TriQuint Announces Fourth Quarter and Full Year 2012 Results
HILLSBORO, Ore.--(BUSINESS WIRE)--
TriQuint Semiconductor, Inc (NASDAQ:TQNT), a leading RF solutions
supplier and technology innovator, announces its financial results for
the quarter and year ended December 31, 2012, including the following
highlights:
Revenue for the quarter was $233.6 million, up 16% from Q3 2012
Mobile Devices market revenue grew 19% sequentially from Q3 2012
Strong demand for 5GHz WLAN drove 66% sequential growth in
connectivity in smartphones
Ramping high-performance LTE
filters for Samsung, LG, HTC and Motorola Mobility smartphones
Record Optical sales in 2012 fueled by industry leading 40/100G
modulator drivers
VSAT revenue up 40% sequentially with production launch of major Ka
band program
Set industry
record for gallium nitride (GaN) reliability performance
Commenting on the Company's financial results, Ralph Quinsey, President
and Chief Executive Officer, stated “TriQuint's revenue for Q4 was
$233.6 million and non-GAAP earnings per share was $0.04, both above our
guidance. We are continuing to expand capacity for high performance
filters in anticipation of stronger demand in the second half of 2013
and beyond. I believe these investments will lead to improved financial
results for the company.”
Summary Financial Results for the Quarter and Year Ended December 31,
2012:
Revenue for the fourth quarter of 2012 was $233.6 million, up 3% from
the fourth quarter of 2011 and up 16% sequentially. Mobile Devices
revenue grew 19%, Networks revenue grew 1% and Defense & Aerospace grew
36%, in each case, sequentially. Revenue for 2012 was $829.2 million,
down 7% from 2011 due to a decrease in Mobile Devices revenue.
GAAP
Gross margin for the fourth quarter of 2012 was 29.3%, down from 30.7%
in the prior quarter. Gross margin for the year ended December 31, 2012
was 28.7%, down from 35.9% for 2011. Lower factory utilization drove the
year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $72.0 million, or
31% of revenue, up from $67.1 million in the prior quarter. Operating
expenses for 2012 were $274.7 million, up from $262.9 million in 2011.
The increase in the fourth quarter and for 2012 was due to higher
engineering expenses.
Net loss for the fourth quarter of 2012 was $3.8 million, or $(0.02) per
diluted share. Net loss for 2012 was $26.2 million or $(0.16) per
diluted share.
Non-GAAP
Gross margin for the fourth quarter of 2012 was 31.7%, down from 32.5%
in the prior quarter. Gross margin for 2012 was 30.7%, down from 37.2%
for 2011. Lower factory utilization drove the year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $66.6 million or
29% of revenue, up $4.6 million from the prior quarter. Operating
expenses for 2012 were $254.4 million or 31% of revenue, up from $244.4
million in 2011. The increase in the fourth quarter and for 2012 was due
to higher engineering expenses.
Net income for the fourth quarter of 2012 was $6.2 million, or $0.04 per
diluted share. Net loss for 2012 was $2.2 million, or $(0.01) per
diluted share.
Please see the discussion of non-GAAP financial measures below and the
attached supplemental schedule for a reconciliation of GAAP to non-GAAP
financial measures.
Outlook:
The Company believes first quarter 2013 revenue will be between $180
million and $190 million. First quarter 2013 non-GAAP net loss is
expected to be between $0.12 and $0.14 per share. The Company is 98%
booked to the midpoint of revenue guidance.
Additional Information Regarding December 31, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below
(in millions, except for percentage and per share information). Non-GAAP
financial measures are reconciled to the corresponding GAAP financial
measures in the financial statement portion of this press release.
GAAP RESULTS
Three Months Ended
Year Ended
Q4 2012
Q3 2012
Change
vs. Q3
2012
Q4 2011
Change
vs. Q4
2011
2012
2011
Change
vs. 2011
Revenue
$
233.6
$
200.8
16
%
$
227.0
3
%
$
829.2
$
896.1
(7
)%
Gross Profit
$
68.5
$
61.6
11
%
$
67.0
2
%
$
237.6
$
321.9
(26
)%
Gross Margin %
29.3
%
30.7
%
(1.4
)%
29.5
%
(0.2
)%
28.7
%
35.9
%
(7.2
)%
Op (loss)/Inc
$
(3.6
)
$
(5.5
)
(35
)%
$
5.4
(167
)%
$
(37.1
)
$
59.0
(163
)%
Net (loss)/Inc
$
(3.8
)
$
(11.2
)
(66
)%
$
4.3
(188
)%
$
(26.2
)
$
48.2
(154
)%
Diluted EPS
$
(0.02
)
$
(0.07
)
$
0.05
$
0.03
$
(0.05
)
$
(0.16
)
$
0.28
$
(0.44
)
NON-GAAP RESULTS A
Three Months Ended
Year Ended
Q4 2012
Q3 2012
Change
vs. Q3
2012
Q4 2011
Change
vs. Q4
2011
2012
2011
Change
vs. 2011
Revenue
$
233.6
$
200.8
16
%
$
227.0
3
%
$
829.2
$
896.1
(7
)%
Gross Profit
$
74.1
$
65.3
13
%
$
70.3
5
%
$
254.9
$
333.2
(23
)%
Gross Margin %
31.7
%
32.5
%
(0.8
)%
31.0
%
0.7
%
30.7
%
37.2
%
(6.5
)%
Op Income
$
7.5
$
3.3
127
%
$
13.4
(44
)%
$
0.5
$
88.7
(99
)%
Net Income
$
6.2
$
2.5
148
%
$
13.3
(53
)%
$
(2.2
)
$
87.3
(103
)%
Diluted EPS
$
0.04
$
0.02
$
0.02
$
0.08
$
(0.04
)
$
(0.01
)
$
0.51
$
(0.52
)
A
Excludes stock based compensation charges, non-cash tax (benefit)
expense, certain charges associated with acquisitions, and other
specifically identified non-routine transactions.
Conference Call:
TriQuint will host a conference call this afternoon at 1:30 p.m. PST to
discuss the results for the quarter as well as our future expectations
for the Company. To access the conference call, please dial (888)
813-6582 domestically, or (706) 643-7082 internationally, approximately
ten minutes prior to the beginning of the call, using passcode 88651773.
The call can also be heard via webcast accessed through the “Investors”
section of TriQuint's web site at: .
A replay of the conference call will be available until February 13,
2013.
Non-GAAP Financial Measures:
This press release provides financial measures for non-GAAP net income,
diluted earnings per share, gross profit, gross margin, operating
expenses and operating income that exclude equity compensation expense,
non-cash tax (benefit) expense, certain charges associated with
acquisitions, and other specifically identified non-routine items, and
are therefore not calculated in accordance with accounting principles
generally accepted in the United States (“GAAP”). The non-cash tax
(benefit) expense includes certain deferred tax charges and benefits
that do not result in a tax payment or tax refund. Management believes
that these non-GAAP financial measures provide meaningful supplemental
information regarding our performance that enhances management's and
investors' ability to evaluate TriQuint's operating results.
These non-GAAP financial measures are not intended to be used in
isolation and should not be considered a substitute for any other
performance measure determined in accordance with GAAP. Investors and
potential investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an analytical
tool, including that other companies may calculate similar non-GAAP
financial measures differently than we do, limiting their usefulness as
a comparative tool. The Company compensates for these limitations by
providing specific information regarding the GAAP amount excluded from
the non-GAAP financial measures. The Company further compensates for the
limitations of our use of non-GAAP financial measures by presenting
comparable GAAP measures more prominently. Investors and potential
investors are encouraged to review the reconciliation of non-GAAP
financial measures contained within this press release with our GAAP net
income and net income per share.
Forward-Looking Statements:
This press release contains forward-looking statements made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding TriQuint's anticipated revenues and non-GAAP net income per
share, and strong demand in the second half of 2013 and beyond. Actual
results may vary materially from those expressed or implied in the
statements herein or from historical results, due to changes in
economic, business, competitive, technological and/or regulatory
factors, including TriQuint's performance; demand for TriQuint's
products; TriQuint's ability to develop new products, improve yields,
maintain product pricing and reduce costs; the impact on our costs and
customers of product reliability and scrap levels; TriQuint's ability to
win customers, increase market share and continue to provide expected
levels of inventory to customers; inventory levels in TriQuint's markets
and market conditions. Additional considerations and important risk
factors are described in TriQuint's reports on Form 10-K and 10-Q and
other filings with the Securities and Exchange Commission. These reports
can be accessed at the SEC web site, .
Except as required by law, TriQuint undertakes no obligation to revise
or publicly release the results of any revision to these forward-looking
statements.
A reader of this release should understand that it is not possible to
predict or identify all risk factors and should not consider the risk
factors described in TriQuint's filings with the Securities and Exchange
Commission to be a complete statement of all potential risks and
uncertainties.
Facts About TriQuint
Founded in 1981, TriQuint Semiconductor (NASDAQ: TQNT) is a leading
global provider of innovative RF solutions and foundry services for the
world's top communications, defense and aerospace companies. People and
organizations around the world need real-time, all-the-time connections;
TriQuint products help reduce the cost and increase the performance of
connected mobile devices and the networks that deliver critical voice,
data and video communications. With the industry's broadest technology
portfolio, recognized R&D leadership, and expertise in high-volume
manufacturing, TriQuint creates standard and custom products using
gallium arsenide (GaAs), gallium nitride (GaN), surface acoustic wave
(SAW) and bulk acoustic wave (BAW) technologies. The Company has
ISO9001-certified manufacturing facilities in the U.S., production in
Costa Rica, and design centers in North America and Germany. For more
information, visit
TriQuint: Reach Further, Reach Faster™
TQNT-F
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31,
2012
December 31,
2011
Assets
Current assets:
Cash and cash equivalents
$
116,653
$
116,305
Investments in marketable securities
22,305
46,006
Accounts receivable, net
132,729
129,103
Inventories
138,246
151,577
Prepaid expenses
8,938
7,051
Deferred tax assets, net
12,530
11,857
Other current assets
48,382
35,756
Total current assets
479,783
497,655
Property, plant and equipment, net
448,741
469,943
Goodwill
4,391
3,376
Intangible assets, net
23,163
22,732
Deferred tax assets – noncurrent, net
57,185
48,957
Other noncurrent assets, net
40,415
12,605
Total assets
$
1,053,678
$
1,055,268
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
65,388
$
67,812
Accrued payroll
33,254
28,519
Other accrued liabilities
15,132
9,901
Total current liabilities
113,774
106,232
Long-term liabilities:
Long-term income tax liability
2,809
735
Cross-licensing liability
12,818
—
Other long-term liabilities
15,878
11,013
Total liabilities
145,279
117,980
Stockholders' equity:
Common stock
161
166
Additional paid-in capital
676,203
678,412
Accumulated other comprehensive income
(366
)
140
Retained earnings
232,401
258,570
Total stockholders' equity
908,399
937,288
Total liabilities and stockholders' equity
$
1,053,678
$
1,055,268
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Year Ended
December 31,
2012
September 29,
2012
December 31,
2011
December 31,
2012
December 31,
2011
Revenues
$
233,621
$
200,821
$
226,987
$
829,174
$
896,083
Cost of goods sold
165,165
139,208
159,948
591,578
574,152
Gross profit
68,456
61,613
67,039
237,596
321,931
Operating expenses:
Research, development and engineering
44,453
40,871
35,992
160,483
146,902
Selling, general and administrative
27,569
26,264
23,364
106,642
96,779
Litigation expense
—
—
2,256
7,547
19,224
Total operating expenses
72,022
67,135
61,612
274,672
262,905
Operating (loss) income
(3,566
)
(5,522
)
5,427
(37,076
)
59,026
Other (expense) income:
Interest income
45
58
44
241
293
Interest expense
(784
)
(666
)
(460
)
(2,112
)
(1,567
)
Recovery of investment
—
—
495
6,957
1,363
Other, net
(53
)
23
35
116
(143
)
Other (expense) income, net
(792
)
(585
)
114
5,202
(54
)
(Loss) income before income tax
(4,358
)
(6,107
)
5,541
(31,874
)
58,972
Income tax (benefit) expense
(602
)
5,139
1,232
(5,705
)
10,822
Net (loss) income
$
(3,756
)
$
(11,246
)
$
4,309
$
(26,169
)
$
48,150
.
Per Share Data
Basic per share net (loss) income
$
(0.02
)
$
(0.07
)
$
0.03
$
(0.16
)
$
0.29
Diluted per share net (loss) income
$
(0.02
)
$
(0.07
)
$
0.03
$
(0.16
)
$
0.28
Weighted-average shares outstanding:
Basic
162,083
163,838
165,711
164,366
164,256
Diluted
162,083
163,838
168,753
164,366
172,510
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(% of revenue)
Three Months Ended
Year Ended
December 31,
2012
September 29,
2012
December 31,
2011
December 31,
2012
December 31,
2011
Revenues
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Cost of goods sold
70.7
%
69.3
%
70.5
%
71.3
%
64.1
%
Gross profit
29.3
%
30.7
%
29.5
%
28.7
%
35.9
%
Operating expenses:
Research, development and engineering
19.0
%
20.3
%
15.9
%
19.4
%
16.4
%
Selling, general and administrative
11.8
%
13.1
%
10.3
%
12.9
%
10.8
%
Litigation expense
—
—
0.9
%
0.9
%
2.1
%
Total operating expenses
30.8
%
33.4
%
27.1
%
33.2
%
29.3
%
Operating (loss) income
(1.5
)%
(2.7
)%
2.4
%
(4.5
)%
6.6
%
Other income (expense):
Interest income
0.0
%
0.0
%
0.0
%
0.1
%
0.0
%
Interest expense
(0.3
)%
(0.3
)%
(0.2
)%
(0.2
)%
(0.2
)%
Recovery of investment
—
—
0.2
%
0.8
%
0.2
%
Other, net
(0.1
)%
0.0
%
0.0
%
0.0
%
0.0
%
Other (expense) income, net
(0.4
)%
(0.3
)%
0.0
%
0.7
%
(0.0
)%
(Loss) income before income tax
(1.9
)%
(3.0
)%
2.4
%
(3.8
)%
6.6
%
Income tax (benefit) expense
(0.3
)%
2.6
%
0.5
%
(0.6
)%
1.2
%
Net (loss) income
(1.6
)%
(5.6
)%
1.9
%
(3.2
)%
5.4
%
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts and percentages)
Three Months Ended
Year Ended
December 31,
2012
September 29,
2012
December 31,
2011
December 31,
2012
December 31,
2011
(% of revenues)
(% of revenues)
(% of revenues)
(% of revenues)
(% of revenues)
GAAP GROSS PROFIT
$
68,456
29.3
%
$
61,613
30.7
%
$
67,039
29.5
%
$
237,596
28.7
%
$
321,931
35.9
%
Adjustment for stock based compensation charges
2,544
1.1
%
2,549
1.3
%
2,207
1.0
%
9,021
1.1
%
6,918
0.8
%
Adjustment for restructuring charges
—
—
—
—
—
—
1,763
0.2
%
—
—
Adjustment for accelerated depreciation of certain machinery and
equipment
2,018
0.9
%
—
—
—
—
2,018
0.2
%
—
—
Adjustment for charges associated with acquisitions
1,126
0.4
%
1,185
0.5
%
1,079
0.5
%
4,531
0.5
%
4,303
0.5
%
NON-GAAP GROSS PROFIT
$
74,144
31.7
%
$
65,347
32.5
%
$
70,325
31.0
%
$
254,929
30.7
%
$
333,152
37.2
%
GAAP OPERATING EXPENSES
$
72,022
30.8
%
$
67,135
33.4
%
$
61,612
27.1
%
$
274,672
33.2
%
$
262,905
29.3
%
Adjustment for stock based compensation charges
(5,062
)
(2.2
)%
(4,815
)
(2.4
)%
(4,532
)
(2.0
)%
(20,204
)
(2.5
)%
(18,164
)
(2.0
)%
Adjustment for charges associated with acquisitions
(312
)
(0.1
)%
(257
)
(0.1
)%
(202
)
(0.1
)%
(56
)
(0.1
)%
(326
)
—
NON-GAAP OPERATING EXPENSES
$
66,648
28.5
%
$
62,063
30.9
%
$
56,878
25.0
%
$
254,412
30.6
%
$
244,415
27.3
%
GAAP OPERATING (LOSS) INCOME
$
(3,566
)
(1.5
)%
$
(5,522
)
(2.7
)%
$
5,427
2.4
%
$
(37,076
)
(4.5
)%
$
59,026
6.6
%
Adjustment for stock based compensation charges
7,606
3.3
%
7,364
3.7
%
6,739
3.0
%
29,225
3.6
%
25,082
2.8
%
Adjustment for restructuring charges
—
—
—
—
—
—
1,763
0.2
%
—
—
Adjustment for accelerated depreciation of certain machinery and
equipment
2,018
0.9
%
—
—
—
—
2,018
0.2
%
—
—
Adjustment for charges associated with acquisitions
1,438
0.5
%
1,442
0.6
%
1,281
0.6
%
4,587
0.6
%
4,629
0.5
%
NON-GAAP OPERATING INCOME
$
7,496
3.2
%
$
3,284
1.6
%
$
13,447
6.0
%
$
517
0.1
%
$
88,737
9.9
%
GAAP NET (LOSS) INCOME
$
(3,756
)
(1.6
)%
$
(11,246
)
(5.6
)%
$
4,309
1.9
%
$
(26,169
)
(3.2
)%
$
48,150
5.4
%
Adjustment for stock based compensation charges
7,606
3.3
%
7,364
3.7
%
6,739
3.0
%
29,225
3.6
%
25,082
2.8
%
Adjustment for restructuring charges
—
—
—
—
—
—
1,763
0.2
%
—
—
Adjustment for accelerated depreciation of certain machinery and
equipment
2,018
0.9
%
—
—
—
—
2,018
0.2
%
—
—
Adjustment for recovery of investment
—
—
—
—
(495
)
(0.2
)%
(6,957
)
(0.9
)%
(1,363
)
(0.2
)%
Adjustment for non-cash tax (benefit) expense
(1,196
)
(0.5
)%
4,955
2.6
%
1,307
0.5
%
(6,801
)
(0.8
)%
10,552
1.2
%
Adjustment for charges associated with acquisitions
1,540
0.6
%
1,442
0.6
%
1,402
0.6
%
4,715
0.6
%
4,833
0.5
%
NON-GAAP NET INCOME (LOSS)
$
6,212
2.7
%
$
2,515
1.3
%
$
13,262
5.8
%
$
(2,206
)
(0.3
)%
$
87,254
9.7
%
GAAP DILUTED (LOSS) EARNINGS PER SHARE
$
(0.02
)
$
(0.07
)
$
0.03
$
(0.16
)
$
0.28
Adjustment for stock based compensation charges
0.05
0.04
0.04
0.18
0.15
Adjustment for restructuring charges
—
—
—
0.01
—
Adjustment for accelerated depreciation of certain machinery and
equipment
0.01
—
—
0.01
—
Adjustment for recovery of investment
—
—
0.00
(0.04
)
(0.01
)
Adjustment for non-cash tax (benefit) expense
(0.01
)
0.04
0.00
(0.04
)
0.06
Adjustment for charges associated with acquisitions
0.01
0.01
0.01
0.03
0.03
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE
$
0.04
$
0.02
$
0.08
$
(0.01
)
$
0.51
Our earnings release contains forward looking estimates of non-GAAP
diluted earnings per share for the first quarter of 2013. We provide
these non-GAAP measures on a prospective basis for the same reasons that
we provide them to investors on a historical basis. The following table
provides a reconciliation of GAAP diluted earnings per share to non-GAAP
diluted earnings per share for Q1 2013 based on the mid-point of
guidance.
Forward Looking GAAP Loss per Share
$
(0.10
)
Adjustment for stock based compensation charges
0.05
Adjustment for non-cash tax (benefit) expense
(0.09
)
Adjustment for charges associated with acquisitions
0.01
Forward Looking non-GAAP Diluted Loss per Share
$
(0.13
)
TriQuint Semiconductor, Inc VP of Finance & Administration, CFO Steve
Buhaly, +1-503-615-9401 sbuhaly@tqs.com or Media
Contact: TriQuint Semiconductor, Inc. Sr Director,
Marketing Comms Brandi Frye, +1-503-615-9488 bfrye@tqs.com
Press Release $TQNT TriQuint Semiconductor, Inc.
HILLSBORO, Ore.--(BUSINESS WIRE)-- TriQuint Semiconductor, Inc (NASDAQ:TQNT), a leading RF solutions supplier and technology innovator, announces its financial results for the quarter and year ended December 31, 2012, including the following highlights:
Commenting on the Company's financial results, Ralph Quinsey, President and Chief Executive Officer, stated “TriQuint's revenue for Q4 was $233.6 million and non-GAAP earnings per share was $0.04, both above our guidance. We are continuing to expand capacity for high performance filters in anticipation of stronger demand in the second half of 2013 and beyond. I believe these investments will lead to improved financial results for the company.”
Summary Financial Results for the Quarter and Year Ended December 31, 2012:
Revenue for the fourth quarter of 2012 was $233.6 million, up 3% from the fourth quarter of 2011 and up 16% sequentially. Mobile Devices revenue grew 19%, Networks revenue grew 1% and Defense & Aerospace grew 36%, in each case, sequentially. Revenue for 2012 was $829.2 million, down 7% from 2011 due to a decrease in Mobile Devices revenue.
GAAP
Gross margin for the fourth quarter of 2012 was 29.3%, down from 30.7% in the prior quarter. Gross margin for the year ended December 31, 2012 was 28.7%, down from 35.9% for 2011. Lower factory utilization drove the year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $72.0 million, or 31% of revenue, up from $67.1 million in the prior quarter. Operating expenses for 2012 were $274.7 million, up from $262.9 million in 2011. The increase in the fourth quarter and for 2012 was due to higher engineering expenses.
Net loss for the fourth quarter of 2012 was $3.8 million, or $(0.02) per diluted share. Net loss for 2012 was $26.2 million or $(0.16) per diluted share.
Non-GAAP
Gross margin for the fourth quarter of 2012 was 31.7%, down from 32.5% in the prior quarter. Gross margin for 2012 was 30.7%, down from 37.2% for 2011. Lower factory utilization drove the year-to-year decline.
Operating expenses for the fourth quarter of 2012 were $66.6 million or 29% of revenue, up $4.6 million from the prior quarter. Operating expenses for 2012 were $254.4 million or 31% of revenue, up from $244.4 million in 2011. The increase in the fourth quarter and for 2012 was due to higher engineering expenses.
Net income for the fourth quarter of 2012 was $6.2 million, or $0.04 per diluted share. Net loss for 2012 was $2.2 million, or $(0.01) per diluted share.
Please see the discussion of non-GAAP financial measures below and the attached supplemental schedule for a reconciliation of GAAP to non-GAAP financial measures.
Outlook:
The Company believes first quarter 2013 revenue will be between $180 million and $190 million. First quarter 2013 non-GAAP net loss is expected to be between $0.12 and $0.14 per share. The Company is 98% booked to the midpoint of revenue guidance.
Additional Information Regarding December 31, 2012 Results:
GAAP and non-GAAP financial measures are presented in the tables below (in millions, except for percentage and per share information). Non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.
Three Months Ended
Year Ended
Q4 2012
Q3 2012
Change
vs. Q3
2012
Q4 2011
Change
vs. Q4
2011
2012
2011
Change
vs. 2011
NON-GAAP RESULTS A
Three Months Ended
Year Ended
Q4 2012
Q3 2012
Change
vs. Q3
2012
Q4 2011
Change
vs. Q4
2011
2012
2011
Change
vs. 2011
A
Conference Call:
TriQuint will host a conference call this afternoon at 1:30 p.m. PST to discuss the results for the quarter as well as our future expectations for the Company. To access the conference call, please dial (888) 813-6582 domestically, or (706) 643-7082 internationally, approximately ten minutes prior to the beginning of the call, using passcode 88651773. The call can also be heard via webcast accessed through the “Investors” section of TriQuint's web site at: . A replay of the conference call will be available until February 13, 2013.
Non-GAAP Financial Measures:
This press release provides financial measures for non-GAAP net income, diluted earnings per share, gross profit, gross margin, operating expenses and operating income that exclude equity compensation expense, non-cash tax (benefit) expense, certain charges associated with acquisitions, and other specifically identified non-routine items, and are therefore not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). The non-cash tax (benefit) expense includes certain deferred tax charges and benefits that do not result in a tax payment or tax refund. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate TriQuint's operating results.
These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for any other performance measure determined in accordance with GAAP. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, including that other companies may calculate similar non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool. The Company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The Company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net income and net income per share.
Forward-Looking Statements:
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding TriQuint's anticipated revenues and non-GAAP net income per share, and strong demand in the second half of 2013 and beyond. Actual results may vary materially from those expressed or implied in the statements herein or from historical results, due to changes in economic, business, competitive, technological and/or regulatory factors, including TriQuint's performance; demand for TriQuint's products; TriQuint's ability to develop new products, improve yields, maintain product pricing and reduce costs; the impact on our costs and customers of product reliability and scrap levels; TriQuint's ability to win customers, increase market share and continue to provide expected levels of inventory to customers; inventory levels in TriQuint's markets and market conditions. Additional considerations and important risk factors are described in TriQuint's reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. These reports can be accessed at the SEC web site, . Except as required by law, TriQuint undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
A reader of this release should understand that it is not possible to predict or identify all risk factors and should not consider the risk factors described in TriQuint's filings with the Securities and Exchange Commission to be a complete statement of all potential risks and uncertainties.
Facts About TriQuint
Founded in 1981, TriQuint Semiconductor (NASDAQ: TQNT) is a leading global provider of innovative RF solutions and foundry services for the world's top communications, defense and aerospace companies. People and organizations around the world need real-time, all-the-time connections; TriQuint products help reduce the cost and increase the performance of connected mobile devices and the networks that deliver critical voice, data and video communications. With the industry's broadest technology portfolio, recognized R&D leadership, and expertise in high-volume manufacturing, TriQuint creates standard and custom products using gallium arsenide (GaAs), gallium nitride (GaN), surface acoustic wave (SAW) and bulk acoustic wave (BAW) technologies. The Company has ISO9001-certified manufacturing facilities in the U.S., production in Costa Rica, and design centers in North America and Germany. For more information, visit
TriQuint: Reach Further, Reach Faster™
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Our earnings release contains forward looking estimates of non-GAAP diluted earnings per share for the first quarter of 2013. We provide these non-GAAP measures on a prospective basis for the same reasons that we provide them to investors on a historical basis. The following table provides a reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share for Q1 2013 based on the mid-point of guidance.
TriQuint Semiconductor, Inc
VP of Finance & Administration, CFO
Steve Buhaly, +1-503-615-9401
sbuhaly@tqs.com
or
Media Contact:
TriQuint Semiconductor, Inc.
Sr Director, Marketing Comms
Brandi Frye, +1-503-615-9488
bfrye@tqs.com
Source: TriQuint Semiconductor, Inc.