TriQuint Reports Fourth-Quarter, Annual Results

February 07, 2002 by Jeff Shepard

TriQuint Semiconductor Inc. (Hillsboro, OR) reported a fourth-quarter net loss of $59.6 million, or $0.46 per share, on revenue of $65.4 million. For the year, TriQuint reported a net loss of $26.2 million, or $0.21 per share, and revenue of $335.0 million, down from $460.6 million last year.

The company’s fourth-quarter loss included a net charge of $60.8 million. TriQuint’s annual loss includes asset-impairment charges of $61.8 million, merger-related costs of $5.0 million after the tax benefit and a gain of $5.6 million related to retiring part of the company’s debt. The company is predicting that first-quarter revenue will be between $60.0 and $65.0 million with earnings either breaking even or coming in at a slight loss on a per-share basis. However, TriQuint believes sales will improve sequentially in the second half of the year.

"We expect 2002 will be the beginning of a recovery for our business," said Steven Sharp, chairman, president and CEO of TriQuint. "Early indications are that sales of wireless phones will be seasonally soft compared to the fourth quarter of 2001, which is normal. Most of the major phone OEMs are predicting an increase in unit sales as the year progresses and as new models are introduced. The optical networking market remains soft. We are beginning to see some recovery in our products for base stations and our defense business is expected to perform well throughout 2002. The broadband, microwave and commercial satellite markets are currently soft, but we expect an improvement over the course of the year."