7/20...TQNT...Semiconductor's Second Quarter Results Break Corporate Records Again
Leading GaAs Circuit Manufacturer Achieves 30% Operating Margin
HILLSBORO, Ore.--(BUSINESS WIRE)--July 20, 2000--TriQuint Semiconductor, Inc. (Nasdaq:TQNT - news) today reported its financial results for the quarter ending June 30, 2000, the second quarter of fiscal 2000.
For the second quarter, revenues were $70.6 million, an 85% increase from the $38.1 million in the comparable period of 1999. Net income rose 280% to $16.4 million ($0.19 per share on 87.9 million weighted average diluted shares outstanding), from the $4.3 million ($0.07 per share on 66.1 million weighted average diluted shares outstanding), reported for the second quarter 1999.
Sequentially, net revenues for the second quarter increased 19% over the $59.3 million reported in the quarter ending March 31, 2000. Operating income for the second quarter of fiscal 2000 increased 56% to $21.2 million over the $13.5 million reported for the quarter ending March 31, 2000. Net Income increased 52% over the $10.8 million reported for the quarter ending March 31, 2000.
For the six months ending June 30, 2000, revenues were $129.9 million, an increase of 81% over the $71.8 million in the comparable period of 1999. Net Income for the six months ending June 30, 2000 was $27.3 million, or $0.31 per share, an increase of 262% over the $7.5 million net income, or $0.12 per share reported for the comparable period of 1999.
The number of shares for all periods reported reflects the two for one stock dividend paid on July 11, 2000 to shareholders of record as of June 19, 2000.
In commenting on the results, Steven J. Sharp, TriQuint's Chairman, President and CEO stated, ``I am pleased to announce that, in the second quarter, we again achieved record bookings, revenues, operating income and net income. We also achieved our fifth consecutive quarter of over 39% sequential improvement in operating profit, with an operating margin of 30 percent, which reflected the continued strength of each of our diverse markets. Our manufacturing operations continued to perform well, which contributed to improvement in our margins. With the pending acquisition of our new facility in Texas we are continuing to increase our manufacturing capability to service our customers.''
This press release contains both historical information and forward-looking statements. A number of factors affect the Company's operating results and could cause the Company's actual results to differ materially from the results indicated in this press release or in any other forward-looking statements made by, or on behalf of, the Company including those related to the continued strength of the company's markets and performance of its manufacturing facilities. The Company cannot provide any assurance that future results will meet expectations. Results could differ materially based on various factors, including the Company's performance and market conditions. Additional considerations and important risk factors are described in the Company's December 31,1999, Report on Form 10-K and its other filings with the Securities and Exchange Commission, copies of which are available on request from the Company.
TriQuint Semiconductor, Inc. (Nasdaq:TQNT - news) is a leading worldwide supplier of a broad range of high performance gallium arsenide (GaAs) integrated circuits. TriQuint's products span the RF and millimeter wave frequency ranges and employ analog and mixed signal circuit designs. They are used in wireless communications, telecommunications, data communications, and aerospace systems. TriQuint offers both standard and customer-specific products as well as foundry services. TriQuint's two operations, in Oregon and Texas, are both certified to the ISO 9001 international quality standard.
TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached by phone at 503/615-9000; fax 503/615-8900. Visit the TriQuint web-site at triquint.com.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
ASSETS 2000 1999
Current assets:
Cash and cash equivalents $ 268,132 $ 76,873
Investments 276,720 116,465
Accounts receivable, net 37,403 26,909
Inventories, net 25,600 24,676
Prepaid expenses and other
assets 8,881 6,016
Total current assets 616,736 250,939
Property, plant and equipment, net 63,751 38,657
Restricted investments 40,163 40,163
Other noncurrent assets, net 23,122 10,182
Total assets $ 743,772 $ 339,941
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current installment of
long-term debt $ 3,356 $ 4,320
Accounts payable and
accrued expenses 39,982 28,922
Total current
liabilities 43,338 33,242
Long-term debt, less current
installments 348,436 4,783
Total liabilities 391,774 38,025
Stockholders' equity 351,998 301,916
Total liabilities and stockholders'
equity $ 743,772 $ 339,941
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Total revenues $ 70,618 $ 38,109 $ 129,872 $ 71,804
Operating costs and expenses:
Cost of goods
sold 34,193 22,803 65,363 43,754
Research, development
and engineering 7,429 5,413 14,483 10,007
Selling, general and
administrative 7,835 5,766 15,336 10,949
Total operating
costs and
expenses 49,457 33,982 95,182 64,710
Income from
operations 21,161 4,127 34,690 7,094
Other income, net 5,148 575 8,929 1,100
Income before
income taxes 26,309 4,702 43,619 8,194
Income tax expense 9,866 375 16,358 654
Net income $ 16,443 $ 4,327 $ 27,261 $ 7,540
Per share data:
Basic $ 0.21 $ 0.07 $ 0.36 $ 0.13
Weighted average
common shares 77,326 57,780 76,720 57,564
Diluted $ 0.19 $ 0.07 $ 0.31 $ 0.12
Weighted average common and
common equivalent
shares 87,853 66,084 87,644 64,428
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Contact:
TriQuint Semiconductor, Inc.
Ed Whitehurst, VP of Finance & Administration, CFO
503/615-9444; Fax 503/615-8904
ewhitehurst@tqs.com
or
Fi.Comm
Heidi A. Flannery, Investor Relations Counsel
503/844-8888 |
