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To: Johnny Canuck who wrote (37655)	7/17/2002 12:00:37 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69853

RFMD Reports Higher Fiscal Q1 Revenue Staff -- 7/16/2002 Electronic News RF Micro Devices Inc. (RFMD) today reported fiscal 2003 Q1 revenues of about $103.9 million, up about 4 percent from $100.4 million in the previous quarter and up 48 percent from $70.1 million reported a year ago. Revenues exceeded the company’s earlier forecasts of $98 million to $101 million. RFMD attributed the higher results to increased shipments of components to the handset market during the last month of the quarter. The Greensboro, N.C.-based maker of radio frequency ICs recorded a charge during the quarter of $22.1 million, comprised of $15.3 million for inventory write downs, a $2.8 million asset impairment charge resulting from a shift in demand from MMICs to modules, and a $4 million asset impairment charge resulting from the company’s transition of a packaging line to an all-R&D facility. Not including charges, net income was $2.3 million, or 1 cent per diluted share. This compares to a net loss of $28.4 million, or 17 cents per share, including the special charge, and a net loss of $9.7 million, or 6 cents per share, excluding the special charge, for Q1 a year ago. For the previous quarter, RFMD reported net income of $2.8 million, or 2 cents per diluted share. Fiscal Q4 results included a tax benefit of $2.5 million, primarily related to additional carryback benefits allowed under the Job Creation and Worker Assistance Act, which was signed into law on March 9, 2002. RFMD is forecasting fiscal Q2 revenues will increase sequentially by 5 percent to 10 percent with earnings per share of about 1 cent to 2 cents.