-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DTtDL/GEoGvy/ATMvXrRGr9W0RJfnF4YtR3Tco01ZbDuuH+nggrEqpCFGHGBI67X J3+N3LpM8WX9tasKtXgk1A== 0001144204-08-059043.txt : 20081023 0001144204-08-059043.hdr.sgml : 20081023 20081023161556 ACCESSION NUMBER: 0001144204-08-059043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081023 DATE AS OF CHANGE: 20081023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HITTITE MICROWAVE CORP CENTRAL INDEX KEY: 0001130866 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042854672 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51448 FILM NUMBER: 081137511 BUSINESS ADDRESS: STREET 1: 20 ALPHA ROAD CITY: CHELMSFORD STATE: MA ZIP: 01824 BUSINESS PHONE: 9782503343 MAIL ADDRESS: STREET 1: 20 ALPHA ROAD CITY: CHELMSFORD STATE: MA ZIP: 01824 8-K 1 v129550_8k.txt ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 23, 2008 HITTITE MICROWAVE CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 000-51448 04-2854672 ---------------------------- ----------- ---------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 20 Alpha Road, Chelmsford, Massachusetts 01824 (Address of principal executive offices) (Zip Code) (978) 250-3343 (Registrant's telephone number, including area code) (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below). |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02 Results of Operations and Financial Condition. On October 23, 2008, Hittite Microwave Corporation issued a press release announcing its financial results for the third quarter of fiscal 2008. The full text of the press release is attached hereto as Exhibit 99.1 to this Report and is incorporated by reference herein. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1. Press Release, dated October 23, 2008, entitled "Hittite Microwave Corporation Reports Financial Results for the Third Quarter of 2008." 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HITTITE MICROWAVE CORPORATION By: /s/ William W. Boecke ------------------------------------ William W. Boecke Chief Financial Officer Date: October 23, 2008 3 Exhibit Index Exhibit No. Description - ----------- ----------- 99.1 Press Release of Hittite Microwave Corporation, dated October 23, 2008. 4 EX-99.1 2 v129550_ex99-1.txt Exhibit 99.1 Hittite Microwave Corporation (ticker: HITT, exchange: NASDAQ) News Release - October 23, 2008. Press Release HITTITE MICROWAVE CORPORATION REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2008 CHELMSFORD, MA - October 23, 2008 - Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the third quarter ended September 30, 2008 of $45.5 million, representing an increase of 14.0% compared with $39.9 million for the third quarter of 2007 and an increase of 1.1% compared with $45.0 million for the second quarter of 2008. Net income for the quarter was $13.7 million, or $0.44 per diluted share, compared with $13.7 million, and $0.44 per diluted share, for the third quarter of 2007, and an increase of 1.7% compared with $13.5 million, or $0.43 per diluted share, for the second quarter of 2008. "It was a solid quarter," said Stephen Daly, Chairman and CEO. "Our diverse product lines continue to penetrate and gain market share. In total, we introduced 30 new products during the quarter across our product lines, in line with our plan for the year. These new products will contribute to our future growth." For the third quarter of 2008, revenue from customers in the United States was $18.1 million, or 40% of the company's total revenue, and revenue from customers outside the United States was $27.4 million, or 60% of total revenue. Gross margin was 72.5% for the third quarter as compared with 71.0% for the third quarter of 2007 and 70.8% for the second quarter of 2008. Operating income for the third quarter was $20.5 million, or 45.1% of revenue. Total cash and cash equivalents at the end of the third quarter of 2008 was $185.7 million, a decrease of $0.5 million for the quarter. During the quarter, the company repurchased approximately 500,000 shares of the company's stock for $16.8 million. Business Outlook The company expects revenue for the fourth quarter ending December 31, 2008 to be in the range of $45.0 million to $46.0 million and net income to be in the range of $13.0 million to $13.5 million, or $0.43 to $0.44 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 Investor Relations page of the Hittite Microwave web site at www.hittite.com and click on the webcast icon located under Conference Calls. A telephonic replay of the call also will be available for one week after the live call by dialing (719) 457-0820, access code 3074564. Following the call, a webcast replay will also be available by visiting the Investor Relations page at www.hittite.com. About Hittite Microwave Corporation Hittite Microwave is an innovative designer and developer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, high speed digital logic, interface, mixers and converters, modulators and demodulators, oscillators, passives, phase lock loop (PLL), phase shifters, power detectors, sensors, switches, synthesizers and variable gain amplifiers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA. "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: market acceptance of our new products; our ability to assess market requirements accurately; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; our ability to manage our growth and costs effectively; our belief that long term growth and expansion of our business will continue; protection of our intellectual property; the growth and fiscal strength of our end markets; and other risks and uncertainties that are discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended June 30, 2008, as filed with the Securities and Exchange Commission. Contact: William W. Boecke, V.P. and Chief Financial Officer (978-250-3343) Hittite Microwave Corporation Condensed Consolidated Balance Sheets (unaudited) (In thousands)
September 30, 2008 December 31, 2007 ------------------ ----------------- Assets - ------------------------------------ Current assets: Cash and cash equivalents $ 185,678 $ 65,735 Available-for-sale investments -- 99,007 Accounts receivable, net 28,202 22,253 Inventories 12,362 14,129 Deferred costs 173 242 Income taxes receivable 37 1,072 Prepaid expenses and other current assets 1,326 677 Deferred taxes 5,425 4,281 ---------- ---------- Total current assets 233,203 207,396 Property and equipment, net 18,595 18,824 Other assets 7,693 8,275 ---------- ---------- Total assets $ 259,491 $ 234,495 ========== ========== Liabilities and Stockholders' Equity - ------------------------------------ Current liabilities: Accounts payable $ 3,452 $ 2,647 Accrued expenses 7,729 6,121 Deferred revenue and customer advances 3,736 6,098 ---------- ---------- Total current liabilities 14,917 14,866 Long-term income taxes payable 3,450 3,180 Deferred taxes 156 156 ---------- ---------- Total liabilities 18,523 18,202 Total stockholders' equity 240,968 216,293 ---------- ---------- Total liabilities and stockholders' equity $ 259,491 $ 234,495 ========== ==========
Hittite Microwave Corporation Condensed Consolidated Statements of Operations (unaudited) (In thousands except per-share data)
Three Months Ended September 30, Nine Months Ended September 30, ---------------------------- ---------------------------- 2008 2007 2008 2007 ------------ ------------ ------------ ------------ Revenue $ 45,528 $ 39,934 $ 133,858 $ 113,911 Cost of revenue 12,504 11,585 38,588 32,935 ------------ ------------ ------------ ------------ Gross profit 33,024 28,349 95,270 80,976 72.5% 71.0% 71.2% 71.1% ------------ ------------ ------------ ------------ Operating expenses: Research and development 6,404 4,793 17,978 13,773 Sales and marketing 3,988 3,285 12,021 9,321 General and administrative 2,117 1,923 6,282 5,379 ------------ ------------ ------------ ------------ Total operating expenses 12,509 10,001 36,281 28,473 ------------ ------------ ------------ ------------ Income from operations 20,515 18,348 58,989 52,503 45.1% 45.9% 44.1% 46.1% Interest and other income, net 738 1,733 2,617 4,193 ------------ ------------ ------------ ------------ Income before income taxes 21,253 20,081 61,606 56,696 Provision for income taxes 7,555 6,373 21,396 18,833 ------------ ------------ ------------ ------------ Net income $ 13,698 $ 13,708 $ 40,210 $ 37,863 ============ ============ ============ ============ Earnings per share: Basic $ 0.45 $ 0.45 $ 1.31 $ 1.24 ============ ============ ============ ============ Diluted $ 0.44 $ 0.44 $ 1.29 $ 1.21 ============ ============ ============ ============ Shares used in the calculation of earnings per share: Basic 30,464 30,677 30,654 30,605 ============ ============ ============ ============ Diluted 30,907 31,295 31,176 31,233 ============ ============ ============ ============
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