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million, or $0.16 per diluted share. RFMD achieved sequential improvements in gross margin, operating margin and EPS during each quarter of its fiscal 2010 on both a GAAP and non-GAAP basis. RFMD Strategic Highlights:
· RFMD continued to execute on key strategic initiatives, including product leadership, diversification and operational excellence · Demand was strong for both the cellular products group (CPG) and multi-market products group (MPG), with both groups achieving year-over-year and sequential quarterly revenue growth · CPG sales growth was led by sales to Asia and into 3G devices · MPG sales growth was driven by a broad- based end market recovery, led by defense, point-to-point radio, SmartEnergy and CATV applications · RFMD delivered a record number of new product introductions during fiscal 2010, with CPG launching 40 new products and MPG launching 350 new and derivative products
GAAP RESULTS
(1) Certain amounts have been adjusted as a result of the retrospective adoption of the Financial Accounting Standards Board (“FASB”) Staff Position No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” (“FSP APB 14-1,” which is included in FASB Accounting Standards Codification (“ASC”) Subtopic 470- 20, “Debt with Conversion and Other Options” (“FASB ASC 470-20”)). Business Outlook RFMD is currently seeing robust order activity in its primary markets, driven by increasing worldwide demand for mobile internet access and energy-saving “green” technologies. RFMD believes the demand environment currently supports the following business outlook:
NON-GAAP RESULTS (excluding share-based compensation, amortization of intangibles, impairment of goodwill and intangibles, integration charges, loss (gain) on PP&E, start-up costs, loss (gain) on retirement of convertible subordinated notes, restructuring charges, non-cash interest expense on convertible subordinated notes and tax adjustments)
· RFMD is currently fully booked for sequential revenue growth in the June quarter and currently expects June quarterly gross margin to be consistent with March quarterly results · RFMD currently expects transceiver revenue to increase sequentially in the June quarter and to begin a ramp-down in the September quarter · RFMD currently expects fiscal 2011 revenue and non-GAAP EPS to increase over fiscal 2010 results · RFMD currently expects fiscal 2011 free cash flow to be consistent with fiscal 2010 levels and to become net cash positive during fiscal 2011 · RFMD currently expects moderate year- over-year operating expense growth in fiscal 2011 and cash taxes of approximately $6-7 million per quarter, reflecting the Company's improved outlook for revenue and profitability
RFMD’s actual quarterly and annual results may differ from these expectations and projections, and such differences may be material.
June
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