Financial Releases
RF Micro Devices Holds 2007 Annual Meeting of Shareholders
Shareholders approved the two proposals presented in the proxy statement, which consisted of the election of nine directors for one-year terms and the ratification of the appointment of Ernst & Young LLP as RFMD's independent registered public accounting firm for the fiscal year ending March 29, 2008.
During the meeting, Bob Bruggeworth, president and CEO of RFMD, described for the audience how RFMD is winning in the highest growth segments of wireless markets. Bruggeworth indicated that RFMD is ranked number-one in power amplifier modules, transmit modules, open-market EDGE RF solutions, 3G front ends and WLAN front ends in handsets. He said the Company is leveraging its leadership in these key product areas to expand its dollar content and increase its market share across leading customers in cellular handsets and in other markets.
Specifically, Bruggeworth highlighted incremental revenue growth opportunities presented by the ramp of POLARIS 3, which is expected to commence volume shipments in the September 2007 quarter and is expected to grow sequentially throughout calendar year 2008. Bruggeworth indicated the first shipments of POLARIS 3 represent the beginning of a new product cycle that is forecasted to extend multiple years and support meaningful revenue and earnings growth for RFMD.
RFMD was recently recognized as the world's number-one supplier of cellular RF. The Company expects the ramp of POLARIS 3 will increase its RF content in the world's cellular handsets.
About RFMD: RF Micro Devices, Inc. (Nasdaq: RFMD) is a global leader in the design and manufacture of high-performance radio systems and solutions for applications that drive mobile communications. RFMD's power amplifiers, transmit modules, cellular transceivers and system-on-chip (SoC) solutions enable worldwide mobility, provide enhanced connectivity and support advanced functionality in current- and next-generation mobile handsets, cellular base stations, wireless local area networks (WLANs) and global positioning systems (GPS). Recognized for its diverse portfolio of state-of-the-art semiconductor technologies and vast RF systems expertise, RFMD is a preferred supplier enabling the world's leading mobile device manufacturers to deliver advanced wireless capabilities that satisfy current and future market demands.
Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001- certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at www.rfmd.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward- looking statements.
RF MICRO DEVICES® and RFMD® are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.
SOURCE RF Micro DevicesCONTACT: Dean Priddy, CFO, +1-336-678-7975, or Doug DeLieto, VP, Investor Relations, +1-336-678-7968, or Jerry Neal, Executive Vice President, +1-336-678-7001/