news digest ♦ compound semiconductor ♦ financial news
•Networks quarterly revenue grew 27% sequentially
•First quarter gross margin improved from 19.6% (Q1 2009) to 37.9% on a GAAP basic •Net income for the quarter was $13.7 million ($0.09 per share •Non-GAAP net income was $18.7 million or $0.12 per diluted share
Ralph Quinsey, President and Chief Executive Officer, commented “This was another great quarter for TriQuint, with strong growth in revenue and earnings and excellent first quarter gross margins. These results are a healthy start to 2010, our 25th anniversary year. We are seeing a broad rebound in our networks market and continued strong smartphone demand. I see 2010 as another solid growth year for TriQuint.”
The gross margin increase was attributed to an improved product sales mix and solid factory utilization.
Operating expenses for the first quarter of 2010 were $55.3 million, or 30.6% of revenue, up from $40.0 million, or 33.7% of 2009. Non- GAAP operating expenses for the quarter were1revenue in Q $52.4 million or 29.0% of revenue, up significantly from the first quarter of 2009 where short-term cost controls were in place.
Inventory turns were 4.9 and DSO was 50 days for the first quarter of 2010. Cash, cash equivalents, and investments increased to $159.6 million or $1.00 per diluted share during the quarter.
Outlook:
Q2 revenue is expected to be between $200 and $210 million, up over 13% sequentially and solid demand in the networks market and strong factory utilization should lead to a non GAAP gross margin of about 40%. Non GAAP operating expenses are expected to grow to between $57 and $58 million. Second quarter net income is expected to grow over 28% sequentially to $0.15 on a non-GAAP basis.
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www.compoundsemiconductor.net June 2010 AXT moves on and up with Q1 2010 results
Total revenue up from $7.7 in Q1 2009 to $18.6m in Q1 2010
Beijing based AXT, a global manufacturer of compound semiconductor substrates, reported financial results for the first quarter ended March 31, 2010.
The table below summarizes some of the latest results
The gross margin was 36.1% of revenue for Q1 2010 compared to 33.9% Q4 2009 and a huge increase over the 3.1% of revenue for Q1 2009.
Operating expenses in Q1 2010 increased to $3.9 million from $3.0 million in Q4 2009. This included approximately $500,000 in one-time favorable year-end adjustments for professional fees, China pension funds and China union fees.
Operating expenses in the first quarter of 2009 were $5.0 million, including approximately $629,000 severance and stock compensation accrual for the company’s former CEO and a $507,000 restructuring charge as a result of downsizing.
On the brighter side, income from operations for the first quarter of 2010 were $2.9 million (up on Q1 2009 where there was a loss of $5.2 million). Income from operations were $3.1 million in the fourth quarter of 2009.
Net interest and other income for Q1 2010 was $94,000, and included $120,000 gain on investment notes that matured and an unrealized foreign exchange loss of $68,000.
Again this is an improvement on Q4 2009 where net interest and other expenses of $92,000 which included an unrealized foreign exchange loss of $140,000, and net interest and other expense of $378,000 and included an unrealized foreign exchange loss of $409,000.
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