RF Micro Devices(R) Updates Investors At Barclays Capital Wireless and Wireline Conference
GREENSBORO, N.C.,
May 27, 2009 (GLOBE NEWSWIRE) --
RF Micro Devices, Inc. (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance semiconductor components, today provided updated financial information for its fiscal 2010 first quarter, ending
June 27, 2009, during a webcast investor presentation at the Barclays Capital Wireless And Wireline Conference in
New York, NY.
Bob Bruggeworth, president and CEO of RFMD, said during the conference that demand for RFMD's products in the June 2009 quarter is better than expected, and the Company's factory utilization rate in the June quarter is currently above 75%, versus approximately 25% in the March 2009 quarter. Bruggeworth also commented that RFMD's new, higher-margin products are representing an increasing percentage of total revenue. As a result, RFMD's gross margin is trending above plan.
Bruggeworth also said RFMD's expenses are on plan, and the Company is executing on its free cash flow projections of approximately $80 million -- $120 million in RFMD's fiscal 2010.
RFMD's capital expenditures were approximately $4 million in the March 2009 quarter, and the Company expects capital expenditures to be approximately $3 to $5 million in the June 2009 quarter. RFMD currently expects to decrease its net debt during the June 2009 quarter.
An audio replay of the presentation will be available via the RFMD® Investor Relations web page at the following URL: www.rfmd.com/ir.
About RFMD
RF Micro Devices, Inc. (Nasdaq:RFMD) is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.
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 impact of global macroeconomic and credit conditions on our business, the rate of growth and development of wireless markets, risks associated with our planned exit from our wireless systems business, including cellular transceivers and GPS solutions, the risk that restructuring charges may be greater than originally anticipated and that the cost savings and other benefits from the restructuring may not be achieved, 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 complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, 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 and other reports 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.
CONTACT: RF Micro Devices, Inc.
Doug DeLieto, VP, Investor Relations
336-678-7088
