8-K

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):   February 26, 2014

HITTITE MICROWAVE CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware	000-51448	04-2854672
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2 Elizabeth Drive, 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 February 26, 2014, Hittite Microwave Corporation issued a press release announcing revised financial results for the fourth quarter of fiscal 2013.  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 February 26, 2014, entitled “Hittite Microwave Corporation Revises Financial Results For The Fourth Quarter Of 2013.”

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:	February 26, 2014

3

Exhibit Index

Exhibit No.	Description
99.1	Press Release of Hittite Microwave Corporation, dated February 26, 2014.

4

EX-99.1

Exhibit 99.1

Hittite Microwave Corporation Revises Financial Results For The Fourth Quarter Of 2013

Adjustment for Foreign Exchange Losses of $0.9 Million Leads to Revised Other Expense and Net Income Amounts

CHELMSFORD, Mass.--(BUSINESS WIRE)--February 26, 2014--Hittite Microwave Corporation (NASDAQ:HITT) today announced that it revised its financial results for the fourth quarter ended December 31, 2013 to correct an error in its accounting for foreign exchange losses related to an intra-company loan. The impact to the company’s results of operations from the correction of the error was to increase other expense by $0.9 million and to reduce net income by a corresponding amount. Revenue, gross profit and income from operations for the quarter remain unchanged.

Giving effect to the correction, net income for the quarter was $15.6 million, or $0.50 per diluted share, rather than $16.5 million, or $0.53 per diluted share, as previously reported on February 6, 2014. For the full year 2013, the company’s revised net income was $70.0 million, or $2.25 per diluted share, rather than $70.9 million, or $2.28 per diluted share, as previously reported. Revised financial results for the fourth quarter and year ended December 31, 2013 accompany this release.

The error related to a loan by the company to its subsidiary in Norway that is denominated in Norwegian kroner. In its previously reported results, the company had recorded net foreign exchange losses related to this loan as a component of foreign currency translation losses within stockholders’ equity. In preparing to file its Annual Report on Form 10-K for 2013, the company concluded that such net foreign exchange losses should instead have been classified within other expense. The loan has been substantially repaid in the first quarter of 2014, and accounting for the loan is not expected to have a material impact on future financial results.

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 Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission.

Hittite Microwave Corporation
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
	December 31, 2013		December 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	118,600	$	269,157
Marketable securities		353,947		140,069
Accounts receivable, net		36,186		30,921
Inventories		76,020		65,926
Income taxes receivable		5,991		1,566
Prepaid expenses and other current assets		2,997		2,761
Deferred taxes		13,399		14,988
Total current assets		607,140		525,388
Property and equipment, net		39,433		36,294
Deferred taxes		1,725		709
Other assets		8,190		11,172
Total assets	$	656,488	$	573,563
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	4,971	$	3,205
Accrued expenses		10,386		12,889
Income taxes payable		193		584
Deferred revenue and customer advances		6,735		4,699
Total current liabilities		22,285		21,377
Long-term income taxes payable		5,839		412
Deferred taxes		232		446
Other liabilities		103		124
Total liabilities		28,459		22,359
Total stockholders' equity		628,029		551,204
Total liabilities and stockholders' equity	$	656,488	$	573,563

Hittite Microwave Corporation
Condensed Consolidated Statements of Operations (unaudited)
(In thousands except per-share data)
	Three Months Ended December 31,						Twelve Months Ended December 31,
		2013			2012			2013			2012
Revenue	$	68,775		$	68,515		$	273,815		$	264,395
Cost of revenue		22,502			18,296			79,040			69,415
Gross profit		46,273			50,219			194,775			194,980
		67.3	%		73.3	%		71.1	%		73.7	%
Operating expenses:
Research and development		11,823			12,449			49,764			49,202
Sales and marketing		6,105			6,319			23,516			23,966
General and administrative		3,364			3,468			13,855			14,598
Total operating expenses		21,292			22,236			87,135			87,766
Income from operations		24,981			27,983			107,640			107,214
		36.3	%		40.8	%		39.3	%		40.6	%
Interest and other income (expense), net		(1,015	)		68			(682	)		57
Income before income taxes		23,966			28,051			106,958			107,271
Provision for income taxes		8,360			10,337			36,965			38,702
Net income	$	15,606		$	17,714		$	69,993		$	68,569
Earnings per share:
Basic	$	0.51		$	0.58		$	2.29		$	2.26
Diluted	$	0.50		$	0.57		$	2.25		$	2.22
Weighted average shares outstanding:
Basic		30,672			30,401			30,609			30,359
Diluted		31,174			31,003			31,093			30,895

CONTACT:
Hittite Microwave Corporation
William W. Boecke, 978-250-3343
V.P. and Chief Financial Officer