Delaware | 000-22660 | 95-3654013 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated July 24, 2013 |
TRIQUINT SEMICONDUCTOR, INC. | ||
By: | /s/ Steve Buhaly | |
Steve Buhaly | ||
Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of TriQuint Semiconductor, Inc. dated July 24, 2013 |
• | Revenue for the quarter was $190.1 million |
• | GAAP net loss for the quarter was $14.9 million, or $(0.09) per share |
• | Non-GAAP net loss for the quarter was $10.9 million, or $(0.07) per share |
• | Mobile Devices market revenue grew 12% sequentially and 5% over the same period a year ago |
• | Repurchased 7.7 million shares for $51.1 million |
• | Produced industry's first gallium nitride (GaN) transistors using GaN-on-diamond wafers |
• | Accelerated GaN offerings with 15 new products and two new Foundry services |
• | Introduced new chipsets for point-to-point radios serving 3G/4G cellular backhaul |
• | Doubled BAW capacity compared to last year's levels |
GAAP RESULTS | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Q2 2013 | Q1 2013 | Change vs. Q1 2013 | Q2 2012 | Change vs. Q2 2012 | Q2 2013 | Q2 2012 | Change vs. Q2 2012 | |||||||||||||||||||||
Revenue | $ | 190.1 | $ | 184.2 | 3 | % | $ | 178.0 | 7 | % | $ | 374.3 | $ | 394.7 | (5 | )% | ||||||||||||
Gross Profit | $ | 56.7 | $ | 38.8 | 46 | % | $ | 44.9 | 26 | % | $ | 95.5 | $ | 107.5 | (11 | )% | ||||||||||||
Gross Margin % | 29.8 | % | 21.0 | % | 8.8 | % | 25.2 | % | 4.6 | % | 25.5 | % | 27.2 | % | (1.7 | )% | ||||||||||||
Operating Loss | $ | (16.4 | ) | $ | (34.5 | ) | 52 | % | $ | (24.4 | ) | 33 | % | $ | (50.9 | ) | $ | (28.0 | ) | (82 | )% | |||||||
Net Loss | $ | (14.9 | ) | $ | (27.9 | ) | 47 | % | $ | (13.1 | ) | (14 | )% | $ | (42.8 | ) | $ | (11.2 | ) | (282 | )% | |||||||
Loss per share | $ | (0.09 | ) | $ | (0.17 | ) | $ | 0.08 | $ | (0.08 | ) | $ | (0.01 | ) | $ | (0.27 | ) | $ | (0.07 | ) | $ | (0.20 | ) | |||||
NON-GAAP RESULTS A | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Q2 2013 | Q1 2013 | Change vs. Q1 2013 | Q2 2012 | Change vs. Q2 2012 | Q2 2013 | Q2 2012 | Change vs. Q2 2012 | |||||||||||||||||||||
Revenue | $ | 190.1 | $ | 184.2 | 3 | % | $ | 178.0 | 7 | % | $ | 374.3 | $ | 394.7 | (5 | )% | ||||||||||||
Gross Profit | $ | 59.5 | $ | 42.0 | 42 | % | $ | 49.7 | 20 | % | $ | 101.5 | $ | 115.4 | (12 | )% | ||||||||||||
Gross Margin % | 31.3 | % | 22.8 | % | 8.5 | % | 27.9 | % | 3.4 | % | 27.1 | % | 29.2 | % | (2.1 | )% | ||||||||||||
Operating Loss | $ | (10.1 | ) | $ | (26.0 | ) | 61 | % | $ | (14.7 | ) | 31 | % | $ | (36.1 | ) | $ | (10.3 | ) | (250 | )% | |||||||
Net Loss | $ | (10.9 | ) | $ | (27.2 | ) | 60 | % | $ | (15.0 | ) | 27 | % | $ | (38.2 | ) | $ | (10.9 | ) | (250 | )% | |||||||
Loss per share | $ | (0.07 | ) | $ | (0.17 | ) | $ | 0.10 | $ | (0.09 | ) | $ | 0.02 | $ | (0.24 | ) | $ | (0.07 | ) | $ | (0.17 | ) | ||||||
A | Excludes stock based compensation charges, non-cash tax (benefit) expense, certain entries associated with acquisitions and other specifically identified non-routine transactions. | |||||||||||||||||||||||||||
Steve Buhaly VP of Finance & Administration, CFO TriQuint Semiconductor, Inc Tel: +1.503.615.9401 E-mail: steve.buhaly@triquint.com | Grant Brown Director, Investor Relations TriQuint Semiconductor, Inc Tel: +1.503.615.9413 E-mail: grant.brown@triquint.com | Media Contact: Brandi Frye Sr. Director, Corporate Communications TriQuint Semiconductor, Inc. Tel: +1.503.615.9488 E-mail: brandi.frye@triquint.com |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | |||||||||||
June 29, 2013 | December 31, 2012 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 74,543 | $ | 116,653 | |||||||
Investments in marketable securities | 14,785 | 22,305 | |||||||||
Accounts receivable, net | 99,346 | 132,729 | |||||||||
Inventories | 170,678 | 138,246 | |||||||||
Prepaid expenses | 11,371 | 8,938 | |||||||||
Deferred tax assets, net | 13,586 | 12,530 | |||||||||
Other current assets | 39,909 | 48,382 | |||||||||
Total current assets | 424,218 | 479,783 | |||||||||
Property, plant and equipment, net | 468,692 | 448,741 | |||||||||
Goodwill | 4,391 | 4,391 | |||||||||
Intangible assets, net | 19,631 | 23,163 | |||||||||
Deferred tax assets – noncurrent, net | 67,374 | 57,185 | |||||||||
Other noncurrent assets, net | 32,796 | 40,415 | |||||||||
Total assets | $ | 1,017,102 | $ | 1,053,678 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Credit facility borrowing | $ | 20,000 | $ | — | |||||||
Accounts payable | 73,774 | 65,388 | |||||||||
Accrued payroll | 38,116 | 33,254 | |||||||||
Other accrued liabilities | 13,000 | 15,132 | |||||||||
Total current liabilities | 144,890 | 113,774 | |||||||||
Long-term liabilities: | |||||||||||
Long-term income tax liability | 3,598 | 2,809 | |||||||||
Cross-licensing liability | 12,297 | 12,818 | |||||||||
Other long-term liabilities | 16,090 | 15,878 | |||||||||
Total liabilities | 176,875 | 145,279 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 156 | 161 | |||||||||
Additional paid-in capital | 650,872 | 676,203 | |||||||||
Accumulated other comprehensive loss | (368 | ) | (366 | ) | |||||||
Retained earnings | 189,567 | 232,401 | |||||||||
Total stockholders' equity | 840,227 | 908,399 | |||||||||
Total liabilities and stockholders' equity | $ | 1,017,102 | $ | 1,053,678 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 29, 2013 | March 30, 2013 | June 30, 2012 | June 29, 2013 | June 30, 2012 | ||||||||||||||||||
Revenues | $ | 190,103 | $ | 184,209 | $ | 178,002 | $ | 374,312 | 394,732 | |||||||||||||
Cost of goods sold | 133,384 | 145,437 | 133,064 | 278,821 | 287,205 | |||||||||||||||||
Gross profit | 56,719 | 38,772 | 44,938 | 95,491 | 107,527 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Research, development and engineering | 47,107 | 46,071 | 38,084 | 93,178 | 75,158 | |||||||||||||||||
Selling, general and administrative | 25,989 | 27,241 | 31,270 | 53,230 | 60,356 | |||||||||||||||||
Total operating expenses | 73,096 | 73,312 | 69,354 | 146,408 | 135,514 | |||||||||||||||||
Operating loss | (16,377 | ) | (34,540 | ) | (24,416 | ) | (50,917 | ) | (27,987 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||||
Interest income | 38 | 38 | 89 | 76 | 138 | |||||||||||||||||
Interest expense | (1,137 | ) | (1,139 | ) | (313 | ) | (2,276 | ) | (663 | ) | ||||||||||||
Gain/recovery of investment | 421 | — | 4 | 421 | 6,957 | |||||||||||||||||
Other, net | (85 | ) | (309 | ) | 35 | (394 | ) | 145 | ||||||||||||||
Other (expense) income, net | (763 | ) | (1,410 | ) | (185 | ) | (2,173 | ) | 6,577 | |||||||||||||
Loss before income tax | (17,140 | ) | (35,950 | ) | (24,601 | ) | (53,090 | ) | (21,410 | ) | ||||||||||||
Income tax benefit | (2,255 | ) | (8,001 | ) | (11,551 | ) | (10,256 | ) | (10,243 | ) | ||||||||||||
Net loss | $ | (14,885 | ) | $ | (27,949 | ) | $ | (13,050 | ) | $ | (42,834 | ) | $ | (11,167 | ) | |||||||
Per Share Data: | ||||||||||||||||||||||
Basic per share net loss | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.07 | ) | |||||||
Diluted per share net loss | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.07 | ) | |||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 159,347 | 160,758 | 165,355 | 160,044 | 165,796 | |||||||||||||||||
Diluted | 159,347 | 160,758 | 165,355 | 160,044 | 165,796 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(% of revenue) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 29, 2013 | March 30, 2013 | June 30, 2012 | June 29, 2013 | June 30, 2012 | |||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
Cost of goods sold | 70.2 | % | 79.0 | % | 74.8 | % | 74.5 | % | 72.8 | % | |||||||
Gross profit | 29.8 | % | 21.0 | % | 25.2 | % | 25.5 | % | 27.2 | % | |||||||
Operating expenses: | |||||||||||||||||
Research, development and engineering | 24.8 | % | 25.0 | % | 21.4 | % | 24.9 | % | 19.0 | % | |||||||
Selling, general and administrative | 13.6 | % | 14.8 | % | 17.5 | % | 14.2 | % | 15.3 | % | |||||||
Total operating expenses | 38.4 | % | 39.8 | % | 38.9 | % | 39.1 | % | 34.3 | % | |||||||
Operating loss | (8.6 | )% | (18.8 | )% | (13.7 | )% | (13.6 | )% | (7.1 | )% | |||||||
Other (expense) income: | |||||||||||||||||
Interest income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
Interest expense | (0.6 | )% | (0.6 | )% | (0.2 | )% | (0.6 | )% | (0.2 | )% | |||||||
Gain/recovery of investment | 0.2 | % | — | % | 0.0 | % | 0.1 | % | 1.8 | % | |||||||
Other, net | (0.0 | )% | (0.2 | )% | 0.1 | % | (0.1 | )% | 0.1 | % | |||||||
Other (expense) income, net | (0.4 | )% | (0.8 | )% | (0.1 | )% | (0.6 | )% | 1.7 | % | |||||||
Loss before income tax | (9.0 | )% | (19.6 | )% | (13.8 | )% | (14.2 | )% | (5.4 | )% | |||||||
Income tax benefit | (1.2 | )% | (4.4 | )% | (6.5 | )% | (2.8 | )% | (2.6 | )% | |||||||
Net loss | (7.8 | )% | (15.2 | )% | (7.3 | )% | (11.4 | )% | (2.8 | )% |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 29, 2013 | March 30, 2013 | June 30, 2012 | June 29, 2013 | June 30, 2012 | ||||||||||||||||||||||||||||
(% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | (% of revenues) | ||||||||||||||||||||||||||||
GAAP GROSS PROFIT | $ | 56,719 | 29.8 | % | $ | 38,772 | 21.0 | % | $ | 44,938 | 25.2 | % | $ | 95,491 | 25.5 | % | $ | 107,527 | 27.2 | % | ||||||||||||
Adjustment for stock based compensation charges | 1,570 | 0.8 | % | 2,036 | 1.1 | % | 1,823 | 1.0 | % | 3,606 | 1.0 | % | 3,929 | 1.0 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 1,763 | 1.0 | % | — | — | % | 1,763 | 0.5 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | 1,202 | 0.7 | % | 1,208 | 0.7 | % | 1,126 | 0.7 | % | 2,410 | 0.6 | % | 2,221 | 0.5 | % | |||||||||||||||||
NON-GAAP GROSS PROFIT | $ | 59,491 | 31.3 | % | $ | 42,016 | 22.8 | % | $ | 49,650 | 27.9 | % | 101,507 | 27.1 | % | 115,440 | 29.2 | % | ||||||||||||||
GAAP OPERATING EXPENSES | $ | 73,096 | 38.4 | % | $ | 73,312 | 39.8 | % | $ | 69,354 | 38.9 | % | $ | 146,408 | 39.1 | % | $ | 135,514 | 34.3 | % | ||||||||||||
Adjustment for stock based compensation charges | (5,623 | ) | (3.0 | )% | (4,987 | ) | (2.7 | )% | (5,735 | ) | (3.2 | )% | (10,610 | ) | (2.8 | )% | (10,326 | ) | (2.6 | )% | ||||||||||||
Adjustment for charges associated with acquisitions | 2,108 | 1.2 | % | (314 | ) | (0.2 | )% | 714 | 0.4 | % | 1,794 | 0.5 | % | 512 | 0.1 | % | ||||||||||||||||
NON-GAAP OPERATING EXPENSES | $ | 69,581 | 36.6 | % | $ | 68,011 | 36.9 | % | $ | 64,333 | 36.1 | % | $ | 137,592 | 36.8 | % | $ | 125,700 | 31.8 | % | ||||||||||||
GAAP OPERATING LOSS | $ | (16,377 | ) | (8.6 | )% | $ | (34,540 | ) | (18.8 | )% | $ | (24,416 | ) | (13.7 | )% | $ | (50,917 | ) | (13.6 | )% | $ | (27,987 | ) | (7.1 | )% | |||||||
Adjustment for stock based compensation charges | 7,193 | 3.8 | % | 7,023 | 3.8 | % | 7,558 | 4.2 | % | 14,216 | 3.8 | % | 14,255 | 3.6 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 1,763 | 1.0 | % | — | — | % | 1,763 | 0.5 | % | |||||||||||||||||
Adjustment for charges associated with acquisitions | (906 | ) | (0.5 | )% | 1,522 | 0.9 | % | 412 | 0.3 | % | 616 | 0.2 | % | 1,709 | 0.4 | % | ||||||||||||||||
NON-GAAP OPERATING LOSS | $ | (10,090 | ) | (5.3 | )% | $ | (25,995 | ) | (14.1 | )% | $ | (14,683 | ) | (8.2 | )% | $ | (36,085 | ) | (9.6 | )% | $ | (10,260 | ) | (2.6 | )% | |||||||
GAAP NET LOSS | $ | (14,885 | ) | (7.8 | )% | $ | (27,949 | ) | (15.2 | )% | $ | (13,050 | ) | (7.3 | )% | $ | (42,834 | ) | (11.4 | )% | $ | (11,167 | ) | (2.8 | )% | |||||||
Adjustment for stock based compensation charges | 7,193 | 3.8 | % | 7,023 | 3.8 | % | 7,558 | 4.2 | % | 14,216 | 3.8 | % | 14,255 | 3.6 | % | |||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | % | — | — | % | 1,763 | 1.0 | % | — | — | % | 1,763 | 0.5 | % | |||||||||||||||||
Adjustment for gain/recovery of investment | (421 | ) | (0.2 | )% | — | — | % | (4 | ) | — | % | (421 | ) | (0.1 | )% | (6,957 | ) | (1.8 | )% |
Adjustment for non-cash tax benefit | (2,413 | ) | (1.4 | )% | (8,311 | ) | (4.5 | )% | (11,703 | ) | (6.6 | )% | (10,725 | ) | (2.9 | )% | (10,560 | ) | (2.8 | )% | ||||||||||||
Adjustment for charges associated with acquisitions | (421 | ) | (0.2 | )% | 2,012 | 1.1 | % | 412 | 0.3 | % | 1,591 | 0.4 | % | 1,735 | 0.5 | % | ||||||||||||||||
NON-GAAP NET LOSS | $ | (10,947 | ) | (5.8 | )% | $ | (27,225 | ) | (14.8 | )% | $ | (15,024 | ) | (8.4 | )% | $ | (38,173 | ) | (10.2 | )% | $ | (10,931 | ) | (2.8 | )% | |||||||
GAAP DILUTED (LOSS) EARNINGS PER SHARE | $ | (0.09 | ) | $ | (0.17 | ) | $ | (0.08 | ) | $ | (0.27 | ) | (0.07 | ) | ||||||||||||||||||
Adjustment for stock based compensation charges | 0.04 | 0.04 | 0.05 | 0.09 | 0.09 | |||||||||||||||||||||||||||
Adjustment for accelerated depreciation of certain machinery and equipment | — | — | 0.01 | — | 0.01 | |||||||||||||||||||||||||||
Adjustment for gain/recovery of investment | (0.00 | ) | — | (0.00 | ) | (0.00 | ) | (0.04 | ) | |||||||||||||||||||||||
Adjustment for non-cash tax benefit | (0.02 | ) | (0.05 | ) | (0.07 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||||||||||||
Adjustment for charges associated with acquisitions | 0.00 | 0.01 | 0.00 | 0.01 | 0.01 | |||||||||||||||||||||||||||
NON-GAAP DILUTED LOSS PER SHARE | $ | (0.07 | ) | $ | (0.17 | ) | $ | (0.09 | ) | $ | (0.24 | ) | $ | (0.07 | ) | |||||||||||||||||
Forward Looking Q3 GAAP Gross Margin | 33.5 | % | ||||
Adjustment for stock based compensation charges | 1.0 | % | ||||
Adjustment for charges associated with acquisitions | 0.5 | % | ||||
Forward Looking Q3 non-GAAP Gross Margin | 35.0 | % | ||||
Forward Looking Q3 GAAP Net Income per Share | $ | — | ||||
Adjustment for stock based compensation charges | 0.04 | |||||
Adjustment for non-cash tax expense | 0.05 | |||||
Adjustment for charges associated with acquisitions | 0.01 | |||||
Forward Looking Q3 non-GAAP Net Income per Share | $ | 0.10 | ||||
Forward Looking 2013 GAAP Net Income per Share | $ | (0.15 | ) | |||
Adjustment for stock based compensation charges | 0.18 | |||||
Adjustment for non-cash tax expense | (0.01 | ) | ||||
Adjustment for charges associated with acquisitions | 0.03 | |||||
Forward Looking 2013 non-GAAP Net Income per Share | $ | 0.05 |
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