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Hittite Microwave Corporation Reports Financial Results for the Second Quarter of 2011

Dépèche transmise le 21 juillet 2011 par Business Wire

CHELMSFORD, Mass.--(BUSINESS WIRE)--Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the second quarter ended June 30, 2011 of $68.5 million, representing an increase of 13.6% compared with $60.3 million for the second quarter of 2010, and an increase of 1.9% compared with $67.2 million for the first quarter of 2011. Net income for the quarter was $20.8 million, or $0.68 per diluted share, an increase of 8.8% compared with $19.2 million, or $0.64 per diluted share, for the second quarter of 2010, and an increase of 3.3% compared with $20.2 million, or $0.66 per diluted share, for the first quarter of 2011.

For the second quarter of 2011, revenue from customers in the United States was $31.3 million, or 45.7% of the company’s total revenue, and revenue from customers outside the United States was $37.2 million, or 54.3% of total revenue. Gross margin was 72.7% for the second quarter of 2011, compared with 74.8% for the second quarter of 2010 and 73.0% for the first quarter of 2011. Operating income for the second quarter was $32.0 million, or 46.8% of revenue. Total cash and cash equivalents at June 30, 2011 was $325.6 million, an increase of $13.9 million for the quarter.

Business Outlook

The company expects revenue for the third quarter ending September 30, 2011 to be in the range of $68.0 million to $70.0 million and net income to be in the range of $20.0 million to $20.8 million, or $0.65 to $0.68 per diluted share.

Webcast and Taped Replay

The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investors page of the Hittite Microwave web site at www.hittite.com and click on the webcast link located under News & Events. A telephonic replay of the call also will be available for one week after the live call by dialing (303) 590-3030, access code 4454646. Following the call, a webcast replay will also be available by visiting the Investors page at www.hittite.com.

About Hittite Microwave Corporation

Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The company’s standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless & wired communication and sensor applications for the automotive, broadband, cellular infrastructure, fiber optic, microwave & millimeterwave communications, military, space and test & measurement markets. The company is headquartered in Chelmsford, Massachusetts.

“Safe Harbor Statement” under the Private Securities Litigation Reform Act of 1995

Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of macro-economic conditions on demand for our products; our ability to effectively manage our costs and expenses in response to fluctuations in our growth rate; market acceptance of our new products; our ability to assess accurately our end market requirements; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; risks related to our dependence on third-party suppliers; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; the possibility that intellectual property claims initiated by or against us could be costly or have adverse outcomes; and other risks and uncertainties that are discussed under “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, as filed with the Securities and Exchange Commission.

 
Hittite Microwave Corporation
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
  June 30, 2011   December 31, 2010

Assets

Current assets:
Cash and cash equivalents $ 325,622 $ 295,490
Accounts receivable, net 37,268 34,534
Inventories 23,732 23,219
Income taxes receivable 959 3,914
Prepaid expenses and other current assets 1,560 1,333
Deferred taxes   9,528   8,178
Total current assets 398,669 366,668
Property and equipment, net 31,111 29,470
Deferred taxes 924 -
Other assets   17,594   9,371
Total assets $ 448,298 $ 405,509
 

Liabilities and Stockholders' Equity

Current liabilities:
Accounts payable $ 4,835 $ 3,228
Accrued expenses 9,201 9,173
Deferred revenue and customer advances   4,543   10,222
Total current liabilities 18,579 22,623
Long-term income taxes payable 6,670 6,845
Deferred taxes   -   289
Total liabilities 25,249 29,757
Total stockholders' equity   423,049   375,752
Total liabilities and stockholders' equity $ 448,298 $ 405,509

 
Hittite Microwave Corporation
Condensed Consolidated Statements of Operations (unaudited)
(In thousands except per-share data)
Three Months Ended June 30,     Six Months Ended June 30,
  2011       2010     2011       2010  
 
Revenue $ 68,510 $ 60,314 $ 135,751 $ 114,507
Cost of revenue   18,701     15,206     36,862     29,627  
Gross profit 49,809 45,108 98,889 84,880
  72.7 %   74.8 %  

72.8

%

  74.1 %
Operating expenses:
Research and development 9,365 7,835 18,791 14,787
Sales and marketing 5,480 4,910 10,918 9,531
General and administrative   2,924     2,673     5,932     5,775  
Total operating expenses   17,769     15,418     35,641     30,093  
Income from operations 32,040 29,690 63,248 54,787
46.8 % 49.2 % 46.6 % 47.8 %
 
Interest and other income (expense), net   231     (22 )   290     (47 )
Income before income taxes 32,271 29,668 63,538 54,740
Provision for income taxes   11,426     10,509     22,515     19,462  
Net income $ 20,845   $ 19,159   $ 41,023   $ 35,278  
 
Earnings per share:
Basic $ 0.69   $ 0.65   $ 1.36   $ 1.20  
Diluted $ 0.68   $ 0.64   $ 1.34   $ 1.18  
 
Weighted Average Shares Outstanding:
Basic   30,165     29,416     30,139     29,357  
Diluted   30,596     30,038     30,574     29,956  

Business Wire

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