wireless communications applications, reported financial results for its fiscal 2005 fourth quarter, ended March 31, 2005. The company's results were consistent with updated financial guidance provided on April 14, 2005. Revenue for the quarter was $150.4 million, a decrease of 8.0% versus revenue of $163.4 million for the corresponding quarter of fiscal 2004, and a sequential decrease of 11.0% versus revenue of $168.9 million for the quarter ended December 31, 2004.
Gross profit for the quarter was $45.0 million, a decrease of 26.2% versus $60.9 million for the prior-year period, and a sequential decrease of approximately 23.0% from $58.4 million for the quarter ended December 31, 2004. Gross profit margin in the March 2005 quarter was 29.9%, versus 34.6% in the prior quarter and 37.3% in the corresponding quarter of fiscal 2004. Net loss in accordance with US generally accepted accounting principles (GAAP) for the quarter ended March 31, 2005, was $62.2 million, or $0.33 per diluted share, compared with a GAAP net loss of $0.9 million, or $0.00 per diluted share, for the quarter ended March 31, 2004. This compares sequentially to GAAP net income of $0.6 million, or $0.00 per diluted share, for the prior quarter ended December 31, 2004.
Pro-forma net loss for the quarter ended March 31, 2005, was $16.4 million, or $0.09 per share. This compares with pro-forma net income of $10.2 million, or $0.05 per diluted share, for the quarter ended March 31, 2004, and pro-forma net income of $3.6 million, or $0.02 per diluted share, for the quarter ended December 31, 2004.
