F Micro Devices Reaffirms December Guidance and Comments on
March Quarter at Needham & Company Conference
NEW YORK--(BUSINESS WIRE)--Jan. 7, 2003--RF Micro Devices, Inc.
(Nasdaq: RFMD), a leading provider of proprietary radio frequency
integrated circuits (RFICs) for wireless communications applications,
commented on the Company's fiscal 2003 third and fourth quarters this
morning at the Needham & Co. Growth Conference in New York, NY.
Bob Bruggeworth, president of RF Micro Devices, outlined the
Company's long-term growth prospects, and Dean Priddy, CFO of RF
Micro Devices, discussed the Company's financial performance.
Bruggeworth indicated the Company believes it is experiencing market
share gains in handsets and in wireless local area network (WLAN)
products. He commented further that the Company expects sustainable
long-term growth through continued power amplifier (PA) market share
gains in CDMA and GSM handsets, increased sales of small signal
devices in handsets, ongoing WLAN market share gains, and, later,
demand for Bluetooth(TM), GPS and high-powered PAs for wireless
infrastructure.
Regarding the fiscal 2003 third quarter ended December 31, 2002,
Priddy stated that he expects financial results will be at least at the high
end of the range of $128 to $132 million in revenues and $0.04 to $0.05
in earnings per share, before one-time items related to the acquisition
of Resonext Communications and the buyout of the Company's
synthetic lease, both of which were announced in December 2002. The
Company also commented that operating income, which improved 300
basis points in the September 2002 quarter, is expected to continue to
improve in the December 2002 quarter.
Regarding the fiscal 2003 fourth quarter ending March 31, 2003, RFMD
indicated it is already fully booked to exceed current consensus
revenue estimates. It also noted two weeks remain before the
Company provides revenue and earnings guidance for the March 2003
quarter.
Priddy said, "The Company appears to be experiencing a growth spurt
and is breaking out of its historical revenue range of approximately
$100 million per quarter. We believe we are either taking huge chunks
of market share or the market is growing, or both. From our viewpoint,
we think it's a combination of both. We believe this growth is
sustainable in the near term, and we expect our strategic growth
initiatives in wireless LAN, Bluetooth(TM), GPS, infrastructure and other
markets position us for long-term growth and operating income
improvements." |
