12th Feb 09
TRIQUINT Semiconductor posts impressive
full year 2008 results
TRIQUINT Semiconductor's revenue for the fourth quarter
of 2008 was $149.0 million, up 16% from the fourth quarter
of 2007 and a decrease of 20% sequentially following a very
strong Q3. Revenue for the year ended 2008 was $573.4 million,
up 21% from the year ended 2007. The reasons for growth
are increase in 3G handset products combined with revenue
from WJ Communications, which was acquired by TRIQUINT Semiconductor
in second quarter.
Net loss for the fourth quarter of 2008 was $33.8 million,
or ($0.23) per share which includes $35.8 million of impairment
charges. Net loss for the year ended 2008 was $14.1 million
or ($0.10) per share. Non-GAAP net income for the fourth
quarter was $6.6 million or $0.05 per diluted share. Non-GAAP
financial measures exclude stock based compensation charges,
certain impairment charges and certain charges associated
with the acquisition of WJ Communications.
TRIQUINT Semiconductor's annual 3G revenues grew by 254%
and WLAN revenue grew 51%.
Notable new products launched are TRITIUM Module family
and PowerBand technology based new RF transistor family
for broadband applications. The key customer is U.S. Defense.
Ralph Quinsey, President and Chief Executive Officer have
commented, "In 2008 TriQuint delivered another solid
growth year in spite of dramatic economic slowing in Q4.
Inventory reductions throughout the supply chain will have
a dampening impact on Q1 revenue while strong design-wins
and market share gains position us well for Q2 and beyond.
We are aggressively managing expenses but low utilization
due to existing inventory levels will put pressure on gross
margins until Q2 when supply and demand should be better
aligned. Our healthy cash balance and absence of debt allow
us to stay focused on opportunities. During this challenging
business climate TriQuint will deliver innovation and operational
efficiency, creating value out of adversity. TriQuint will
emerge as a stronger company."
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