RF Micro Devices Reports Record Financial Results
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 second quarter ended September 30, 2003. Revenue for the quarter was $163.5 million, an increase of 36.5% versus revenue of $119.7 million for the corresponding quarter of fiscal 2003, and a sequential increase of 24.3% versus revenue of $131.5 million for the quarter ended June 30, 2003.
Gross profit for the quarter was $63.8 million, an increase of 38.7% versus $46 million for the prior year period, and a sequential increase of approximately 54.7% from $41.2 million for the quarter ended June 30, 2003. Gross profit margin increased sequentially to 39%, versus 31.4% in the prior quarter and 38.4% in the corresponding quarter of fiscal 2003. The year-over-year and sequential increases in gross profit margin were primarily attributable to improved yields, higher volumes and cost savings from the ongoing conversion from 4in to 6in gallium arsenide wafer fabrication.
Net income for the quarter was $11.4 million, or $0.06 per diluted share, compared to net income of $6.5 million, or $0.04 per diluted share, for the second quarter of fiscal 2003 and net loss of $8.1 million, or $0.04 per diluted share, for the prior quarter ended June 30, 2003. Net income for the September 2003 quarter included approximately $2.6 million, or approximately $0.01 per share, in non-cash charges associated with the repurchase of 3.75% convertible subordinated notes.