RF Micro Devices Inc. (RFMD, Greensboro, NC), a provider of proprietary radio frequency integrated circuits for wireless communications applications, announced that it will update financial guidance for its fiscal 2005 second quarter, which ends September 30, 2004.
RF Micro Devices currently expects September 2004 quarterly revenue to decline sequentially from the quarter ended June 30, 2004, by approximately 8% to 12%, which equates to quarterly revenue of approximately $146 million to $152.5 million. The company's revised revenue expectations are due primarily to lower than anticipated sales to certain Asian handset customers, which the company believes was caused by excess inventory levels in the supply chain. The company had previously forecast quarterly revenue of approximately $166 million in its July 20, 2004, earnings release.
RF Micro Devices currently anticipates second-quarter GAAP earnings per share in the range of $0.03 to $0.05, and pro-forma earnings per share in the range of $0.01 to $0.03. The pro-forma earnings per share estimates exclude approximately $3.9 million in non-cash expenses related to the company's recent convertible bond redemption and the amortization of deferred compensation and intangible assets. The company previously projected second quarter GAAP earnings per share in the range of $0.01 to $0.02, and pro-forma earnings per share in the range of $0.03 to $0.04.
