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RF Micro Devices Reports First-Quarter 2005 Results

July 26, 2004 by Jeff Shepard

RF Micro Devices Inc. (RFMD, Greensboro, NC), a provider of proprietary radio frequency integrated circuits for wireless communications applications, reported financial results for its fiscal 2005 first quarter ended June 30, 2004. Revenue for the quarter was $165.8 million, which represented a year-over-year increase of 26% versus revenue of $131.5 million for the corresponding quarter of fiscal 2004, and a sequential increase of 1.4% versus revenue of $163.4 million for the quarter ended March 31, 2004.

Gross profit for the quarter was $64.9 million, which represented a year-over-year increase of 57.3% compared to $41.2 million in the prior year period, and a sequential increase of 6.5% versus $60.9 million in the quarter ended March 31, 2004. Gross profit margin improved sequentially 180 basis points to 39.1% from 37.3% in the 2004 quarter ended March 31, 2004.

Net income in accordance with US generally accepted accounting principles (GAAP) for the quarter ended June 30, 2004, was $3 million, or $0.02 per diluted share, compared with a GAAP net loss of $8.2 million, or $0.04 per diluted share, for the quarter ended June 30, 2003. This compares sequentially to a GAAP net loss of $0.9 million, or less than $0.01 per share, for the quarter ended March 31, 2004. Pro-forma net income for the quarter ended June 30, 2004, was $12.7 million, or $0.06 per diluted share. This compares with a pro-forma net loss of $4.6 million, or $0.03 per diluted share, for the first quarter of 2004, and pro-forma net income of $10.2 million, or $0.05 per diluted share, for the quarter ended March 31, 2004.