RF Electronics ♦ news digest
whopping 99%, from $124.6 million to $857 thousand from FY 2011 to FY 2012.
Fourth quarter revenue was $187.9 million, a decrease of approximately 16.6% sequentially and down 11.9% from the same quarter last year. On a GAAP basis, gross margin was 30.1%, quarterly operating loss totalled $11.0 million, compared to operating incomes of $13.2 million in Q4 FY 2011.
The firm expects to see another quarter of some R&D growthand then probably flattening out from there.
RFMD anticipates June quarterly revenue to grow approximately 8% sequentially to approximately $202 million and also expects gross margin to improve approximately 100- 200 basis points.
Bob Bruggeworth, president and chief executive officer of RFMD, says, “RFMD is growing with the industry’s leading smartphone manufacturers and diversifying across a broad set of customers serving all geographies and segments. We anticipate sequential growth in the June 2012 quarter, supported by increasing sales of our 3G/4G components and a resumption of growth among handset manufacturers in China.”
“As we begin fiscal 2013, we are especially enthusiastic about RFMD’s incremental growth drivers in new segments, including antenna control solutions, 802.11ac front end modules and GaN power devices, where RFMD’s proven technology leadership and early mover advantage position us to capture market share leadership as these markets grow.”
The company also suffered quarterly net losses, which were $13.0 million, or $0.05 per diluted share in the last quarter. This compares to net incomes of $24.1 million from the same quarter last year. During the March quarter, RFMD generated approximately $20.5 million in cash flow from operations and $10.9 million in free cash flow.
The sequential decline in revenue in the last quarter reflected greater-than-seasonal declines among manufacturers of handsets in China and at a leading European handset manufacturer. These were offset partially by sequential increases in sales of RFMD’s PowerSmart power platforms and RFMD’s ultra-high efficiency 3G/4G power amplifiers (PAs), as well as better-than-seasonal performance in MPG revenue.
In a conference call discussing the results, the firm says the growth in PowerSmart in the last quarter was across multiple baseband manufacturers, the largest one still being the Intel Mobile Communications baseband.
The firm’s main customer was Samsung, who was a 10%
customer.Regarding another major smartphone customer, Robert A. Bruggeworth comments, “Nokia was significantly less than 10% in theMarch quarter. I think all the way down over the last few quarters, we’ve taken a conservative stanceand they roughly come in line with estimates, with what we thought was going to happen with them. We expected a significant decline in the March quarter,and we saw that. As far as the June quarter, yes we’re expecting another decline with them.”
Financial Outlook
RFMD says it is winning share on multiple flagship smartphones and anticipates continued sequential growth in 3G/4G components during the June quarter. Among handset manufacturers headquartered in China, RFMD also sees strengthening demand and projects sequential growth next quarter. In the markets served by MPG, RFMD sees stabilising demand and improving order visibility and expects MPG revenue in the June quarter to be approximately flat, versus the March quarter.
Bruggeworth also says,”From a revenue growth in CPG, we’re clearly expecting the growth to come from PowerSmart, Phenomand our switch-based products that we’ve been talking about, that being switchesand some of the antenna control
solutions.And all three of them, we expect significant growth. And then in MPG, we’ve talked about the three areas that we’re looking at but clearly in WiFi, we’re expecting to be able grow our business significantly this fiscal year, coupled with growth of about 50% in our GaN business as well.”
Dean Priddy, CFO and vice president of administration of RFMD, adds, “In the June 2012 quarter, we expect a stronger, more diversified customer base will support a resumption of sequential revenue growth and continued margin expansion.”
“We have structured the RFMD operating model to deliver significant leverage, and we anticipate our product portfolio and R&D investments will continue to drive revenue growth and margin expansion throughout calendar 2012. Importantly, we’re confident the targeted, incremental R&D investments RFMD is making in 2012 will generate incremental revenue beginning as early as the September 2012 quarter,” he concludes.
Nitronex’s GaN transistor
raises the robustness bar The firm’s latest rugged gallium nitride RF transistor, the XPT1015, has been designed to work in severe operating environments
Nitronex, a designer and manufacturer of GaN based RF products, has developed a rugged transistor technology capable of surviving the industry’s most severe robustness tests without significant device degradation. The XPT1015, based on this new rugged technology, is a 28V, DC-3.0GHz, 40W power transistor with 17.5dB small signal gain and 65% peak drain efficiency at 2GHz. The thermal resistance of the XPT1015 is 1.9°C/W and is amongst the lowest in the industry
April/May 2012
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