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RF Micro Devices, Inc. (Nasdaq:RFMD) rfmd.com, a global leader in the design and manufacture of high-performance radio frequency solutions, today reported financial results for the Company's fiscal 2014 third quarter, ended December 28, 2013.
December quarterly revenue increased approximately 6% year-over-year to $288.5 million, compared to $271.2 million in the corresponding quarter of the prior year. The year-over-year increase in revenue was primarily attributable to dollar content increases in smartphones.
GAAP quarterly gross margin expanded 530 basis points year-over-year to 37.3%. GAAP quarterly operating income totaled $15.4 million, and GAAP quarterly net income totaled $6.2 million, or $0.02 per share.
On a non-GAAP basis, quarterly gross margin expanded 420 basis points year-over-year to 39.7%. Non-GAAP quarterly operating income increased to $40.0 million, or 13.9% of sales, and non-GAAP quarterly net income increased to $36.4 million, or $0.13 per diluted share.
Strategic Highlights
- RFMD's Cellular Products Group (CPG) launched a broad family of envelop tracking- (ET-) capable RF solutions in support of multiple next-generation smartphones featuring the industry's leading 4G LTE baseband
- CPG experienced strong design activity for its antenna control solutions for leading smartphones and tablets
- RFMD made a multi-million dollar investment to secure BAW filter capacity and now has preferred access to SAW, TC-SAW, and BAW filter capacity from multiple sources
- RFMD's Multi-Market Products Group (MPG) secured a major contract funding advanced gallium nitride (GaN) process transfer and development
- MPG delivered year-over-year growth across multiple markets, including high-performance Wi-Fi, CATV networking, and wireless infrastructure
The full report is available at http://www.rfmd.com