Let's not forget TQNT, which handily beat estimates:
TriQuint Semiconductor, Inc. Announces Third Quarter Record Results
Leading Broadbased Supplier of GaAs Circuits to the Optical and Wireless Markets Achieves 35% Operating Margin
HILLSBORO, Ore.--(BUSINESS WIRE)--Oct. 19, 2000-- TriQuint Semiconductor, Inc. (NASDAQ: TQNT - news) today reported its financial results for the Third Quarter 2000 ending September 30, 2000.
Revenues for the quarter ended September 30, 2000, were a record $80.6 million, a 90% increase over the $42.5 million in the quarter ending September 30, 1999. Net income for the quarter ended September 30, 2000, was also a record at $21.0 million or $0.24 per share on a fully diluted basis, a 191% improvement over the $7.2 million or $0.09 per share on a fully diluted basis, reported for the quarter ended September 30, 1999.
Sequentially, revenues for the quarter ended September 30, 2000, increased 14% over the $70.6 million reported in the quarter ended June 30, 2000. Net income for the quarter ended September 30, 2000 increased 28% over the $16.4 million, or $0.19 per share on a fully diluted basis reported in the quarter ended June 30, 2000.
For the nine months ending September 30, 2000, revenues were $210.5 million, an increase of 84% over the $114.3 million of revenue for the nine months ending September 30, 1999. Net income for the nine months ending September 30, 2000, was $48.3 million, or $0.55 per fully diluted share, an increase of 227% over the $14.7 million net income, or $0.21 per fully diluted share, for the nine months ending September 30, 1999.
In commenting on the results, Steven J. Sharp, TriQuint's Chairman, President, and CEO stated, ``We are extremely pleased with the rapid growth in our two key markets, wireless and optical networks.'' Mr. Sharp also stated, ``Our bookings remain very strong, particularly for products used in optical networks applications.''
TriQuint will host a conference call this afternoon at 2:00PM PDT to discuss the third quarter results and future expectations of the company. The call can be heard via webcast at vcall.com. The call will be archived on the TriQuint website at triquint.com and a transcript of the call will also be available on the company website and by contacting Fi.Comm, the company's investor relations counsel.
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 future results to differ materially from any forward-looking 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, the growth in demand for semiconductors for applications such as optical networks and wireless communications, 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. In addition, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in the Company's First Quarter and Second Quarter 2000 Reports on Form 10-Q, filed with the Securities and Exchange Commission.
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 or by fax 503/615-8900. Visit the TriQuint web-site at triquint.com.
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TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
Assets 2000 1999
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Current assets:
Cash and cash equivalents $152,889 $ 76,873
Investments 295,171 116,465
Accounts receivable, net 44,933 26,909
Inventories, net 28,728 24,676
Prepaid expenses and other assets 12,543 6,016
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Total current assets 534,264 250,939
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Property, plant and equipment, net 84,210 38,657
Restricted long-term assets 54,710 40,163
Other noncurrent assets, net 107,461 10,182
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Total assets $780,645 $339,941
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Liabilities and Stockholders' Equity
Current liabilities:
Current installment of long-term debt $ 2,761 $ 4,320
Accounts payable and accrued expenses 43,285 28,922
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Total current liabilities 46,046 33,242
Long-term debt, less current installments 347,906 4,783
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Total liabilities 393,952 38,025
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Stockholders' equity 386,693 301,916
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Total liabilities and stockholders' equity $780,645 $339,941
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TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------ ------------------
Sept. 30, Sept. 30, Sept. 30, Sept 30,
2000 1999 2000 1999
-------- -------- -------- --------
Total revenues $ 80,623 $ 42,483 $210,495 $114,287
Operating costs and expenses:
Cost of goods sold 35,850 24,384 101,213 68,138
Research, development
and engineering 7,747 5,475 22,230 15,482
Selling, general and
administrative 8,530 5,985 23,866 16,934
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Total operating costs
and expenses 52,127 35,844 147,309 100,554
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Income from operations 28,496 6,639 63,186 13,733
Other income, net 5,102 2,256 14,031 3,356
-------- -------- -------- --------
Income before income
taxes 33,598 8,895 77,217 17,089
Income tax expense 12,599 1,690 28,957 2,344
-------- -------- -------- --------
Net income $ 20,999 $ 7,205 $ 48,260 $ 14,745
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Per share data:
Basic $ 0.27 $ 0.10 $ 0.62 $ 0.24
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Weighted average
common shares 78,265 71,100 77,233 62,012
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Diluted $ 0.24 $ 0.09 $ 0.55 $ 0.21
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Weighted average
common and common
equivalent shares 88,292 80,692 87,861 70,088
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