TriQuint's earnings:
Wednesday April 15, 4:12 pm Eastern Time
Company Press Release
TriQuint Semiconductor Announces First Quarter Results
HILLSBORO, Ore.--(BUSINESS WIRE)--April 15, 1998--TriQuint Semiconductor Inc. (NASDAQ: TQNT - news) today reported its financial results for the First Quarter 1998 ending March 31, 1998.
Revenues for the First Quarter 1998 were a record $23.7 million, including revenues from its newly acquired MMIC business, resulting in a 41% increase over the $16.8 million in the comparable period of 1997. As anticipated, the company reported a net loss for the quarter of $12.3 million ($1.33 per share on 9.25 million weighted average shares outstanding) compared to a net income of $1.8 million ($0.20 per share on 9.02 million weighted average shares outstanding), for the comparable period of 1997.
The company stated that the loss was due to three factors: one-time charges of $8.8 million associated with the previously announced acquisition of the MMIC business from Raytheon TI Systems; charges of $1.4 million related to the settlement of the class action lawsuit which was filed in 1994 on behalf of certain shareholders; and unexpected difficulties which were related to the transition from TriQuint's old wafer fabrication facility in Beaverton, Oregon to its new site in Hillsboro, Oregon, resulting in revenues which were approximately 4% below expectations and a net loss of approximately $2.1 million from operations.
In commenting on the quarter results, Steven J. Sharp, TriQuint's Chairman, President and CEO stated that ''While the overall move to our new facility has gone extremely well, we did have manufacturing issues associated with the move. Fortunately, these issues appear to be one-time events which are now behind us.''
Sharp further stated that ''The completion of our move to Hillsboro and the settlement of the class action lawsuit remove two major uncertainties. In addition, I am very happy to report that demand for our products continues to be strong and that integration of our new operation in Texas, the acquired MMIC business, is progressing extremely well with performance ahead of our expectations.''
Certain of the above information is forward-looking and as such, is merely the company's best visibility at this time. There are risks that events can turn out differently than anticipated, related to both the company's market and performance. Therefore, you should direct your attention to the risk factors contained in the company's September 1995 prospectus and in the Form 10K for the year ending Dec. 31, 1997.
TriQuint Semiconductor Inc. (Nasdaq: TQNT - news; www.triquint.com) is a leading manufacturer of radio frequency (RF), microwave, millimeter wave, analog and mixed signal gallium arsenide (GaAs) integrated circuits. The company produces standard and customer specific ICs for high performance wireless, telecommunications, computer, defense and aerospace systems, and also offers GaAs manufacturing services. TriQuint is certified to the ISO9001 International Quality Standard. TriQuint has operations in Oregon and Texas. The company's headquarters are located at 2300 NE Brookwood Parkway, Hillsboro, Oregon, 97124.
TriQuint Semiconductor
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
1998 1997
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Assets
Current assets:
Cash and cash equivalents $ 14,601 $ 18,734
Investments 9,244 5,729
Accounts receivable, net 23,638 15,986
Inventories, net 16,465 12,288
Prepaid expenses and other assets 903 1,273
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Total current assets 64,851 54,010
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Property, plant and equipment, net 30,447 27,235
Restricted investments 40,163 40,162
Other non-current assets 2,458 11
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Total assets $137,919 $121,418
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Liabilities and Shareholders' Equity
Current liabilities:
Current installment of long-term debt $ 5,082 $ 5,045
Accounts payable and accrued expenses 21,580 13,785
Other current liabilities 327 --
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Total current liabilities 26,989 18,830
Long-term debt, less current installments 13,260 12,550
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Total liabilities 40,249 31,380
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Shareholders' equity 97,670 90,038
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Total liabilities and shareholders' equity $137,919 $121,418
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TriQuint Semiconductor
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
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March 31, March 31,
1998 1997
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Total revenues $ 23,681 $ 16,800
Operating costs and expenses:
Cost of goods sold 18,341 9,130
Research, development and engineering 4,424 2,543
Selling, general and administrative 3,460 3,426
Special charges 8,820 --
Settlement of lawsuit 1,400 --
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Total operating costs and expenses 36,445 15,099
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Income (loss) from operations (12,764) 1,701
Other income, net 474 540
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Income (loss) before income taxes (12,290) 2,241
Income tax expense -- 474
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Net income (loss) $(12,290) $ 1,767
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Per share data:
Basic $ (1.33) $ 0.21
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Weighted average common shares 9,245 8,234
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Diluted $ (1.33) $ 0.20
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Weighted average common and
common equivalent shares 9,245 9,020 |
