RFMD Reaffirms September 2008 Quarterly Guidance During Morgan Keegan 2008 Equity Conference
Revenue in the September 2008 quarter is currently expected to be in the range of $250 million to $260 million. GAAP net loss is currently expected to be in the range of ($0.03) to ($0.05) per diluted share, including approximately $15 million to $20 million in restructuring charges related to the strategic restructuring announced on May 6, 2008. Non-GAAP net income in the September quarter is currently expected to be approximately $0.05 per diluted share, excluding estimated share-based compensation expense, amortization of intangibles and restructuring charges. RFMD originally provided its quarterly financial guidance on July 29, 2008.
During a web cast presentation at the Morgan Keegan 2008 Equity Conference in Memphis, RFMD management commented that quarterly shipments remain on track and the Company is comfortable with the quarterly guidance provided on July 29, 2008. RFMD's confidence in achieving September quarterly guidance was attributed to the Company's customer and market diversification initiatives. Management also stated that RFMD's previously announced expense reductions are tracking at or ahead of schedule, and the Company remains comfortable with its guidance of 10% non-GAAP operating income in the December quarter.
A replay of the webcast is 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 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.
SOURCE RF Micro Devices
Douglas DeLieto, VP, Investor Relations, 1-336-678-7968, or Dean Priddy, CFO, 1-336-678-7975,
both of RFMD
Web site: http://www.rfmd.com http://www.rfmd.com/ir (RFMD)