news digest ♦ compound semiconductor ♦ financial news
Hittite Net Income for Q2 2010 up by 81% from Q2 2009
Revenue for the recently completed quarter from customers in the United States was $27.5 million, and from customers outside the United States was $32.8 million.
Hittite Microwave Corporation has reported revenue for the second quarter ended June 30, 2010 of $60.3 million, representing an increase of 52 % compared with $39.7 million for Q2 2009.
This is also an increase of 11.3% compared with $54.2 million for the first quarter of 2010. Net income for the quarter was $19.2 million, or $0.64 per diluted share, an increase of 81.0% compared with $10.6 million, or $0.35 per diluted share, for the second quarter of 2009, and an increase of 18.9% compared with $16.1 million, or $0.54 per diluted share, for Q1 2010.
For the second quarter of 2010, revenue from customers in the United States was $27.5 million, or 45.6% of the company’s total revenue, and revenue from customers outside the United States was $32.8 million, or 54.4% of total revenue. Gross margin was 74.8% for the second quarter of 2010, compared with 70.4% for the second quarter of 2009 and 73.4% for the first quarter of 2010.
Operating income for the second quarter was $29.7 million, or 49.2% of revenue. Total cash and cash equivalents at June 30, 2010 was $241.8 million, an increase of $3.6 million for the quarter.
The company expects revenue for the third quarter ending September 30, 2010 to be in the range of $62.0 million to $64.0 million and net income to be in the range of $19.1 million to $19.8 million, or $0.63 to $0.65 per diluted share.
The company yesterday held a conference call hosted byStephen Daly, Chairman and CEO, Bill Boecke, CFO,to discuss its financial results.
During the call, Stephen Daly, commented, “In terms of our business in Europe, in Q1 we had very strong international growth and it was very well balanced between Europe and Asia; our both regions experienced double digit growth.”
He added, “Coming out of Q2, we saw that Asia 208
www.compoundsemiconductor.net August/September 2010
had double-digit growth and Europe had mid single digit growth, so there was a little bit of slow down there. We think that has more to do with the time in Europe not really meaningful. I think Europe is a rich target environment for Hittite, a lot of the major OEMs that were dealing with in Europe, so overall a little bit soft in Q2, but we do expect very strong growth out of the region this year.”
He concluded by noting , “ Today July 22 is the fifth year anniversary of our initial public offering. Since we became a NASDAQ listed public company, we had significantly expanded our engineering capability, customer base, as well as tripled our quarterly revenues.”
Applied To Restructure Energy and Environmental Segments
The firm intends to put primary emphasis on advanced energy including LED technologies in order to reduce annual operating expenses by at least $100 million.
Applied Materials is restructuring its Energy and Environmental Solutions (EES) segment to put a primary emphasis on opportunities in crystalline silicon (c-Si) solar and advanced energy, including light emitting diode (LED) technology. Upon completion of the restructuring plan, annual operating expenses are expected to decrease by at least $100 million on an annualized basis. The restructuring plan is intended to make EES a profitable segment in fiscal year 2011.
As part of the restructuring, Applied will discontinue sales to new customers of its SunFab fully- integrated lines for manufacturing thin film solar panels and will offer individual tools for sale to thin film solar manufacturers, including chemical vapor deposition (CVD) and physical vapor deposition (PVD) equipment.
R&D efforts to improve thin film panel efficiency and high-productivity deposition will continue. The company will support existing SunFab customers with services, upgrades and capacity increases through its Applied Global Services segment. Applied’s solar R&D center in Xi’an, China will concentrate on advancing its c-Si solar and other technologies.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213