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 2004 fourth quarter and year ended March 31, 2004. Revenue for the quarter was $163.4 million, an increase of 18.1 percent versus revenue of $138.3 million for the corresponding quarter of fiscal 2003, and a sequential decrease of 15.3 percent versus revenue of $193 million for the quarter ended December 31, 2003.
Gross profit for the quarter was $60.9 million, an increase of approximately 49.3 percent versus $40.8 million in the prior-year period and a sequential decrease of approximately 24.3 percent from $80.4 million for the quarter ended December 31, 2003. Net loss for the quarter was $0.9 million, or $0.00 per diluted share, which includes the impact of a $7.7 million non-cash asset impairment charge. This compares to a quarterly net loss of $13.0 million, or $0.07 per diluted share, in the fiscal 2003 fourth quarter, and net income of $28.2 million, or $0.13 per diluted share, in the fiscal 2004 third quarter. The March 2004 non-cash, asset impairment charge of $7.7 million, which reduced earnings per share by $0.04 per share, is related to a settlement resulting from the discontinuation of an inactive silicon manufacturing supply agreement announced in May 2001.
