RFMD Reports Financial Results for The Company's Fiscal 2014 Fourth Quarter

RF Micro Devices, Inc., a global leader in the design and manufacture of high-performance radio frequency solutions, reported financial results for the Company's fiscal 2014 fourth quarter, ended March 29, 2014.

Quarterly Highlights:
-Quarterly Revenue Totals $256 Million
-GAAP Gross Margin Is 38.8% And GAAP Diluted EPS Is $(0.00), Versus 31.4% And $(0.06) In Q4 Fiscal 2013
-Non-GAAP Gross Margin Is 42.0% And Non-GAAP Diluted EPS Is $0.12, Versus 34.4% And $0.06 In Q4 Fiscal 2013
-In The June 2014 Quarter, RFMD Anticipates Revenue Of Approximately $305 Million And Non-GAAP EPS Of Approximately $0.17

March quarterly revenue was $256.0 million. On a GAAP basis, quarterly gross margin was 38.8%, quarterly operating loss was $0.7 million, and quarterly net loss was $1.0 million, or $(0.00) per share.

Highlights:
-GAAP Gross Margin Expands 740 Basis Points Year-Over-Year To 38.8%, And Non GAAP Gross Margin Expands 760 Basis Points Year-Over-Year To 42%
-Company Expects June Quarterly Non-GAAP Gross Margin To Expand Sequentially By Approximately 150 To 200 Basis Points

On a non-GAAP basis, quarterly gross margin was 42.0%, quarterly operating income was $33.6 million, or 13.1% of sales, and quarterly net income was $33.4 million, or $0.12 per diluted share.

Strategic Highlights
-RFMD announced a definitive merger agreement under which RFMD and TriQuint Semiconductor, Inc. will combine in an all-stock transaction, creating a new leader in RF solutions
-RFMD's Cellular Products Group (CPG) introduced "RF Fusion," a complete RF front end solution for 4G world phones and tablets
-CPG supported the successful launch of a new flagship Android smartphone with multiple high-performance 3G/4G components, including antenna control solutions and envelope tracking- (ET-) enabled power amplifiers
-RFMD teamed with North Carolina State University on a $70 Million Department of Energy power electronics development award
-RFMD's Multi-Market Products Group (MPG) was awarded a $9.7M U.S. Air Force contract to produce millimeter wave GaN integrated circuits
-MPG won the CableFAX Tech Award for green technology for its GaN amplifiers for DOCSIS 3.1