Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated October 23, 2013 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated October 23, 2013 |
• | Revenue for the quarter grew 32% sequentially to $250.8 million |
• | GAAP net income for the quarter was $13.6 million, or $0.08 per diluted share |
• | Non-GAAP net income for the quarter was $26.3 million, or $0.16 per diluted share |
• | Mobile Devices market revenue grew 53% sequentially and 42% over the same period a year ago |
• | Acquired CAP Wireless and its Spatium™ technology |
• | Won business with multiple customers with new BAW products |
• | Announced 5G Wi-Fi reference designs with Broadcom |
• | Introduced industry's most integrated small cell power amplifier for increasing network capacity |
• | Released new 100-200 Gb/s solutions to support the worldwide build-out of optical fiber networks |
GAAP RESULTS | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Q3 2013 | Q2 2013 | Change vs. Q2 2013 | Q3 2012 | Change vs. Q3 2012 | Q3 2013 | Q3 2012 | Change vs. Q3 2012 | |||||||||||||||||||||
Revenue | $ | 250.8 | $ | 190.1 | 32 | % | $ | 200.8 | 25 | % | $ | 625.1 | $ | 595.6 | 5 | % | ||||||||||||
Gross Profit | $ | 92.2 | $ | 56.7 | 63 | % | $ | 61.6 | 50 | % | $ | 187.7 | $ | 169.1 | 11 | % | ||||||||||||
Gross Margin % | 36.8 | % | 29.8 | % | 7.0 | % | 30.7 | % | 6.1 | % | 30.0 | % | 28.4 | % | 1.6 | % | ||||||||||||
Op Income (loss) | $ | 18.8 | $ | (16.4 | ) | 215 | % | $ | (5.5 | ) | 442 | % | $ | (32.1 | ) | $ | (33.5 | ) | 4 | % | ||||||||
Net Income (loss) | $ | 13.6 | $ | (14.9 | ) | 191 | % | $ | (11.2 | ) | 221 | % | $ | (29.3 | ) | $ | (22.4 | ) | (31 | )% | ||||||||
Inc(loss) per share | $ | 0.08 | $ | (0.09 | ) | $ | 0.17 | $ | (0.07 | ) | $ | 0.15 | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.04 | ) | |||||||
NON-GAAP RESULTS A | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Q3 2013 | Q2 2013 | Change vs. Q2 2013 | Q3 2012 | Change vs. Q3 2012 | Q3 2013 | Q3 2012 | Change vs. Q3 2012 | |||||||||||||||||||||
Revenue | $ | 250.8 | $ | 190.1 | 32 | % | $ | 200.8 | 25 | % | $ | 625.1 | $ | 595.6 | 5 | % | ||||||||||||
Gross Profit | $ | 95.2 | $ | 59.5 | 60 | % | $ | 65.3 | 46 | % | $ | 196.7 | $ | 180.8 | 9 | % | ||||||||||||
Gross Margin % | 38.0 | % | 31.3 | % | 6.7 | % | 32.5 | % | 5.5 | % | 31.5 | % | 30.4 | % | 1.1 | % | ||||||||||||
Op Income (loss) | $ | 26.7 | $ | (10.1 | ) | 364 | % | $ | 3.3 | 709 | % | $ | (9.4 | ) | $ | (7.0 | ) | (34 | )% | |||||||||
Net Income (loss) | $ | 26.3 | $ | (10.9 | ) | 341 | % | $ | 2.5 | 952 | % | $ | (11.9 | ) | $ | (8.4 | ) | (42 | )% | |||||||||
Inc(loss) per share | $ | 0.16 | $ | (0.07 | ) | $ | 0.23 | $ | 0.02 | $ | 0.14 | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.02 | ) | ||||||||
A | Excludes stock based compensation charges, non-cash tax (benefit) expense, certain entries associated with acquisitions and other specifically identified non-routine transactions. | |||||||||||||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 26,327 | $ | 116,653 | |||||||
Investments in marketable securities | 553 | 22,305 | |||||||||
Accounts receivable, net | 173,991 | 132,729 | |||||||||
Inventories | 175,583 | 138,246 | |||||||||
Prepaid expenses | 10,635 | 8,938 | |||||||||
Deferred tax assets, net | 12,111 | 12,530 | |||||||||
Other current assets | 51,446 | 48,382 | |||||||||
Total current assets | 450,646 | 479,783 | |||||||||
Property, plant and equipment, net | 454,237 | 448,741 | |||||||||
Goodwill | 13,790 | 4,391 | |||||||||
Intangible assets, net | 25,001 | 23,163 | |||||||||
Deferred tax assets – noncurrent, net | 63,109 | 57,185 | |||||||||
Other noncurrent assets, net | 32,062 | 40,415 | |||||||||
Total assets | $ | 1,038,845 | $ | 1,053,678 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 77,588 | $ | 65,388 | |||||||
Accrued payroll | 38,182 | 33,254 | |||||||||
Other accrued liabilities | 13,721 | 15,132 | |||||||||
Total current liabilities | 129,491 | 113,774 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 4,070 | 2,809 | |||||||||
Cross-licensing liability | 12,027 | 12,818 | |||||||||
Other long-term liabilities | 16,699 | 15,878 | |||||||||
Total liabilities | 162,287 | 145,279 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 158 | 161 | |||||||||
Additional paid-in capital | 673,635 | 676,203 | |||||||||
Accumulated other comprehensive loss | (363 | ) | (366 | ) | |||||||
Retained earnings | 203,128 | 232,401 | |||||||||
Total stockholders' equity | 876,558 | 908,399 | |||||||||
Total liabilities and stockholders' equity | $ | 1,038,845 | $ | 1,053,678 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 28, 2013 | June 29, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||||||
Revenues | $ | 250,836 | $ | 190,103 | $ | 200,821 | $ | 625,148 | 595,553 | |||||||||||||
Cost of goods sold | 158,619 | 133,384 | 139,208 | 437,440 | 426,413 | |||||||||||||||||
Gross profit | 92,217 | 56,719 | 61,613 | 187,708 | 169,140 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research, development and engineering | 47,023 | 47,107 | 40,871 | 140,201 | 116,029 | |||||||||||||||||
Selling, general and administrative | 26,420 | 25,989 | 26,264 | 79,650 | 86,620 | |||||||||||||||||
Total operating expenses | 73,443 | 73,096 | 67,135 | 219,851 | 202,649 | |||||||||||||||||
Operating income (loss) | 18,774 | (16,377 | ) | (5,522 | ) | (32,143 | ) | (33,509 | ) | |||||||||||||
Other (expense) income: | ||||||||||||||||||||||
Interest income | 7 | 38 | 58 | 83 | 196 | |||||||||||||||||
Interest expense | (1,153 | ) | (1,137 | ) | (666 | ) | (3,429 | ) | (1,329 | ) | ||||||||||||
Gain/recovery of investment | — | 421 | — | 421 | 6,957 | |||||||||||||||||
Other, net | 70 | (85 | ) | 23 | (324 | ) | 168 | |||||||||||||||
Other (expense) income, net | (1,076 | ) | (763 | ) | (585 | ) | (3,249 | ) | 5,992 | |||||||||||||
Income (loss) before income tax | 17,698 | (17,140 | ) | (6,107 | ) | (35,392 | ) | (27,517 | ) | |||||||||||||
Income tax expense (benefit) | 4,137 | (2,255 | ) | 5,139 | (6,119 | ) | (5,104 | ) | ||||||||||||||
Net income (loss) | $ | 13,561 | $ | (14,885 | ) | $ | (11,246 | ) | $ | (29,273 | ) | $ | (22,413 | ) | ||||||||
Per Share Data: | ||||||||||||||||||||||
Basic per share net income (loss) | $ | 0.09 | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.18 | ) | $ | (0.14 | ) | ||||||||
Diluted per share net income (loss) | 0.08 | $ | (0.09 | ) | $ | (0.07 | ) | (0.18 | ) | $ | (0.14 | ) | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 157,105 | 159,347 | 163,838 | 159,057 | 165,143 | |||||||||||||||||
Diluted | 163,917 | 159,347 | 163,838 | 159,057 | 165,143 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(% of revenue) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 28, 2013 | June 29, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 63.2 | % | 70.2 | % | 69.3 | % | 70.0 | % | 71.6 | % | |||||||
Gross profit | 36.8 | % | 29.8 | % | 30.7 | % | 30.0 | % | 28.4 | % | |||||||
Operating expenses: | |||||||||||||||||
Research, development and engineering | 18.7 | % | 24.8 | % | 20.3 | % | 22.4 | % | 19.4 | % | |||||||
Selling, general and administrative | 10.6 | % | 13.6 | % | 13.1 | % | 12.7 | % | 14.6 | % | |||||||
Total operating expenses | 29.3 | % | 38.4 | % | 33.4 | % | 35.1 | % | 34.0 | % | |||||||
Operating income (loss) | 7.5 | % | (8.6 | )% | (2.7 | )% | (5.1 | )% | (5.6 | )% | |||||||
Other (expense) income: | |||||||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
Interest expense | (0.5 | )% | (0.6 | )% | (0.3 | )% | (0.6 | )% | (0.2 | )% | |||||||
Gain/recovery of investment | — | % | 0.2 | % | — | % | 0.1 | % | 1.2 | % | |||||||
Other, net | 0.0 | % | (0.0 | )% | 0.0 | % | (0.1 | )% | 0.0 | % | |||||||
Other (expense) income, net | (0.5 | )% | (0.4 | )% | (0.3 | )% | (0.6 | )% | 1.0 | % | |||||||
Income (loss) before income tax | 7.0 | % | (9.0 | )% | (3.0 | )% | (5.7 | )% | (4.6 | )% | |||||||
Income tax expense (benefit) | 1.6 | % | (1.2 | )% | 2.6 | % | (1.0 | )% | (0.8 | )% | |||||||
Net income (loss) | 5.4 | % | (7.8 | )% | (5.6 | )% | (4.7 | )% | (3.8 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 28, 2013 | June 29, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||||||||||||
GAAP GROSS PROFIT | $ | 92,217 | 36.8 | % | $ | 56,719 | 29.8 | % | $ | 61,613 | 30.7 | % | $ | 187,708 | 30.0 | % | $ | 169,140 | 28.4 | % | ||||||||||||
Adjustment for stock based compensation charges | 1,720 | 0.7 | % | 1,570 | 0.8 | % | 2,549 | 1.3 | % | 5,327 | 0.9 | % | 6,477 | 1.1 | % | |||||||||||||||||
Adjustment for restructuring charges | — | — | % | — | — | % | — | — | % | — | — | % | 1,763 | 0.3 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 1,272 | 0.5 | % | 1,202 | 0.7 | % | 1,185 | 0.5 | % | 3,682 | 0.6 | % | 3,405 | 0.6 | % | |||||||||||||||||
NON-GAAP GROSS PROFIT | $ | 95,209 | 38.0 | % | $ | 59,491 | 31.3 | % | $ | 65,347 | 32.5 | % | 196,717 | 31.5 | % | 180,785 | 30.4 | % | ||||||||||||||
GAAP OPERATING EXPENSES | $ | 73,443 | 29.3 | % | $ | 73,096 | 38.4 | % | $ | 67,135 | 33.4 | % | $ | 219,851 | 35.1 | % | $ | 202,649 | 34.0 | % | ||||||||||||
Adjustment for stock based compensation charges | (5,193 | ) | (2.1 | )% | (5,623 | ) | (3.0 | )% | (4,815 | ) | (2.4 | )% | (15,802 | ) | (2.5 | )% | (15,142 | ) | (2.5 | )% | ||||||||||||
Adjustment for charges associated with acquisitions | 308 | 0.1 | % | 2,108 | 1.2 | % | (257 | ) | — | % | 2,103 | 0.4 | % | 256 | 0.0 | % | ||||||||||||||||
NON-GAAP OPERATING EXPENSES | $ | 68,558 | 27.3 | % | $ | 69,581 | 36.6 | % | $ | 62,063 | 31.0 | % | $ | 206,152 | 33.0 | % | $ | 187,763 | 31.5 | % | ||||||||||||
GAAP OPERATING INCOME (LOSS) | $ | 18,774 | 7.5 | % | $ | (16,377 | ) | (8.6 | )% | $ | (5,522 | ) | (2.7 | )% | $ | (32,143 | ) | (5.1 | )% | $ | (33,509 | ) | (5.6 | )% | ||||||||
Adjustment for stock based compensation charges | 6,913 | 2.8 | % | 7,193 | 3.8 | % | 7,364 | 3.7 | % | 21,129 | 3.4 | % | 21,619 | 3.6 | % | |||||||||||||||||
Adjustment for restructuring charges | — | — | % | — | — | % | — | — | % | — | — | % | 1,763 | 0.3 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 964 | 0.3 | % | (906 | ) | (0.5 | )% | 1,442 | 0.6 | % | 1,579 | 0.2 | % | 3,149 | 0.5 | % | ||||||||||||||||
NON-GAAP OPERATING INCOME (LOSS) | $ | 26,651 | 10.6 | % | $ | (10,090 | ) | (5.3 | )% | $ | 3,284 | 1.6 | % | $ | (9,435 | ) | (1.5 | )% | $ | (6,978 | ) | (1.2 | )% | |||||||||
GAAP NET INCOME (LOSS) | $ | 13,561 | 5.4 | % | $ | (14,885 | ) | (7.8 | )% | $ | (11,246 | ) | (5.6 | )% | $ | (29,273 | ) | (4.7 | )% | $ | (22,413 | ) | (3.8 | )% | ||||||||
Adjustment for stock based compensation charges | 6,913 | 2.8 | % | 7,193 | 3.8 | % | 7,364 | 3.7 | % | 21,129 | 3.4 | % | 21,619 | 3.6 | % | |||||||||||||||||
Adjustment for restructuring charges | — | — | % | — | — | % | — | — | % | — | — | % | 1,763 | 0.3 | % | |||||||||||||||||
Adjustment for gain/recovery of investment | — | — | % | (421 | ) | (0.2 | )% | — | — | % | (421 | ) | (0.1 | )% | (6,957 | ) | (1.2 | )% |
Adjustment for non-cash tax expense (benefit) | 4,482 | 1.8 | % | (2,413 | ) | (1.4 | )% | 4,975 | 2.6 | % | (6,243 | ) | (1.0 | )% | (5,585 | ) | (0.9 | )% | ||||||||||||||
Adjustment for charges associated with acquisitions | 1,351 | 0.5 | % | (421 | ) | (0.2 | )% | 1,442 | 0.6 | % | 2,941 | 0.5 | % | 3,174 | 0.6 | % | ||||||||||||||||
NON-GAAP NET INCOME (LOSS) | $ | 26,307 | 10.5 | % | $ | (10,947 | ) | (5.8 | )% | $ | 2,535 | 1.3 | % | $ | (11,867 | ) | (1.9 | )% | $ | (8,399 | ) | (1.4 | )% | |||||||||
GAAP DILUTED EARNINGS (LOSS) PER SHARE | 0.08 | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.18 | ) | (0.14 | ) | ||||||||||||||||||||
Adjustment for stock based compensation charges | 0.04 | 0.04 | 0.04 | 0.13 | 0.13 | |||||||||||||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | — | — | 0.01 | |||||||||||||||||||||||||||
Adjustment for gain/recovery of investment | 0.00 | — | 0.00 | (0.00 | ) | (0.04 | ) | |||||||||||||||||||||||||
Adjustment for non-cash tax expense (benefit) | 0.03 | (0.02 | ) | 0.04 | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||
Adjustment for charges associated with acquisitions | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.16 | $ | (0.07 | ) | $ | 0.02 | $ | (0.07 | ) | $ | (0.05 | ) | |||||||||||||||||||
Forward Looking Q4 GAAP Gross Margin | 25.7 | % | ||||
Adjustment for stock based compensation charges | 0.8 | % | ||||
Adjustment for assets held for sale | 8.5 | % | ||||
Adjustment for charges associated with acquisitions | 0.5 | % | ||||
Forward Looking Q4 non-GAAP Gross Margin | 35.5 | % | ||||
Forward Looking Q4 GAAP Net Loss per Share | $ | (0.02 | ) | |||
Adjustment for stock based compensation charges | 0.04 | |||||
Adjustment for assets held for sale | 0.13 | |||||
Adjustment for non-cash tax benefit | (0.03 | ) | ||||
Adjustment for charges associated with acquisitions | 0.01 | |||||
Forward Looking Q4 non-GAAP Net Earnings per Share | $ | 0.13 |
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