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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 665.67

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Nov 17 4:00 PM EST

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To: Johnny Canuck who wrote (34766)	10/17/2001 2:36:26 AM
From: Johnny Canuck	Read Replies (2) of 68081

RFMD Earnings CC: Q2 2002 Results. Highlights: Positive results despite conditions. 40 percent rev growth. 79 percent in last 2 Q`s. 2nd fab up and running in Sept. Agere relationship on track. Improved balance sheet. Customer Diversity: Shipping GPRS in production quantities in to 3 of 4 leading handset manufacturers. MOT 2 nd largest customer in Q. In addition to existing ERICY T39 and R25 phone win. Added 2 new models in Q. Reference design necessary with OEM`s to grow business. Announced Agere reference design. Another lead manufacturer using power amp design in GMS GPRS design. Trend to out source design and manufacturing. Expanded Foot print in handset. Soft signal business grew 75 percent in Q. Really strong in SiGe integrated receiver for CDMA 1X market. Also strength in TDMA small signal devices with multiple customers. Market Diversification: 802.11B wireless LAN chipset out and received first production order for printer and PC wireless LAN. Expanded Taiwan sales office to support wireless LAN and handset sales. Financials: Rev up 40.3 percent Q-Q Modules shipments grew 86 percent to 43.4 percent of rev Q-Q HBT and silicon sales 94 and 5 percent of rev Handset products 96 percent of rev. Intl sales 71 percent of sales Total Rev GSM 37 percent TDMA Amps 41 percent CDMA 16 percent 12.2 percent of sales to Korea GM before special inventory charge GM 37 percent vers 27.7 percent last Q GM increase due to improved yield and greater vol. Op Ex up 5.5 percent Q-Q Other income a loss of 1.3 mil due to lower interest income and write down on company we invested in. 173.8 mil shares out Cash 340.5 mil vers 341.3 mil last Q Cash flow 15.8 mil AR 54.4 mil, DSO 46 days vers 35 day Q-Q Inventory 45.8 mil vers 61.4 mil Q-Q Turns up to 5.4 Across board decline in inventory including inventory raw and finished goods Cap Ex 10.2 mil Cap Ex 70 to 80 mil for year Guidance: Before Q projected 30 percent Q-Q growth and profitability. Finished Q with 40 percent growth. Driven by market share gains, replenishment of inventory at carriers and improved demand end user demand in certain market. Unusually large turns business. Without improved cycle time for this year we would lost lost some business or had push outs to next Q. This is a competitive advantage accord to customers due to shorter lead times. Production shipment for number GPRS handsets were strong. Expect this Q to be several time that of last Q. Pleased with ramp. CDMA 1X handset sales were strong in Korea. Currently CDMA 1X small signal chisets in 24 handset designs. This is better than in the past. Power amps shipping to 4 customers in Korea. Integrated radio chipset in GSM and class 12 chipsets getting lots of interest. Hoping to sample next Q. Wireless LAN should be a high growth area. Cost effective bluetooth solution will start to sample in March Q. Goal similar as wireless LAN. Lowest cost and smallest size. Powerful trend of convergence. 2.5G, Bluetooth etc... Possible for multiple protocol platforms to integrate all protocols. RF Nitro acq has InGaP and GaN expertise. Will complement existing RFMD experience. GaN experience for blue LED and lasers, high voltages, high power densities, high freq Ideal for 2.5 G and 3G base stations amps. Financials for next Q: Rev 99 to 103 mil includes One time charge for integrating inventory control system with one of customer`s systems GM 33 to 35 percent Income 1 to 2 cents before charges, GM

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