TriQuint Reports Improved Quarter/Year 2003 Results

February 08, 2004 by Jeff Shepard

TriQuint Semiconductor Inc. (Hillsboro, OR) reported its financial results for the quarter and year ended December 31, 2003. Revenue grew 13 percent over the third quarter of 2003 to $89.0 million due to strong demand in the wireless handset and wireless LAN markets. Net profit after tax of $8.9 million, resulting in diluted earnings per share of $0.06 on the basis of accounting principles generally accepted in the US. Gross margins improved 270 basis points sequentially to 32.5 percent.

The revenue in the quarter was $89 million, up 13 percent over third-quarter 2003 and up 22.4 percent over fourth-quarter 2002. The gross margin improved to 32.5 percent, compared to 29.8 percent in the third quarter of 2003. A net profit after tax on a GAAP basis of $8.9 million, equal to $0.06 per diluted share compares to a loss in the third quarter of $5.8 million.

For the year ended December 31, 2003, revenues were $312.3 million for 2003, which was an increase of 16.8 percent over the revenues of $267.3 million for 2002, due to improved sales of products for wireless phones and inclusion of the results of TriQuint Optoelectronics for the full year. The net loss on a GAAP basis improved from a loss of $158.6 million in 2002 to $73.0 million in 2003.